Acrylic Acid Market : Future Growth Prospects for Major Leaders

Acrylic Acid Market was valued at $11,006.6 million in 2013, and is expected to reach $18,824.0 million by 2020, supported by a CAGR of 7.6% during the forecast period 2014 to 2020. Acrylic acid is an organic compound having characteristic tart or acrid smell. A large portion of this compound is used as a feedstock for obtaining acrylate esters. Acrylate esters have a broad spectrum of application in paper treatment, plastic additives, textiles, sealants, adhesives, and surface coatings.

Industries are developing and commercializing processes for producing it from petrochemicals. Due to the rising price of oil globally, manufacturers are using bio-based techniques to produce this unsaturated carboxylic acid and acrylates from renewable resources such as glycerol, sugar, etc. Renewable feedstock shows cost competitive outcomes as compared to petrochemical routes. The global consumption rate is anticipated to reach 8,169.0 kilo tons by 2020. Applications in Detergents, Adult Incontinence and Personal Care Products have contributed to the increased demand for acrylic acid.

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The factors that are driving the growth are soaring demand for superabsorbent polymers, widespread adoption of acrylic-based products in emerging economies such as Asia Pacific and growing industries such as adhesives and sealants. Stringent government regulations are imposed on the use of this organic compound due to increasing environmental concerns in regions such as North America, Europe, etc., to protect the environment and prevent occupational exposure. Due to the potential restraints, its growth is restricted. Producers are focusing on research and development to find the bio-based roots for the production to increase their market share and size. Moreover, commercialization of bio-based compound and saturated demand for PMMA resins in various industries would open doors for investors to invest; thus, creating lot of opportunities for growth in the near future.

Reason for Doing the Study

The organic compound has been in production for nearly 30 years. Its demand is increasing year on year due to its various end users in superabsorbent, adhesive, surface coating, etc. Apart from this, many new applications emerged due to commercialization of the manufacturing techniques of bio-based products. The sector has huge potential in the future, as it would create a range of applications, namely in industries such as surfactants, surface coatings, adhesives & sealants, plastic additives & co-monomers, etc. Thus, understanding of the sector would provide intelligence about the entire segment and it would thus, help the stakeholders to make strategic decisions.

The key derivative types include acrylate esters, acrylate polymers and other derivatives. The first segment is and would continue to lead the overall derivative types throughout 2020 in terms of revenue generation. However, the later segment is anticipated to be the fastest growing segment during the forecast period. They are widely used for coatings binders, gun turrets, bomber noses, aircraft canopies, cosmetic etc. Popular for its stability, superior technology and chemical purity they are used in applications where there is a need for resistance to aging & weathering, transparency and color stability. These factors are eliciting their growth. However, due to growing adoption of acrylate esters for producing adhesives, water-based paints, synthetic rubbers and synthetic resins, it holds tremendous potential for growth during the analysis period.

End user Analysis

Major end users are diapers, surface coating, adhesives and sealants, plastic additive, water treatment, textiles and surfactants. Currently, the compound is majorly consumed in manufacturing diapers; this segment would dominate the sector through 2020. Surfactants industry is the fastest growing segment, growing at a CAGR of 8.6% during the assessment period. Acrylic based surfactants are used as binders that enhance the flexibility, gloss and durability of the coatings. Moreover, it increases the shelf life of paints; improve the stability of freeze-thaw and mechanical stability. These factors are driving the demand for the compound in surfactants industry.

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Geography Analysis

Based on geography the sector is segmented into North America, Europe, Asia Pacific and LAMEA. In 2013, AsiaPacific was the largest revenue-generating region and it is predicted that the region would continue to dominate the revenue streams through 2020. LAMEA is the fastest growing region that is growing at a CAGR of 9.3% during the same period LAMEA brings lot of prospects for the growth. The factors that are driving the growth in the region are the widespread adoption of renewable roots for production and growing industries such as coatings, sealants, adhesive, etc. Moreover, LAMEA has lucrative opportunities for the production of crude compound due to the presence of worlds largest petrochemicals sites. These factors result in driving the demand in LAMEA.

Competitive Analysis

The key strategies adopted by the companies to expand are product launches, acquisitions and agreements & collaborations. Strategic analysis of the companies reveals that most of the companies are concentrating on product launch, and agreements to expand their share and size. These strategies resulted in the advancement of the technology and diversification of the products in the untapped areas. These strategies were adopted by the companies to diversify their business in the industries such as surfactants, surface coatings, adhesives, sealants, plastics additives, etc. Companies profiled in the report include Dow Chemical Company, BASF SE, Arkema SA, The Lubrozol Corporation, LG Chem LTD., Evonik Industries Ag, SIBUR, Myriant Corporation, SunVic Chemical Holdings Limited and Momentive Specialty Chemicals.

High-Level Analysis

Porters five-force analysis measures the bargaining power of buyers and suppliers including the rivalry scenario. The bargaining power of suppliers is high due to the oligopolistic environment. Lack of price sensitivity leads to lower bargaining power of the buyers. The value chain analysis presents a clear understanding that the organic compound acts as the building blocks for specialty chemicals that are used by various industries to manufacture paints, coatings, adhesives, etc.

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