Acrylic Acid Market Set to Reach USD 22.6 Billion by 2032, Expanding at a 4.5% CAGR | Persistence Market Research

The global Acrylic Acid Market is poised for steady growth over the forecast period from 2024 to 2032. As of 2024, the market is valued at USD 15.9 billion and is projected to reach USD 22.6 billion by 2032, expanding at a CAGR of 4.5%. This promising trajectory highlights the increasing demand for acrylic acid across various industrial applications, particularly in adhesives, paints & coatings, and personal care products.

Acrylic acid, widely used as a precursor in the production of superabsorbent polymers (SAPs), is gaining momentum due to its broad applicability in hygiene products, textiles, and surface coatings. The key growth drivers fueling this market include rising consumption of hygiene-related goods, growth in the construction and automotive sectors, and escalating demand for water-based paints. Among all segments, surface coatings dominate due to their extensive industrial usage. Regionally, Asia Pacific leads the global market, propelled by rapid industrialization, infrastructure development, and a burgeoning middle-class population.

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✅Key Highlights from the Report:

➤ The Acrylic Acid Market is projected to grow from USD 15.9 billion in 2024 to USD 22.6 billion by 2032.
➤ CAGR for the global market is forecast at a steady 4.5% through the forecast period.
➤ Asia Pacific remains the leading region, driven by robust demand in China and India.
➤ Surface coatings emerge as the leading application segment due to expanding construction activities.
➤ Rising demand for hygiene products is significantly boosting consumption of superabsorbent polymers.
➤ Technological advancements in bio-based acrylic acid production offer sustainable alternatives.

📊 Market Segmentation:

The Acrylic Acid Market can be segmented based on product types such as glacial acrylic acid and aqueous acrylic acid. Among these, glacial acrylic acid dominates due to its extensive use in coatings and adhesives. It offers better performance characteristics in applications requiring high purity levels. Aqueous acrylic acid is mostly used in lower-intensity applications such as textiles and personal care.

In terms of end-use industries, the market is segmented into personal care, paints and coatings, adhesives and sealants, textiles, and others. The personal care segment, particularly in the production of diapers and adult incontinence products, is one of the fastest-growing categories. The growing awareness around hygiene and expanding aging populations in developed nations are key contributors to this trend. Simultaneously, demand from the adhesives sector remains strong in automotive and packaging applications.

📊 Regional Insights:

Asia Pacific remains the dominant regional market, with countries like China, India, and Japan playing pivotal roles. The region benefits from low production costs, high consumption volumes, and ongoing infrastructural development, making it a lucrative zone for manufacturers and investors.

North America and Europe also contribute significantly to the market, mainly due to their strong industrial base and high standards in hygiene and personal care. However, stringent environmental regulations in these regions are pushing toward the adoption of bio-based acrylic acids, which may create new growth opportunities in the coming years.

Market Drivers

One of the primary drivers of the Acrylic Acid Market is the rising demand for superabsorbent polymers (SAPs), especially in personal hygiene products like baby diapers, sanitary napkins, and adult incontinence items. With increasing awareness around hygiene and improving living standards, the consumption of SAPs has risen substantially. Additionally, the ongoing expansion in construction and automotive industries is pushing the demand for acrylic-based adhesives and coatings.

Market Restraints

Despite the growth prospects, the market faces restraints from fluctuating raw material prices and growing environmental concerns. Acrylic acid production often involves propylene, a petroleum-based product, whose price volatility directly affects production costs. Furthermore, environmental and health hazards related to acrylic acid manufacturing are leading to stringent regulatory norms, especially in developed markets, potentially impeding the industry's growth.

Market Opportunities

The development of bio-based acrylic acid represents a major opportunity in the market. Growing concerns around sustainability and environmental impact have spurred research and investments into greener alternatives. Bio-based variants reduce dependency on fossil fuels and offer a lower carbon footprint. Additionally, emerging markets in Latin America and Africa present untapped opportunities due to rising urbanization and increasing hygiene awareness.

👉Frequently Asked Questions (FAQs):

➤ How big is the Acrylic Acid Market expected to be by 2032?
➤ What is the projected CAGR for the Acrylic Acid Market from 2024 to 2032?
➤ Who are the key players in the global Acrylic Acid Market?
➤ What is the market forecast for acrylic acid through 2032?
➤ Which region is expected to dominate the Acrylic Acid Market in the forecast period?

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📌 Key Players

The major companies operating in the Acrylic Acid Market include:

✦ BASF SE
✦ Arkema Group
✦ The Dow Chemical Company
✦ Nippon Shokubai Co., Ltd.
✦ LG Chem Ltd.
✦ Formosa Plastics Corporation
✦ Sasol Limited
✦ Mitsubishi Chemical Corporation
✦ Evonik Industries AG
✦ Hexion Inc.

■ BASF SE announced plans to invest in bio-based acrylic acid production in Asia to meet sustainability targets.
■ Nippon Shokubai launched a new superabsorbent polymer plant to support increased demand from hygiene product manufacturers.

Conclusion

The Acrylic Acid Market is on a robust growth trajectory, fueled by expanding industrial applications, rising hygiene product demand, and regional economic development-especially in Asia Pacific. Despite challenges like raw material cost fluctuations and regulatory hurdles, the market's future remains optimistic with the emergence of sustainable, bio-based production alternatives. Businesses looking to enter or expand in this sector will benefit from understanding its nuanced segmentation, regional variations, and the evolving technological landscape.

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This release was published on openPR.