Asia Pacific Dominates 2023 Acrylic Acid Landscape, with China Leading and India Racing Ahead in Growth

DUBLIN, Sept. 14, 2023 /PRNewswire/ -- The "Acrylic Acid Market by Derivative (Methyl, Ethyl, Butyl, 2-EH, SAP, Water Treatment), Acrylic Ester/Polymer Application (Surface coating, Adhesive & Sealant, Plastic additive, Textile, Detergent Diaper & Training Pad), & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global acrylic acid market is poised for substantial expansion, with projections indicating growth from USD 11.7 billion in 2023 to a robust USD 13.8 billion by 2028, representing a steady CAGR of 3.3% during the forecast period.

The acrylic acid market is fueled by a multitude of factors. A significant driver is the growing demand for acrylic acid across sectors such as paints and coatings, adhesives, textiles, and superabsorbent polymers for hygiene products. The market's expansion is further propelled by increased applications in chemical synthesis, a shift towards environmentally friendly products, economic growth, and heightened demand in emerging markets.

Acrylic Polymers Take Center Stage:

Acrylic polymers are set to secure the second-highest market share in the acrylic acid market. Their versatile properties and extensive range of applications make them a preferred choice. Acrylic polymers are known for their exceptional adhesion, durability, and weather resistance, making them highly desirable across various industries, including water treatment, baby diapers, and personal care products. Their adaptability to different formulations and compatibility with various substrates position them as a versatile and favored choice for numerous end-use applications.

Surface Coatings Lead the Way: 

Surface coatings have emerged as the dominant application segment for acrylic acid esters due to their versatile qualities, enhancing paint and coating formulations. Acrylic acid esters are prized for their superior adherence, toughness, and weather resistance. They are widely used in surface coatings for consumer products, construction, and automotive industries, primarily due to their ability to impart gloss, color retention, and corrosion protection, along with compatibility with various chemicals.

Rapid Growth in Personal Care: 

Within the acrylic acid polymers market, the Adult Incontinence & Other Personal Care Products segment is experiencing rapid growth. Shifting demographics, a growing population, and increased awareness of personal hygiene are driving the demand for high-performance and absorbent materials in adult incontinence products. Acrylic acid polymers, known for their superior absorbency and comfort, are ideal for applications in adult diapers, sanitary napkins, and other personal care products.

Asia Pacific Takes the Lead: 

Asia Pacific emerged as the dominant player in the acrylic acid market in 2022. The region's growth is propelled by rapid industrialization, urbanization, and population growth, leading to increased demand for products like paints, coatings, adhesives, textiles, and superabsorbent polymers used in hygiene products. Asia Pacific houses several major economies with robust manufacturing capabilities, making it a manufacturing hub for various industries. Favorable government policies supporting economic development, coupled with increasing consumer awareness of personal care and hygiene products, further boost the market growth in this region.

Premium Insights:

1. Asia-Pacific to Register High Growth During Forecast Period.
2. China Dominates Acrylic Acid Market in Asia-Pacific.
3. India to be Fastest-Growing Market During Forecast Period.

Market Dynamics:

Drivers:

• Rise in Demand from Paints & Coatings Sector.
• Increasing Demand for Superabsorbent Polymers.
• Expanding Application in Chemical Synthesis.
• Shift from Solvent-based Coatings to Acrylic Emulsions.

Restraints:

• Environmental Concerns and Health Hazards.
  • Clean Air Act 1990.
  • Acute Toxicity and Air Exposure Limits.
  • Health Hazards.
  • Pulmonary Edema.

Opportunities:

• Commercial Production of Bio-based Acrylic Acid.
• Increasing Demand in Emerging Economies.

Challenges:

• Improper Waste Disposal of End Products.
• Strong Competition Among Market Players.
• Fluctuations in Raw Material Prices, High Transportation Costs, and Reactivity Hazards.

Companies Mentioned:

• Arkema
• BASF SE
• Dow Chemical Company
• Evonik Industries AG
• Gellner Industrial LLC
• Jurong Group
• Kamsons Chemicals Pvt. Ltd.
• LG Chem
• Lubrizol Corporation
• Merck KGaA
• Mitsubishi Chemical Corporation
• Momentive Performance Materials
• Nippon Shokubai Co. Ltd.
• Polysciences, Inc.
• Rohm GmbH
• Sasol Ltd.
• Satellite Chemical Co. Ltd.
• Shanghai Huayi Acrylic Acid Co. Ltd.
• Sibur Holding Pjsc
• Sinochem Group Co. Ltd.
• Solvay
• Sumitomo Corporation
• Synthomer PLC
• Toagosei Co. Ltd.
• Wanhua Chemical Group Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/6qc2z

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SOURCE Research and Markets

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