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Acrylic Acid Market Growing At A 6.6% And To Cross $19,509.4 million by 2022
Acrylic Acid Market
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Acrylic acid is an organic compound, which acts as a precursor for various chemical processes and an intermediary for industrial processes such as surface coating, paper treatment, plastic additives, textiles, sealants, and adhesives. Factors that boost the market growth include, rising demand in emerging economies for superabsorbent polymers, water treatment processes, and surface coating applications. Acrylic-based adhesives and sealants have high bond strength and exceptional resistance for absorbing water and solvents, thus finding application in the medical and construction sector. However, volatile prices of raw materials and stringent regulations pertaining to environment protection hinders the market growth.
Acrylic esters and acrylic polymers would collectively dominate the global acrylic acid market throughout the analysis period. Furthermore, acrylic polymers segment is expected to grow with a CAGR of 6.9% during the forecast period. Butyl acrylate led with more than half of the acrylic esters market, whereas, superabsorbent polymers is the prominent segment with two-third of the acrylic polymers market in 2015.
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Key findings of the study:
Ethylhexyl acrylate is anticipated to be the fastest growing segment in the world acrylic esters market, with a CAGR of 6.5%.
Acrylic polymers segment contributed to about 38% of the market share, by volume, in the overall acrylic acid market in 2015.
The Asia-Pacific region is expected to occupy the highest market share in the global acrylic acid market, growing at a CAGR of 6.9% during the forecast period.
LAMEA is the fastest growing region in the global acrylic acid market, with a CAGR of 7.2% from 2016 to 2022.
The Asia-Pacific and LAMEA acrylic acid markets are likely to offer lucrative growth opportunities during the analysis period owing to growth in the emerging economies and increased infrastructure demands. The demand for acrylic acid is expected to surge because of its application in construction, medical treatments, and adhesives.
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Key companies profiled in the report include, The Dow Chemical Company, BASF SE, Arkema SA, Lubrizol Corporation, LG Chem Ltd., Evonik Industries Ag, SIBUR, Myriant Corporation, SunVic Chemical Holdings Limited, and Hexion Inc.
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