A recent market study by Persistence Market Research on the global acrylic acid market provides a comprehensive information and data through organized market research methodology. The acrylic acid market report includes global industry analysis 2014–2018 and forecast 2019–2029.
The market report forecasts for the upcoming market scenario based on the product type, acrylic esters application, acrylic polymers application, and region. The global acrylic acid market is expected to be valued at ~US$ 19,700 Mn in terms of value by the end of 2019, and is estimated to see a healthy CAGR of ~5% through the next decade.
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Increasing Application of Surface Coating to Surge the Demand for Acrylic Acid
The paints and coatings industry has witnessed robust growth across the globe. There has been a significant rise in the demand for paints and coatings across various regions, especially in South Asia and East Asia due to the rapid industrial and increasing construction activities. Governments of developing countries such as China and India are also investing in improving the country’s infrastructure, which is a major factor driving the demand for paints and coatings, resulting in boosting the demand for acrylic acid from the paints and coating industry. Furthermore, the use of acrylic acid for coatings in textile propelling the demand for acrylic acid from the textile industry.
Increasing Demand for Adhesives and Sealants for Various Applications
Applications of acrylic acid and its derivatives such as methacrylate, as an adhesive is growing in automotive and other end-use industries due to its properties such as excellent stability, strength, and resistance. Thus, the adhesives and sealants segment is anticipated to be a major factor in driving the demand for acrylic acid and its derivatives such as esters and other markets over the forecast period. Stringent regulations about the manufacturing of lightweight vehicles have also increased the usage of advanced adhesive materials, which results in propelling the acrylic acid market.
Increasing Demand for Super Absorbent Polymers
Super absorbent polymers are widely consumed in the manufacturing of baby diapers, feminine hygiene products, and adult incontinence products, pertaining to upsurge the demand for acrylic acid from the superabsorbent polymer industry as acrylic acid is used in the formulation of superabsorbent polymers.
Application in Agriculture Pushing the Market for Acrylic Acid
Acrylic Acid also used in agriculture industry. It is harmless, non-polluting and has super water absorbing and water preserving ability, while the absorbed water cannot be squeezed out in simply physical ways and it can release absorb water repeatedly. Reduction in prices, wider product portfolio along with long shelf life and long-term supply relations with the chemical companies to build a competitive edge in the market.
Long-term Partnerships with Major End-use Industries Boosting the Market Growth
Global manufacturers of acrylic acid and its derivatives are entering into long-term supply contracts with major end users, such as PMMA manufacturers, paints and coatings industries, and adhesives manufacturers. Manufacturers are also entering into direct supply contracts with end users, such as electronics manufacturers, major construction companies and automotive OEMs, which result in creating a positive impact on the acrylic acid market. Manufacturers are also entering into partnerships with local distributors, majorly in the developing countries of Asia Pacific, such as India, which are solely dependent on the import of these chemicals.
Increasing Applications of Acrylic Acid in the Medical Industry Propelling Market Growth
In the medical industry, acrylic acid is used in the manufacturing of tubing connectors and cuvettes. Acrylic acid is also used in the manufacturing of test kits, syringes, and fluid silos, etc. Thus, an increase in spending on the healthcare sector is likely to boost the demand for acrylic acid from the medical equipment manufacturing industry.
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Acrylic Acid Market: Competition Landscape
Mitsubishi Chemical Holdings Corporation, BASF SE, Dow Chemicals, NIPPON SHOKUBAI CO., LTD, Arkema, Formosa Plastic Corp., LG Chem, The Lubrizol Corporation, and Evonik Industries AG, are among the key players identified in the acrylic acid market.