Acrylic Acid Market Forecasted to Climb to US$22.6 Bn by 2032 - Persistence Market Research

Introduction

The global acrylic acid market has experienced steady growth in recent years, fueled by its extensive applications in industries such as adhesives, sealants, paints & coatings, textiles, and superabsorbent polymers (SAPs). Acrylic acid is a key raw material used in the production of various chemical derivatives, playing a crucial role in the manufacturing of consumer and industrial products. This report provides a detailed analysis of the acrylic acid market, examining its key growth drivers, challenges, emerging trends, technological advancements, and regional insights.

Acrylic acid is widely used in the production of acrylate esters and polymers, which serve as essential ingredients in adhesives, paints, personal care products, and water treatment chemicals. The rising demand for superabsorbent polymers, especially in the hygiene and personal care sectors, is significantly contributing to market expansion. As industries focus on innovation and sustainability, the adoption of bio-based acrylic acid is expected to increase, shaping the future market dynamics.

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Market Projections and Forecast

According to Persistence Market Research's projections, the global acrylic acid market is anticipated to grow from an estimated US$15.9 billion in 2024 to US$22.6 billion by 2032. This expansion reflects a compound annual growth rate (CAGR) of 4.50% during the forecast period.

The growth of the acrylic acid market is primarily driven by the rising demand for SAPs in personal hygiene products such as diapers, adult incontinence products, and feminine hygiene items. Additionally, the increasing use of acrylic acid derivatives in construction, automotive, and textile industries is further fueling market growth. The Asia-Pacific region is expected to witness significant expansion, supported by rapid industrialization and growing consumer demand for end-use products.

Market Dynamics

Drivers of Market Growth

Expanding Personal Care and Hygiene Industry: The increasing consumption of superabsorbent polymers in hygiene products such as diapers and sanitary napkins is a major driver of the acrylic acid market.

Growth in Adhesives and Sealants Sector: The rise in construction and automotive activities has led to increased demand for acrylic acid-based adhesives and sealants, enhancing durability and performance.

Surging Demand for Paints and Coatings: With growing urbanization and infrastructure development, the use of acrylic acid in paints, coatings, and surface treatments is on the rise.

Advancements in Bio-Based Acrylic Acid: The development of bio-based acrylic acid as an environmentally friendly alternative is gaining momentum, driven by regulatory initiatives and sustainability goals.

Challenges in the Market

Fluctuations in Raw Material Prices: The cost volatility of propylene, a primary feedstock for acrylic acid, poses a challenge for manufacturers.

Environmental and Regulatory Concerns: Stringent regulations regarding the environmental impact of acrylic acid production and disposal are restricting market growth.

Health and Safety Risks: The toxic and corrosive nature of acrylic acid requires stringent handling and storage measures, increasing operational complexities.

Market Trends and Technological Innovations

Rise in Sustainable and Bio-Based Acrylic Acid
With increasing environmental concerns, companies are investing in the development of bio-based acrylic acid derived from renewable sources. This trend aligns with global sustainability initiatives and enhances the market's eco-friendly image.

Growing Demand for Superabsorbent Polymers
The surge in demand for personal hygiene products, particularly in emerging economies, is fueling the consumption of superabsorbent polymers, thereby driving the acrylic acid market.

Innovation in Polymer Applications
Advancements in polymer technology have led to improved properties of acrylic acid-based polymers, expanding their use in coatings, adhesives, and water treatment applications.

Acrylic Acid Market Segmentation

By Derivative Type:

Acrylic Esters (Methyl Acrylate, Ethyl Acrylate, Butyl Acrylate)
Superabsorbent Polymers (SAPs)
Water Treatment Polymers
Others

By Application:

Adhesives & Sealants
Paints & Coatings
Textiles
Personal Care & Hygiene
Water Treatment
Others

By End-Use Industry:

Construction
Automotive
Healthcare
Consumer Goods
Industrial Manufacturing

Regional Analysis

North America
North America holds a significant share in the acrylic acid market due to high demand from the personal care and construction industries. The region is also witnessing a shift toward sustainable production processes to reduce environmental impact.

Europe
Europe is a key player in the global acrylic acid market, driven by stringent environmental regulations and increasing adoption of bio-based alternatives. Countries like Germany, France, and the UK are leading in research and development initiatives focused on sustainable acrylic acid production.

Asia-Pacific
The Asia-Pacific region is expected to experience the highest growth rate in the acrylic acid market, driven by rapid industrialization, rising disposable income, and increasing consumer demand for personal care products. China, India, and Japan are among the key contributors to the market's expansion.

Key Companies Profiled in the Report

BASF SE
Arkema SA
Evonik Industries AG
The Dow Chemical Company
LG Chem Ltd.
Nippon Shokubai Co., Ltd.
Mitsubishi Chemical Corporation
Sasol Limited
Shanghai Huayi Acrylic Acid Co., Ltd.
Formosa Plastics Corporation

Future Outlook

The future of the acrylic acid market looks promising, with sustained demand from key industries and the increasing focus on bio-based acrylic acid production. Technological advancements will continue to enhance product performance and expand application areas. The development of more sustainable and environmentally friendly manufacturing processes will also play a crucial role in shaping market dynamics.

As regulatory frameworks become stricter, companies will need to invest in cleaner production technologies to maintain compliance and competitiveness. The shift toward circular economy principles and renewable raw materials is expected to drive innovation in the industry.

Conclusion

The acrylic acid market is set for steady growth, driven by increasing applications in personal care, construction, and industrial sectors. While challenges such as raw material price volatility and regulatory concerns persist, opportunities in bio-based acrylic acid and polymer innovations offer avenues for sustainable expansion. The Asia-Pacific region is poised for significant growth, with rising industrialization and demand for consumer goods. Companies focusing on innovation and sustainability will be well-positioned to capitalize on future market opportunities.

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