Acrylic Acid Market Value to Reach USD 20.8 Billion by the end of 2033; Growth Driven by Rising Demand for Polymer-Based Products
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Acrylic acid is extensively used in the production of coatings and adhesives due to its excellent adhesive properties, UV resistance, and high durability. The growth of end-use industries such as automotive, construction, and furniture is expected to drive the demand for coatings and adhesives, consequently boosting the demand for acrylic acid.
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- A recently released market.us study estimates that the global Acrylic Acid Market will generate USD 13.5 Billion in revenue in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2033. The market is anticipated to reach USD 20.8 Billion by the end of 2033.
The acrylic acid market centers around a crucial organic compound known as acrylic acid. This colorless liquid is fundamental in producing various acrylic polymers and derivatives. Its versatile nature allows for an array of applications across industries. Acrylic acid serves as a foundational building block for producing acrylic esters, superabsorbent polymers, adhesives, coatings, textiles, detergents, and personal care products. This compound's significance lies in its ability to easily polymerize, forming robust materials that offer durability, strength, and resistance to elements. Its widespread usage in multiple sectors like construction, manufacturing, textiles, and consumer goods emphasizes its pivotal role in enhancing product performance, efficiency, and functionality.
The acrylic acid market revolves around the production, distribution, and utilization of this compound and its derivatives, shaping various industries' capabilities to deliver innovative, durable, and effective solutions across a broad spectrum of applications.
Key Statistics
The Acrylic Acid Market: Valued at USD 13.5 billion in 2023, it’s projected to soar to USD 20.8 billion by 2033, displaying a robust CAGR of 4.4%.
Component Dominance: Among components, Acrylic Esters emerge as leaders, commanding a substantial share of 64.5% in 2023, marking their versatility across various industries.
Leading Solution: Superabsorbent Polymers reign supreme in acrylic polymers, showcasing exceptional water-absorbing capacities vital for multiple applications.
Enterprise Size Impact: Large Enterprises maintain a significant revenue share of 52.3%, driving innovation and dominance in the acrylic acid market.
Industry Vertical Influence: The Paint and Coatings industry leads with a substantial 28.4% market share, heavily relying on acrylic acid for durability and aesthetic enhancements.
Regional Market Leadership: Much like North America in digital transactions, the Asia-Pacific region holds promise, growing at the fastest CAGR from 2023-2033. Its potential to drive acrylic acid market growth is significant."
Factors Affecting the Growth oftheAcrylic Acid Market
Industrial and Economic Growth: The expansion of industries like construction, automotive, textiles, and consumer goods directly influences the demand for acrylic acid. Economic development in emerging markets fuels increased consumption of acrylic acid-based products.
Demand from End-Use Industries: Sectors such as paints and coatings, adhesives, textiles, and personal care heavily rely on acrylic acid derivatives. Fluctuations in demand from these sectors directly affect the overall acrylic acid market.
Technological Advancements: Innovations in production methods and product formulations enhance the efficiency and versatility of acrylic acid. Technological advancements drive market growth by improving product quality and expanding application possibilities.
Environmental Regulations and Sustainability: Stringent environmental regulations promoting the use of eco-friendly materials and processes impact the market. Growing awareness of sustainability leads to the development of bio-based acrylic acid and environmentally friendly derivatives.
Raw Material Prices and Supply Chain Dynamics: Acrylic acid production relies on propylene as a raw material. Fluctuations in propylene prices and supply chain disruptions significantly affect acrylic acid production costs and, consequently, market prices.
Top Trends in the Global Acrylic Acid Market
Shift Towards Sustainable Practices: There's a growing emphasis on sustainability and eco-friendly solutions. This trend leads to the development of bio-based acrylic acid and derivatives, reducing environmental impact and meeting regulatory requirements.
Rising Demand in Construction and Infrastructure: Increased construction activities globally drive the demand for acrylic acid-based products like paints, coatings, and adhesives. Urbanization and infrastructure development contribute to this trend.
Innovations in Superabsorbent Polymers: Superabsorbent polymers derived from acrylic acid witness growing demand, especially in applications like hygiene products, agriculture, and medical devices due to their excellent water-absorbing properties.
Advanced Coatings and Adhesives: Innovations in acrylic acid-based coatings and adhesives aim at providing enhanced performance, durability, and versatility across industries like automotive, packaging, and electronics.
Focus on Personal Care Products: Acrylic acid derivatives find increased usage in personal care items like skincare, hair care, and cosmetics due to their properties like adhesion, emulsification, and moisture retention.
Regional Analysis
Asia-Pacific (APAC): APAC emerged as a dominant force in the Acrylic Acid Market in 2023, holding over 44.8% of the market share. Robust demand for Acrylic Acid products fueled the market to a valuation of USD 6.04 billion within the region. Industrial Landscape Impact Burgeoning industrial growth, especially in sectors like paints, coatings, adhesives, and textiles, significantly contributed to market expansion. Consumer Influence The rising population and an expanding middle-class demographic further boosted the demand for items using Acrylic Acid derivatives, like personal care products and construction materials.
