Acrylic Acid Market

Acrylic Acid Market Outlook 2031

The global acrylic acid market size was around USD 13.28 Billion in 2022 and is expected to surpass USD 19.91 Billion by 2031, expanding at a CAGR of 4.6% during the forecast period, 2023-2031. The market growth is attributed to the rising demand for acrylic acid and its derivatives for various industrial applications.

Acrylic acid (CAS 79-10-7) is a highly reactive carboxylic acid and an organic compound having the chemical formula, CH2=CHCOOH. It reacts with itself to create polyacrylic acid. Polyacrylic acid has a range of applications in the manufacturing of hygiene products including hand sanitizers, detergents, shampoo, and others. The high usage of acrylic acid in coatings and adhesives and as a drug for eye disinfection bolstered market demand.

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Acrylic polymers, a derivative of acrylic acid, have several industrial applications including water treatment and management processes and personal care products manufacturing using superabsorbent polymers (SAP). SAP is primarily used in disposable diapers for infants, pads, and napkins. Thus, major players are focusing on developing SAP with upgraded absorption properties.

• For instance, In October 2023, BASF a leading producer of superabsorbent polymers (SAP), started production in the New Superabsorbents Excellence Center for its Hygiene Business. The production aims to enhance innovation capabilities for its superabsorbent polymer business. Furthermore, it accelerates the scale-up process from product development to production scale.

The market report finds that the global COVID-19 healthcare crisis had a mixed impact on the global acrylic acid market. The excessive buying of essential items among the majority of people in North America and Europe during the pandemic was largely influenced by the rising fear of an inventory shortage of these sanitary products available for consumers. In the first three months of 2020, there’s been a massive growth in the sales of household cleaning, disinfectant, and other products.

• According to research from JPMorgan, Dettol and Lysol owner, Reckitt Benckiser, saw U.S. sales of cleaning wipes surge over 100%, compared to a year earlier and up 60% in the second quarter, with continued momentum into the third quarter with sales up 19%. Aerosol disinfectant sales are up over 100% so far in the year, climbing up 120% in the third quarter, while dishwasher detergents and general kitchen cleaner sales are also up by nearly 40%.

The pandemic, on the other hand, had shattered the normal operation of manufacturing units across industries and the sharp decline in the global construction market, which led to the slow growth of the market. Several construction projects had to be postponed due to the massive shortage of construction materials supply and lack of industrial labor globally.

• A survey from the Associated General Contractors of America (AGC) in June shows that 68% of contractors had witnessed a project canceled owing to the pandemic; 48% saw projects begun before the pandemic halted.

Acrylic Acid Market Dynamics

Major Drivers

The demand for eco-friendly resins such as poly/methyl methacrylate has been rising significantly among industries over recent years. This is expected to drive the market.

• For instance, in April 2023, Röhm launched DEGALAN PROTERRA, a sustainable product range for the coating and adhesives industry. The products aim to reduce product carbon footprint (CO2 emission) and contribute to climate protection.

Moreover, the demand for superabsorbent polymer is rising considerably owing to the wide adoption of the materials as a water-absorbent for the manufacturing of various personal care and medical products including adult pads, infant diapers, and others.

• In July 2021, a University of Michigan team developed a technique to untangle the absorbent polymers present in diapers and recycle them into materials similar to the adhesives used in sticky notes and bandages. Their results are published in Nature Communications.

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Existing Restraints

Adverse effects of acrylic acid on human health are hindering the market. Direct skin contact with the acid, causes skin irritation or burns and long-term exposure to the acid is likely to cause health hazards affecting the lungs and kidneys. Thus, this factor is anticipated to hamper the market.

Stringent government rules and regulations toward decreasing the use of volatile organic compounds (VOCs) among industries to reduce carbon emission is limiting the commercialization of acrylic acid globally. The wide implementation of government-backed environmental policies in emerging and developed economies, especially in Europe and North America acts as a major factor impeding the global production of acrylic adhesives.

Emerging Opportunities

Rising demand for bio-based acrylic acid restriction in the use of high VOCs leads to wide commercialization and is expected to create lucrative opportunities for the market players. As a result, key market players are increasingly focusing on developing bio-based sources or raw materials for the production of the compound.

