The Global Acrylic Acid Market size is expected to reach $14.8 billion by 2030, rising at a market growth of 4.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,546.6 kilo tonnes, experiencing a growth of 3.6% (2019-2022).
The demand for surface coatings is closely linked to construction and infrastructure development. Thus, the surface coatings industry segment acquired $2,062.0 million in 2022. As construction activities rise, there is a corresponding increase in the demand for coatings for both residential and commercial buildings. Surface coatings are essential for protecting industrial equipment and machinery from corrosion and wear. The growth of various industries, such as manufacturing and petrochemicals, contributes to the demand for coatings. These aspects will help in the expansion of the segment. Some of the factors impacting the market are shift towards sustainable products, rising disposable income in various countries, and raw material price volatility.
Bio-based acrylic acid is derived from renewable resources, such as biomass or bio-based feedstocks. Unlike traditional acrylic acid, which is primarily derived from petrochemical sources, bio-based acrylic acid offers a more sustainable alternative by utilizing resources that can be replenished. The production of bio-based acrylic acid often has a lower environmental impact than traditional methods. Renewable feedstocks can contribute to reducing greenhouse gas emissions and overall environmental footprint, aligning with sustainability goals. Additionally, as disposable income rises, consumers often allocate some of their income to non-essential goods, including personal care items and household products. This increased spending capacity increases demand for products incorporating acrylic acid in manufacturing. Acrylic acid and its derivatives are commonly used to produce personal items such as lotions, creams, shampoos, and other skincare products. The desire for high-quality and innovative personal care items, often associated with higher disposable income, leads to increased demand for these products, boosting the demand for acrylic acid. As consumers become more aware of the benefits and features of these products, it can further stimulate demand, especially in regions with growing disposable incomes. These factors will help expand the acrylic acid market.
However, it is a propylene derivative, and the production process involves the oxidation of propylene. As a result, the acrylic acid industry is highly dependent on the availability and cost of propylene. Propylene prices can be subject to fluctuations influenced by changes in crude oil prices, supply-demand dynamics, and geopolitical events. Any volatility in propylene prices directly affects the cost structure of acrylic acid production. Fluctuations in acrylic acid prices can have a cascading effect on the costs of these downstream products. Hence, these aspects will restrain the growth of the market.
Based on end-user, the market is divided into diapers, surface coatings industry, adhesives & sealants industry, plastic additives industry, water treatment industry, textiles industry, surfactants industry, and others. The water treatment industry segment procured a considerable revenue share in the market in 2022. Acrylic acid-based polymers are applied in both municipal and industrial water treatment facilities. Municipal water treatment plants utilize these polymers to purify drinking water, while industrial facilities deploy them to treat process water and wastewater. The versatility of acrylic acid polymers makes them adaptable to diverse water treatment challenges. These factors will help in the expansion of the segment.
Based on derivative type, the market is segmented into acrylic esters, acrylic polymer, and others. In 2022, the acrylic esters segment garnered the largest revenue share in the market. The coatings and paints industry is a major consumer of acrylic esters. These esters contribute to the formulation of water-based and solvent-based coatings, providing properties such as adhesion, weather resistance, and durability. The construction and automotive industries' rapid expansions directly impact the demand for acrylic esters in coatings. Therefore, the segment will expand rapidly in the future.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 10.6 Billion |
| Market size forecast in 2030 | USD 14.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.4% from 2023 to 2030 |
| Number of Pages | 339 |
| Number of Tables | 610 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter's 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Derivative Type, End-user, Region |
| Country scope |
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| Companies Included | Mitsubishi Chemical Holdings Corporation, Arkema S.A., BASF SE, The Dow Chemical Company, Evonik Industries AG (RAG-Stiftung), LG Chem Ltd. (LG Corporation), Formosa Plastics Group, Sasol Limited, Nippon Shokubai Co., Ltd., and Merck KGaA |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. The Asia Pacific region has been undergoing rapid industrialization, leading to increased demand for acrylic acid in various industries. It is a key raw material in the production of superabsorbent polymers, coatings, adhesives, and sealants, all of which are essential in industrial processes. Thus, these factors will fuel the growth of the segment.
Free Valuable Insights: Global Acrylic Acid Market size to reach USD 14.8 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, Arkema S.A., BASF SE, The Dow Chemical Company, Evonik Industries AG (RAG-Stiftung), LG Chem Ltd. (LG Corporation), Formosa Plastics Group, Sasol Limited, Nippon Shokubai Co., Ltd., and Merck KGaA.
By End-user (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Derivative Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD $14.8 billion by 2030.
Shift towards sustainable products are driving the Market in coming years, however, Rising disposable income in various countries restraints the growth of the Market.
Mitsubishi Chemical Holdings Corporation, Arkema S.A., BASF SE, The Dow Chemical Company, Evonik Industries AG (RAG-Stiftung), LG Chem Ltd. (LG Corporation), Formosa Plastics Group, Sasol Limited, Nippon Shokubai Co., Ltd., and Merck KGaA.
In the year 2022, the market attained a volume of 6,546.6 kilo tonnes, experiencing a growth of 3.6% (2019-2022).
The Diapers segment is leading the Market by End-user in 2022; thereby, achieving a market value of $3.6 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.3 billion by 2030.
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