North America: North America held a substantial market share, accounting for 32.6%. The region's market is influenced by a strong presence in sectors like paints, coatings, and adhesives, driven by innovation and high-quality product demands. The US, Canada, and Mexico individually contribute to the region's market dynamics, influencing the overall trends and demands within North America.
Europe: Europe made significant contributions to the market, holding notable market shares in different countries like Germany, the UK, France, Italy, Russia, Spain, and others. Industry Adoption Diverse industries within Europe, including textiles, personal care products, and construction materials, leverage Acrylic Acid derivatives, impacting the regional market dynamics. Market Expansion The region's economic growth, coupled with infrastructural development and increasing manufacturing activities, played a crucial role in market expansion.
Growing Demand in Construction and Infrastructure: Acrylic acid finds extensive use in paints, coatings, and adhesives, driven by rapid urbanization and construction activities worldwide. The increasing need for durable, weather-resistant coatings and high-performance adhesives fuels the market growth, particularly in sectors focused on infrastructure development.
Shift Towards Eco-Friendly Products: With escalating environmental concerns, there's a notable shift towards eco-friendly alternatives. The versatility of acrylic acid allows for the development of sustainable, low-VOC (volatile organic compound) products, meeting regulatory standards and aligning with consumer demands for environmentally conscious materials.
Market Restraints
Fluctuating Raw Material Prices: Acrylic acid's production heavily relies on propylene, and price fluctuations in propylene directly impact production costs. These variations often pose challenges for manufacturers, impacting profit margins and hindering stable pricing for acrylic acid-based products.
Stringent Regulatory Standards: Compliance with stringent environmental regulations concerning VOC emissions and waste disposal presents a significant restraint. Meeting these standards demands substantial investments in research and development to create compliant products, adding complexities to production processes.
Market Opportunities
Expanding Applications in Personal Care: Acrylic acid’s utilization in personal care products, such as skincare and hair care items, is on the rise. This market segment holds the potential for developing innovative, high-performance formulations to meet evolving consumer preferences.
Technological Advancements and Market Expansion: Progress in production technologies and exploring new application areas offer growth opportunities. The development of novel acrylic acid derivatives and their applications across industries provides avenues for expansion and diversification.
Acrylic Esters Emerged as the leading derivative in 2023, capturing over 64.5% of the market share. Its versatile nature and effectiveness have made it widely used across industries. Butyl Acrylate Another significant derivative that closely followed acrylic esters, holding a substantial market share.
Its applications in adhesives, sealants, and coatings contribute significantly to various manufacturing processes. Ethyl Acrylate and Methyl Acrylate Noteworthy derivatives catering to industries like textiles, paints, and plastics. Their compatibility with diverse materials contributes to their considerable market shares.
Acrylic Polymer
Superabsorbent Polymers Emerge as a frontrunner in 2023, commanding a substantial portion of the market. Known for exceptional water-absorbing capabilities, these polymers find extensive usage in hygiene products, agriculture, and packaging. Water Treatment Polymers Also pivotal in the market, addressing concerns regarding water purity and treatment.
These polymers play an instrumental role in ensuring effective water purification across municipal, industrial, and residential applications. Specialized Variations Cater to specific industry needs, contributing steadily to the market. The diversity of these acrylic polymers collectively signifies the versatility and adaptability of acrylic acid derivatives in fulfilling varied industrial requirements.
By Application
Paint and Coatings Leading the way in 2023, holding over 28.4% of the market share. The sector relies heavily on acrylic acid for its versatile properties, contributing to the durability and aesthetics of various surfaces. Adhesives and Sealants Following closely, represent a significant portion of the market.
Acrylic acid’s adhesive properties are crucial in creating strong bonds across diverse materials in the construction, automotive, and packaging industries. Detergents Claiming a substantial market share, utilizing acrylic acid in formulations to enhance cleaning efficiency in laundry and dishwashing detergents. Textiles Benefit from acrylic acid applications to enhance fabric durability and dye absorption, playing a notable role in the market landscape.
Diapers and Feminine Hygiene Products Showing a growing reliance on acrylic acid due to its superabsorbent polymer properties, contributing significantly to this niche but expanding segment. Water Treatment Notably using acrylic acid in polymer formulations, aids in water purification across various sectors, from municipal treatment to industrial applications. Personal Care Products Alongside other specialized applications, capitalizing on the unique properties of acrylic acid derivatives, contributing to their respective market shares.
January 2023 BASF: Announced a new acrylic acid complex at the Zhanjiang Verbund site in China. This complex will include production of butyl acrylate (BA), glacial acrylic acid (GAA), and 2-ethylhexyl acrylate (2-EHA).
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