Acrylic Acid: A Key Component Driving Adhesives and Paints
The global acrylic acid market, valued at USD 11.3 billion in 2023, is projected to reach USD 13.8 billion by 2028, growing at a CAGR of 3.3% during the forecast period. Acrylic acid, a colorless and corrosive liquid, is highly reactive and readily forms polymers. It is a key component in manufacturing plastics, paints, synthetic rubbers, and textiles. Additionally, acrylic acid derivatives, such as acrylic esters and acrylic polymers, play crucial roles across various industries. The market research report provides access to critical information such as market growth drivers, market growth restraints, current market trends, acrylic acid market kay players and other key market details.
Key Drivers
- Personal Care Industry: Acrylic acid-based superabsorbent polymers (SAPs) are essential in hygiene products like diapers, sanitary napkins, and adult incontinence items.
- Paints and Coatings: The demand for acrylate esters, essential in coatings, is driven by the expanding construction and automotive industries.
- Industrial Expansion: Growing end-use sectors such as construction, automotive, textiles, and packaging contribute to robust demand.
- Technological Advancements: Innovations in production processes are improving manufacturing efficiency and reducing costs.
- Urbanization and Industrialization: Emerging economies are experiencing rapid urbanization, further fueling market growth.
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Application Insights
Acrylate Esters
In 2023, acrylate esters accounted for 56.8% of market revenue, driven by their versatile applications in paints, coatings, adhesives, and textiles. These esters enhance film formation, adhesion, and durability, making them indispensable for:
- Automotive Industry: Superior finishes.
- Construction Sector: Weather-resistant paints and coatings.
Glacial Acrylic Acid
Projected to grow at a CAGR of 3.7%, glacial acrylic acid is a critical precursor for SAPs used in personal care products. Factors driving demand include:
- Rising global population.
- Increased awareness of hygiene products.
End-Use Insights
Personal Care Products
Accounting for 31.8% of market revenue in 2023, the personal care sector’s demand is driven by SAPs, crucial for diapers and feminine hygiene products. Growth factors include:
- Rising disposable incomes.
- Expanding populations in emerging economies.
Adhesives and Sealants
Expected to grow at a CAGR of 4.5%, acrylic-based adhesives are valued for their:
- Excellent bonding properties.
- Resistance to environmental factors like moisture and UV light.
- Applications in the booming construction and automotive sectors.
Regional Insights
North America
The North American market is anticipated to grow at a CAGR of 3.6%. Growth drivers include:
- Strong manufacturing base for acrylic acid and derivatives.
- Established construction, automotive, and personal care industries.
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United States
The U.S. maintained a dominant market position in 2023, supported by its mature automotive and construction sectors.
Europe
Europe is a lucrative market for acrylic acid due to:
- High demand from the paints, coatings, adhesives, and sealants industries.
- Emphasis on sustainability and bio-based materials.
United Kingdom
The UK’s robust manufacturing base and government initiatives promoting green technologies make it a significant market player.
Asia Pacific
Dominating with 40.0% of market revenue in 2023, the Asia Pacific region benefits from:
- Rapid industrialization and urbanization.
- Expanding construction, automotive, and personal care sectors.
China
China’s market leads in the region, driven by massive infrastructure projects and growing automotive and personal care industries.
Key Market Players
Prominent companies driving the acrylic acid market include:
- Vigon International, LLC.
- BASF SE
- Arkema
- LG Chem
- NIPPON SHOKUBAI CO., LTD.
- Dow
- Sinopec
- Formosa Plastics Corporation, U.S.A
- Wanhua
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Future Outlook
The global acrylic acid market is poised for steady growth, supported by:
- Rising demand for superabsorbent polymers in personal care.
- Expansion in construction and automotive sectors.
- Technological innovations reducing production costs.
- Increased focus on sustainability and bio-based alternatives in Europe and North America.
Conclusion
Acrylic acid’s versatile applications across diverse industries, coupled with advancements in production technology, position it as a vital chemical in the global market. The growing emphasis on sustainability and the rise in disposable incomes in emerging economies further reinforce its future market potential.