The increasing R&D investment for the development of advanced technology and techniques from major companies to produce bio acrylic acid using renewable resources including sugar and glycerol offers lucrative growth opportunities for the market players. Moreover, researchers are working to develop a new production process with improved efficiency. For instance,

• In January 2023, Lakril Technologies decided to produce low-cost and renewable acrylic acid and acrylates by licensing highly efficient catalyst technology. This low-cost and low-risk acrylate acid production is possible due to the availability of the zeolite formulation. The company expected to develop this technology for the industrial-scale production of acrylic acid.      

Scope of Acrylic Acid Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Acrylic Acid Market Segment Insights

Derivative Segment Analysis

Based on derivative, the global acrylic acid market is divided into acrylic esters, acrylic polymers, and others. The acrylic esters segment is further segregated into N-butyl acrylate/butyl acrylate, methyl acrylate, 2-ethylhexyl acrylate, ethyl acrylate, and others.

The acrylic polymers segment is sub-classified as superabsorbent polymers, water treatment polymers, acrylic elastomers, and others while the others segment is further bifurcated into polycyanoacrylate and ammonium polyacrylate.

The acrylic esters segment is expected to expand at a robust growth rate during the forecast period, owing to the wide use of its derivatives in various industrial applications including architecture engineering, plastic molding, and leather sectors.

Within the segment, the N-butyl acrylate segment accounted for a large market revenue due to the wide adoption of the derivative material across adhesives & sealants, automotive paints and coatings, and textile applications.

Butyl acrylate has superior properties such as high resistance and performance against extreme weather conditions including heat or water along with high durability, which offer several advantages over other derivatives in various industrial uses.

The acrylic polymer segment is projected to expand at a steady growth rate in the coming years owing to the massive adoption of its derivatives such as SAP by hygiene and personal care product manufacturers.

The Superabsorbent Polymer (SAP) segment is expected to hold a major market share in the coming years, owing to the wide use of polymers in maternity personal care products and female hygiene products such as sanitary napkins and tampons.

The SAP has super absorbent ability and is widely used in diapers and women’s pads as it can absorb water effectively and retain it for a longer period. It is estimated that nearly 70%-80% of SAP is used in the manufacture of sanitary napkins, diapers, and related products.

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Application Segment Analysis

On the basis of application, the global market is bifurcated into acrylic esters and acrylic polymers & other derivatives. The acrylic esters segment is further divided into adhesives & sealants, detergents, textiles, plastic molding, and others.

Acrylic polymers & other derivatives segment is sub-segmented into adult incontinence & other personal care products, water treatment, diapers & training pants, and others.

The acrylic esters segment accounted for a dominant market share in 2021 and is projected to register a considerable CAGR during the forecast period, owing to the wide use of acrylate esters in various applications, especially in the plastic additives industry.

The surface coatings industry has a huge growth potential during the projected period. It enhances the surface quality by protecting it from UV rays, sunlight, and external damage. Moreover, new product launches and developments from acrylic acid manufacturers further boosted the segment growth.

• For instance, in August 2022, Malaysian technology firm IGL Coatings launched its new graphene-reinforced protection coating for a variety of surfaces. Ecocoat Armor, dubbed the “Ultimate Surface Protection Coating” by the company, is expected to enhance the lifespan of wood, metals, paint, and concrete, and resist UV weathering, chemicals, and corrosion.

Water-borne coatings possess superior physical properties including excellent adhesion, high resistance to heat and abrasion, reduced air emissions, and low flammability and toxicity due to the minimal VOC levels and low content of hazardous air pollutants (HAPs). Thus, the rising shift from solvent-based coatings to less toxic water-borne coatings across industries further fuels segment growth.

Regional Analysis

In terms of region, the global acrylic acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of Asia Pacific is expanding enormously and is expected to dominate the market, expanding at a robust growth rate in the coming years, owing to the high demand for acrylic acid across several industrial sectors based in emerging economies such as China, Japan, and India.

