Acrylic Acid Market Size, Growth, Analysis, Overview & Trends during Forecast 2030
Acrylic Acid Market Synopsis:
As per Market Research
Future (MRFR)’s analysis, the global acrylic acid market is expected to thrive
at a CAGR of 5.14% during the projection period 2016 to 2022. Its valuation is
poised to reach USD 18,315.3 Mn towards the end of 2022 up from USD 13,599.9 Mn
in 2015. The growth of the construction industry has been estimated to have a favorable
influence on the expansion of the acrylic acid market in the upcoming years. It
is extensively used in paints & coatings and adhesives which are abundantly
used in the construction sector. Furthermore, the governments of the developing
regions are taking initiatives to ensure infrastructural development and
shelter for the unprivileged class of people. This is likely to expedite the
expansion of the acrylic acid market indirectly over 2022.
The stabilization of
the global economy has influenced the growth of the end-user industries and is
likely to keep benefitting the market in the foreseeable future. In addition,
the increasing demand for diapers is a major factor for the growth of
the acrylic acid market as it is the core constituent of the production
process. On the flip side, the inflated cost of raw materials used for the
manufacturing of acrylic acid is poised to hinder the expansion of the market
over the next couple of years.
Acrylic Acid Market Segmentation:
By type, the acrylic
acid market report has been
segmented into methyl acrylate, ethyl acrylate, superabsorbent polymers,
elastomers, water treatment polymers, 2-Ethylhexyl acrylate, butyl acrylate,
and others.
By application,
the acrylic acid market forecast has
been segmented into surface coatings, adhesive & sealants, agriculture,
plastic sheets, diapers, cement modifiers, and others.
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Competitive Dashboard:
The key players
contributing most significantly towards the growth of the acrylic acid
market share are BASF SE (Germany), LG Chemicals (South Korea), and Nippon
Shokubai Co. Ltd (Japan). Other major players profiled in the report are Arkema
(France), PJSC Sibur Holding (Russia), Evonik Industries (Germany), Hexion Inc
(US), the Dow Chemical Company (US), Shenyang Chemical Co. Ltd (China), Jiangsu
Jurong Chemical Co. Ltd (China), and Mitsubishi Chemical (Japan).
Acrylic Acid Market Regional Analysis:
The geographical
analysis of the global acrylic acid industry spans across Asia Pacific, North America, Europe, Latin
America, and the Middle East & Africa. Asia Pacific is expected to emerge
as the largest market for acrylic acid striking a CAGR of 5.39% during the
assessment period. The regional market’s value is poised to touch USD 6,520.9
Mn market at the end of 2022. The main factor driving the growth of the region
is the towering demand from the end-user industries. Furthermore, the region is
likely to unleash attractive opportunities and facilitate the setting up of
manufacturing facilities in the upcoming years. This, in turn, has been
prognosticated to drive the growth of the market across the review period.
Furthermore, the presence of fast-developing economies with rapid urbanization
and industrialization is poised to catapult the acrylic acid market on an
upwards trajectory.
North America, which
is the second-largest market, is expected to exhibit substantial growth over
the assessment period. The product has developed core applications such as
diapers, adhesives, paints, and paper coating. The growth of the end-user
industries has been projected to expedite the growth of the acrylic acid market
in the forthcoming years.
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