The global Acrylic Acid Market Size is on a steady trajectory of growth, propelled by expanding demand across diverse sectors such as adhesives, paints and coatings, textiles, and superabsorbent polymers. In 2023, the global market for acrylic acid reached a volume of approximately 8.44 million metric tons (MMT). With a projected compound annual growth rate (CAGR) of 5.1%, the market is expected to reach a volume of around 13.21 MMT by 2032. This article provides a comprehensive overview of the acrylic acid market, including key benefits, driving and restraining factors, COVID-19 impact, market segmentation, regional insights, and key players, offering a holistic view of the industry.

Key Benefits of Acrylic Acid

Acrylic acid is a vital chemical compound used extensively in the production of superabsorbent polymers (SAP), which find applications in diapers, feminine hygiene products, adult incontinence products, and medical applications. Its benefits include:

• Versatility: Acrylic acid is used in a wide range of industries such as construction, automotive, textile, and agriculture.
• Durability and Performance: It enhances the durability and performance of coatings, adhesives, and paints.
• Eco-Friendly Applications: Acrylic acid is increasingly used in environmentally sustainable products, contributing to the growing demand for green chemistry solutions.
• Cost-Effectiveness: Acrylic acid-based products are typically cost-effective, driving demand in both industrial and consumer markets.

Key Industry Developments

Several developments have shaped the acrylic acid market in recent years:

1. Technological Advancements: New production techniques, such as the bio-based production of acrylic acid, are gaining traction. Companies are increasingly focusing on reducing the environmental impact of acrylic acid manufacturing.
2. Strategic Partnerships: Major players are entering into strategic partnerships and collaborations to expand their production capacity and reach emerging markets.
3. Sustainability Focus: With growing concerns about environmental sustainability, there is an increasing demand for acrylic acid produced from renewable resources, such as bio-based feedstocks, to replace petrochemical-based acrylic acid.

Driving Factors

The growth of the global acrylic acid market is primarily driven by:

• Rising Demand for Superabsorbent Polymers (SAPs): The demand for diapers and adult incontinence products, driven by an aging global population, remains a major driver for acrylic acid production.
• Expanding Applications in Coatings and Paints: Acrylic acid-based resins are increasingly used in architectural paints, automotive coatings, and protective coatings, boosting market demand.
• Growth in the Construction Industry: Acrylic acid is used in a variety of applications in construction, including adhesives, sealants, and as a binder in cement and concrete formulations, spurring market growth.
• Increasing Demand for Sustainable Products: The growing adoption of green and sustainable technologies has increased the demand for bio-based acrylic acid, leading to new product innovations and alternatives to traditional petrochemical methods.

COVID-19 Impact on the Acrylic Acid Market

The global COVID-19 pandemic had a notable impact on the acrylic acid market, affecting supply chains, manufacturing operations, and demand patterns across industries. The pandemic led to:

• Disruptions in Supply Chains: Many acrylic acid producers faced challenges due to disrupted raw material supplies, leading to temporary production halts.
• Delayed Project Timelines: Construction projects and industrial manufacturing faced delays, affecting demand for acrylic acid in certain applications.
• Reduced Consumer Demand: The global economic slowdown resulted in lower demand for non-essential products, including paints and coatings, at the height of the pandemic.

However, the market showed resilience as demand for hygiene products and pharmaceuticals remained strong. As economies recover and industries rebound, the acrylic acid market is witnessing a steady recovery.

Restraining Factors

Despite its positive growth trajectory, several factors are inhibiting the acrylic acid market's expansion:

• Volatility in Raw Material Prices: Acrylic acid production is highly dependent on propylene, and fluctuations in the price of crude oil and natural gas can impact the cost structure.
• Environmental Concerns: The conventional method of acrylic acid production is petrochemical-based, which raises concerns about carbon emissions and environmental impact.
• Regulatory Challenges: Increasingly stringent environmental regulations regarding chemical production are leading to higher compliance costs and investments in cleaner technologies.

