Acrylic Acid Market Size & Share, by Type (Esters, Polymers); End-user (Chemicals, Construction, Automotive) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5161
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Acrylic Acid Market size is anticipated to reach USD 20 billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of acrylic acid was over USD 10 billion. Acrylic acid is a crucial chemical building block used in various industries, including adhesives, coatings, textiles, water treatment, and superabsorbent polymers. Superabsorbent polymers, which are derived from acrylic acid, have a high demand in the personal care industry for products like diapers, adult incontinence products, and feminine hygiene products.

Acrylic acid-based coatings and adhesives are widely used in the construction industry, and the steady growth in construction activities worldwide was driving the demand for acrylic acid. Acrylic acid is used in water treatment chemicals, including coagulants and flocculants, which are essential for purification processes in industries and municipalities.


Acrylic Acid Market
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Acrylic Acid Sector: Growth Drivers and Challenges

Growth Drivers

  • Rapid Expansion in Urbanization: Globally, 55% of people lived in cities in 2018, and 68% are expected to do so by 2050. The urbanization rate is rising as more individuals are showing the tendency of moving to urban areas. As a result, the demand for antimicrobial and antiviral coating resins, where acrylic acid is widely used for different construction activities, has grown.
  • Shifting Consumer Preferences: Increasing consumer awareness about sustainable and eco-friendly products was leading to a growing preference for products made from bio-based or renewable sources, including acrylic acid.
  • Technological Advancements: Investments in research and development in the chemical industry were projected to increase, fostering innovation and technological advancements.

Challenges

  • Raw Material Price Volatility: Acrylic acid is primarily produced from propylene, which is a petrochemical feedstock. The volatility in the prices of propylene and other raw materials can significantly impact the production costs of acrylic acid and its derivatives.
  • Environmental Concerns
  • Competition from Substitutes

Acrylic Acid Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8%

Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2035)

~ USD 20 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Acrylic Acid Segmentation

Type (Esters, Polymers)

The polymers segment is estimated to hold 65% share of the global acrylic acid market in the year 2035. Increasing urbanization and changing lifestyles have resulted in a greater preference for convenience products like disposable diapers, boosting the demand for superabsorbent polymers. The growth of industries such as personal care, agriculture, and medical care has driven the demand for superabsorbent polymers in various applications.

End User (Chemicals, Construction, Automotive)

Acrylic acid market from the automotive segment is expected to garner a significant share in the year 2035. Global automotive production was projected to reach approximately 90 million units by 2025, driven by the growing demand for vehicles in emerging markets and the recovery of the automotive industry in developed regions. The automotive industry's focus on reducing vehicle weight to improve fuel efficiency and lower emissions has led to an increased demand for lightweight materials, including acrylic-based coatings and adhesives.

Our in-depth analysis of the global acrylic acid market includes the following segments:

           Type

  • Esters
  • Polymers

 

   

           End User

  • Chemicals
  • Construction
  • Automotive

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Acrylic Acid Industry - Regional Synopsis

APAC Market Forecast

The acrylic acid market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2035. The Asia Pacific region has been witnessing significant industrialization and urbanization, leading to increased demand for various products and applications that use acrylic acid, such as coatings, adhesives, and superabsorbent polymers. The construction industry in the Asia Pacific region was noted to be the largest in the world, with a share of over 45% in global construction output.

North American Market Statistics

The acrylic acid market in the North America region is projected to hold the second-largest share during the forecast period. North America is one of the key regions for the automotive industry, with significant demand for acrylic acid-based adhesives and coatings used in vehicle assembly and repair. Advancements in polymer chemistry and continuous research in the field have led to the development of new and improved applications for acrylic acid and its derivatives in North America.

Research Nester
Acrylic Acid Market Size
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Companies Dominating the Acrylic Acid Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Dow Chemical Company
    • Nippon Shokubai Co., Ltd.
    • Arkema S.A.
    • LG Chem Ltd.
    • Mitsubishi Chemical Corporation
    • Evonik Industries AG
    • Hexion Inc.
    • Formosa Plastics Corporation
    • Momentive Performance Materials Inc.

In-the-news

In The News

  • BASF announced its plans to build a new production plant in Guangdong, China. The plant, with an annual capacity of 100,000 metric tons, will support the growing demand in the Asia Pacific region. The facility is expected to start production in 2025.
  • Dow announced in May 2023 that it has partnered with leading European packaging manufacturer, Danapak Flexibles, to develop a recyclable stand-up pouch solution for liquid products. The collaboration aims to leverage Dow's advanced polymers.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5161
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for automotive is the major factor driving the market growth.

The market size of acrylic acid is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2035.

The major players in the market are BASF SE, Dow Chemical Company (Now Dow Inc.), Nippon Shokubai Co., Ltd., Arkema S.A., LG Chem Ltd., Mitsubishi Chemical Corporation, and others.

The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Acrylic Acid Market Report Scope
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