With the existing projects for massive construction and infrastructure sectors in China and India, a large chunk of foreign investments is rushing into the construction sector of these countries.

China has the highest consumption of acrylic acid due to the wide demand for chemical components among paints and coatings companies based in the country. At present, China alone has about 10,000 coatings manufacturers and most of the key global players such as BAF SE, Nippon Paint, Axalta Coatings, and AkzoNobel have already established their production base in this country. For instance,

• According to a research report, the acrylic acid market in China is expected to reach USD 1.7 billion by the end of 2030, expanding at a CAGR of 6.4% during the forecast period. Moreover, China alone accounted for over 25% revenue share of the global coatings market and is projected to expand at a CAGR of 6.8% during the forecast period owing to the massive expansion of the paints & coating industry.

Meanwhile, the acrylic acid market in Japan is anticipated to surpass USD 1.5 billion by 2030, expanding at a CAGR of 3.5% during the projected period. Japan is known for its well-establishment of the hygiene management system and is one of the leading consumers of personal hygiene products globally. 

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Segments

The global acrylic acid market has been segmented on the basis of

Derivative

• Acrylic Esters
  • N-butyl Acrylate/Butyl Acrylate
  • Methyl Acrylate
  • 2-Ethylhexyl Acrylate
  • Ethyl Acrylate
  • Others
• Acrylic Polymers
  • Superabsorbent Polymers
  • Water Treatment Polymers
  • Acrylic Elastomers
  • Others
• Others
  • Polycyanoacrylate
  • Ammonium Polyacrylate

Application

• Acrylic Esters
  • Adhesives & Sealants
  • Detergents
  • Textiles
  • Plastic Additives
  • Surface Coatings
  • Others
• Acrylic Polymers & Other Derivatives
  • Adult Incontinence & Other Personal Care Products
  • Water Treatment
  • Diapers & Training Pants
  • Others

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Mitsubishi Chemical Group Corporation.
• BASF SE
• Dow.
• LG Chem.
• Arkema
• Evonik Industries AG
• The Lubrizol Corporation
• NIPPON SHOKUBAI CO., LTD.
• Formosa Plastics Corporation
• Myriant Technologies LLC
• SIBUR International
• Shanghai Huayi Acrylic Acid Co., Ltd.

Competitive Landscape

The key players competing in the global acrylic acid market share include Mitsubishi Chemical Group Corporation.; BASF SE; Dow.; LG Chem.; Arkema; Evonik Industries AG; The Lubrizol Corporation; NIPPON SHOKUBAI CO., LTD.;Formosa Plastics Corporation; Myriant Technologies LLC; SIBUR International; and Shanghai Huayi Acrylic Acid Co., Ltd.

The acrylic acid market is highly consolidated due to the domination of the market by a few major players in the global supply chain ranging from raw materials procurement to the distribution of final products. Players such as BASF SE, Nippon, and The Dow Chemical Company manufacture acrylic acid that accounted for more than 65% in 2021 with the leading market share owned by BASF SE.

Some of these major players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share. For instance,

• In October 2023, LG Chem and GS Caltex signed a Memorandum of Understanding (MOU) to continue their collaborative endeavors on a joint project focusing on 3HP (3-Hydroxypropionic acid), an essential raw material for eco-friendly biodegradable plastics. The plastics derived from 3HP provide exemplary biodegradability and flexibility and work as a viable replacement for various disposable materials.

• In August 2023, Lubrizol Life Science Beauty announced to make thickening and stabilizing challenging-to-thicken cleansers easier with their new Carbopol® SC-800 polymer. The rheology modifier solution for mild and sulfate-free formulations is ideal for shower gels, shampoos, and facial cleansers.

• In August 2021, a German-based major chemical manufacturing company, BASF SE announced that it agreed to a deal of 50-50 joint ventures with a China-based oil & gas enterprise, SINOPEC to further expand the production capacity of their key plant, Verbund site in Nanjing, China. It was the first tert-butyl acrylate plant that would use BASF technology outside of Germany to support the domestic demand for specialty chemicals in China and the operation was likely to begin in 2023.