Market Segmentation

The global acrylic acid market can be segmented based on the following criteria:

By Application

1. Superabsorbent Polymers (SAPs): The largest application segment, with acrylic acid used in the production of SAPs for diapers, feminine hygiene products, and adult incontinence products.
2. Paints and Coatings: Acrylic acid is used in the formulation of paints, coatings, and varnishes, particularly for its water resistance, durability, and adhesion properties.
3. Adhesives and Sealants: Used in adhesives for construction and automotive industries, acrylic acid improves the bonding strength and water resistance of adhesives.
4. Textiles: Acrylic acid is used in textile finishes, including water-repellent coatings and anti-wrinkle treatments.
5. Other Applications: Including agriculture, detergents, and industrial applications.

By Source

1. Petrochemical-based Acrylic Acid: The predominant method of acrylic acid production, accounting for the majority of market share.
2. Bio-based Acrylic Acid: Gaining traction due to the growing demand for sustainable and eco-friendly products. Companies are investing in bio-based production processes to cater to this demand.

By End-Use Industry

1. Consumer Goods: Products like diapers, sanitary products, and personal care items are the largest consumers of acrylic acid-based superabsorbent polymers.
2. Construction: Acrylic acid is extensively used in adhesives, sealants, and coatings.
3. Automotive: Acrylic acid is used in coatings, adhesives, and sealants within the automotive industry.
4. Healthcare and Pharmaceuticals: Acrylic acid is also used in medical applications, including drug delivery systems.

Market Outlook and Trends

The global acrylic acid market is poised for steady growth over the coming years, driven by increasing demand across several industries. The market is expected to witness the following key trends:

• Sustainability and Green Chemistry: A major trend is the shift towards sustainable production of acrylic acid. Bio-based acrylic acid, derived from renewable resources, is gaining popularity as a more environmentally friendly alternative to conventional petrochemical-based products.
• Growth of Emerging Markets: The acrylic acid market is seeing increased demand from emerging economies in Asia-Pacific, Latin America, and the Middle East, driven by industrialization, urbanization, and rising consumer incomes.
• Technological Innovations: Continuous innovations in acrylic acid production, such as the development of more energy-efficient and cost-effective production technologies, are contributing to market growth.
• Rising Demand for High-Performance Coatings: The growing demand for advanced coatings in industries like automotive, construction, and electronics is propelling the use of acrylic acid in high-performance applications.

Regional Analysis/Insights

North America

North America is one of the largest markets for acrylic acid, particularly in the US, which is home to several major manufacturers. The region has a strong demand for acrylic acid-based superabsorbent polymers due to the high consumption of personal care products.

Asia-Pacific

The Asia-Pacific region is expected to dominate the acrylic acid market during the forecast period, driven by the growing construction and automotive industries in China, India, and Japan. The region also has a significant demand for consumer goods, such as diapers and sanitary products.

Europe

Europe is another key market for acrylic acid, with demand driven by the automotive and construction industries. The European Union’s focus on environmental sustainability is fostering innovation in bio-based acrylic acid production.

Latin America and Middle East

Emerging markets in Latin America and the Middle East are seeing a rise in demand for acrylic acid as industrialization accelerates and consumer demand for high-quality products increases.

Key Players

The global acrylic acid market is highly competitive, with several key players operating at the forefront. Some of the major companies include:

• BASF SE

• Nippon Shokubai Co. Ltd. 

• The Dow Chemical Company

• Arkema Group

• LG Chem. Ltd. 

• Shanghai Huayi Acrylic Acid Co., Ltd

• Evonik Industries AG

• Mitsubishi Chemical Corporation

• SIBUR International GmbH

• Satellite Chemical Co.,Ltd.

• Wanhua Petrochemical (Yantai) Co., Ltd.

• Toagosei Co., Ltd

• China Petroleum Chemical Corporation

• Others

Opportunities

• Bio-based Acrylic Acid: With the growing emphasis on sustainability, the development and commercialisation of bio-based acrylic acid presents significant opportunities for market players.
• Expansion into Emerging Markets: There is immense potential for growth in developing regions like Asia-Pacific, Latin America, and the Middle East, where demand for consumer goods and construction products is on the rise.
• Innovation in Application: As industries evolve, the demand for acrylic acid in new and advanced applications, such as smart coatings and medical devices, is increasing.

Challenges

• Price Volatility: The acrylic acid market is sensitive to fluctuations in raw material prices, particularly propylene and crude oil.
• Environmental Regulations: Compliance with stringent environmental standards in acrylic acid production is a challenge for manufacturers, requiring significant investment in green technologies.