Acrylic Acid Market Size, Share, Industry Trends and Forecast to 2030

Acrylic Acid Market Size & CAGR

The global acrylic acid market was valued at USD 15.4 billion in 2023 and is projected to reach USD 21.8 billion by 2030, growing at a CAGR of 5.3% during the forecast period. The market growth can be attributed to the increasing demand for acrylic acid in various end-use industries such as adhesives, sealants, paints, coatings, textiles, and diapers. The growing construction and automotive industries are also driving the demand for acrylic acid as it is used in the production of acrylic polymers and resins.

COVID-19 Impact on the Acrylic Acid Market

The COVID-19 pandemic had a mixed impact on the acrylic acid market. The initial lockdowns and restrictions led to a temporary decrease in demand for acrylic acid due to the slowdown in construction and automotive activities. However, the market quickly rebounded as the demand for acrylic acid in hygiene products like diapers and sanitizers surged. The market players adapted to the changing market dynamics by implementing safety measures in their production facilities and ensuring a smooth supply chain to meet the increased demand.

Acrylic Acid Market Dynamics

The acrylic acid market is driven by factors such as the growing demand for superabsorbent polymers in the hygiene industry, increasing infrastructure development activities, and the rising adoption of acrylic-based products in the automotive sector. However, the market faces challenges such as volatile raw material prices and environmental regulations regarding the use of acrylic acid. The market players are focusing on innovation and product development to overcome these challenges and gain a competitive edge in the market.

Segments and Related Analysis of the Acrylic Acid Market

The acrylic acid market is segmented based on derivatives, applications, and end-users. In terms of derivatives, the market is segmented into acrylic esters, acrylic polymers, and others. By application, the market is categorized into adhesives, sealants, paints, coatings, textiles, and others. Based on end-users, the market is divided into construction, automotive, textiles, personal care, and others. The growing demand for acrylic acid in various industries is driving the market growth across all segments.

Acrylic Acid Market Analysis Report by Region

Asia Pacific Acrylic Acid Market Report

The Asia Pacific region dominates the global acrylic acid market due to the significant demand from countries like China, Japan, and India. The growing construction and automotive industries in the region are driving the demand for acrylic acid. The presence of key market players and increasing investments in research and development activities are further contributing to the growth of the market in the Asia Pacific region.

South America Acrylic Acid Market Report

The South America acrylic acid market is witnessing steady growth due to the increasing usage of acrylic acid in various industries such as adhesives, sealants, and paints. The growing construction activities in countries like Brazil and Argentina are driving the demand for acrylic acid in the region. Market players are focusing on expanding their presence in South America to capitalize on the growing market opportunities.

North America Acrylic Acid Market Report

North America is a mature market for acrylic acid with the presence of established market players and a well-developed infrastructure. The demand for acrylic acid in the region is driven by the growing automotive and personal care industries. The focus on product innovation and sustainability is shaping the market dynamics in North America, with market players investing in technological advancements to meet the evolving consumer needs.

Europe Acrylic Acid Market Report

Europe is a key market for acrylic acid with a strong presence of automotive and construction industries. The demand for acrylic acid in the region is driven by the increasing use of acrylic polymers in paints, coatings, and adhesives. Stringent regulations regarding the use of environmentally friendly products are influencing market players to develop sustainable acrylic acid-based products in Europe.

Middle East and Africa Acrylic Acid Market Report

The Middle East and Africa region are witnessing growth in the acrylic acid market due to the increasing infrastructure development activities and the growing demand for personal care products. The construction industry's expansion in countries like UAE and Saudi Arabia is driving the demand for acrylic acid in the region. Market players are focusing on strategic partnerships and collaborations to strengthen their foothold in the Middle East and Africa market.

Acrylic Acid Market Analysis Report by Technology

The acrylic acid market is segmented based on technology into the propylene oxidation process, the acetylene carbonylation process, and others. The propylene oxidation process is the most widely used technology for acrylic acid production due to its cost-effectiveness and efficiency. The market players are investing in research and development activities to improve the existing technologies and develop innovative processes to enhance acrylic acid production.

Acrylic Acid Market Analysis Report by Product

The acrylic acid market is segmented based on product type into acrylic esters, acrylic polymers, and others. Acrylic esters are the most commonly used products in the market due to their versatile applications in adhesives, sealants, and coatings. The increasing demand for acrylic esters in the construction and automotive industries is driving the market growth. Market players are focusing on product diversification and development to cater to the evolving consumer needs.

Acrylic Acid Market Analysis Report by Application

The acrylic acid market is segmented based on applications into adhesives, sealants, paints, coatings, textiles, and others. Adhesives and sealants are the major application segments in the market due to the extensive use of acrylic acid-based products in these industries. The growing demand for eco-friendly and high-performance adhesives is fueling the market growth. Market players are focusing on developing innovative acrylic acid-based solutions to meet the specific application requirements across industries.

Acrylic Acid Market Analysis Report by End-User

The acrylic acid market is segmented based on end-users into construction, automotive, textiles, personal care, and others. The construction industry is the largest end-user of acrylic acid due to its wide application in paints, coatings, and sealants. The automotive industry is also a significant end-user of acrylic acid for manufacturing lightweight and durable automotive components. Market players are collaborating with end-users to develop customized acrylic acid solutions that meet specific industry requirements and standards.

Key Growth Drivers and Key Market Players of Acrylic Acid Market

Key Growth Drivers:

• Increasing demand for acrylic acid in various end-use industries
• Rising construction and automotive activities driving market growth
• Focus on product innovation and sustainability by market players

• BASF SE
• Dow Chemical Company
• Arkema Group
• LG Chem
• Mitsubishi Chemical Corporation

Acrylic Acid Market Trends and Future Forecast

The acrylic acid market is witnessing several trends that are shaping its future outlook. Some of the key trends include the growing demand for bio-based acrylic acid products, increasing investments in research and development activities, and the adoption of sustainable manufacturing processes. The market players are focusing on developing eco-friendly acrylic acid solutions to address environmental concerns and meet regulatory requirements. The future forecast for the acrylic acid market looks promising with new product developments and strategic collaborations driving market growth.

Recent Happenings in the Acrylic Acid Market

1. BASF SE announced the launch of a new bio-based acrylic acid product line to cater to the growing demand for sustainable chemicals in various industries.

2. Dow Chemical Company acquired a leading acrylic acid manufacturer to strengthen its market position and expand its product portfolio in the acrylic acid market.

3. Arkema Group introduced a novel acrylic acid formulation that offers enhanced performance and durability for coatings and adhesives applications.

4. LG Chem invested in a new acrylic acid production facility to meet the increasing market demand and enhance its production capacity.

5. Mitsubishi Chemical Corporation collaborated with a technology startup to develop advanced acrylic acid-based products for the personal care industry, focusing on sustainability and innovation.