According to a recent study by Future Market Insights, the acrylic acid market is expected to reach US$ 22.6 Billion by 2032, up from US$ 14.6 Billion in 2022, expanding at a CAGR of 4.5%.
The rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market over the analysis period.
Acrylic acid-based polymers have replaced conventionally used materials in major end-use industries, such as automotive, building and construction, electronics, and others. Acrylic acid-based elastomers such as AEM (Ethylene Acrylic Elastomers), are used as an alternative to synthetic rubber in various applications, such as automotive gaskets, hoses, and others.
In addition, owing to the improved properties of AEM, such as strength, and resistance, among others, there is an increasing demand for acrylic acid from the polymer industry during the forecast period. Additionally, the rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market.
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Key Takeaways from the Market Study
- The global acrylic acid market was valued at US$ 14.6 Billion by 2022-end
- The U.S to account for the highest value share of US$ 7.8 Billion of global market demand for acrylic acid in 2032
- From 2015 to 2021, acrylic acid demand expanded at a CAGR of 2%
- By Product, the acrylate esters category constitutes the bulk of the Acrylic Acid Market with a CAGR of 6%.
“Increasing demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application, is one of the major factors that is anticipated to propel the industry growth over the forecast period,” remarks an FMI analyst.
Competitive Landscape
Players in the global acrylic acid market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market.
Key Companies Profiled
- BASF SE
- Dow Chemical
- Lucite International
- LG Chem
- Mitsubishi Chemical Corporation
- Cargill, Incorporated
- Nippon Shokubai Co., Ltd.
- SNP Inc.
- The Lubrizol Corporation
- Formosa Plastic Corporation
- Arkema S.A.
- Ashland
- Kemira Oyi
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Some recent developments among the key players are:
- In August 2021, BASF and SINOPEC decided to expand their Verbund site operated by BASF-YPC Co. Ltd, a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market.
- In October 2020, Arkema successfully started its new 90,000-ton acrylic acid reactor at its Clear Lake site in Texas to attract consumers from paints, super-absorbents, water treatment, and adhesives markets in North America.
- In August 2018, BASF PETRONAS Chemicals announced the expansion of the production capacities of its acrylic acid and butyl acrylate plants in Kuantan, Malaysia.
Key Segments Covered In The Acrylic Acid Market Study
Acrylic Acid Market by Product:
- Acrylate Esters
- Glacial Acrylic Acid
- Other Acrylic Acid Products
Acrylic Acid Market by End-Use Industry:
- Acrylic Acid for Surfactants
- Acrylic Acid for Organic Chemicals
- Acrylic Acid for Adhesives & Sealants
- Acrylic Acid for Textiles
- Acrylic Acid for Water Treatment
- Acrylic Acid for Personal Care Products
- Acrylic Acid for Other End-Use Industries
Acrylic Acid Market by Region:
- North America Acrylic Acid Market
- Latin America Acrylic Acid Market
- Europe Acrylic Acid Market
- Asia Pacific Acrylic Acid Market
- The Middle East and Africa Acrylic Acid Market
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Know More about What the Acrylic Acid Market Report Covers
Future Market Insights offers an unbiased analysis of the global Acrylic Acid Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Acrylic Acid Market, the market is segmented on the basis of product, and end-use industry across five major regions.
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Glacial Methacrylic Acid Market: The market for glacial methacrylic acid is anticipated to reach US$ 1.94 billion by the end of 2032, up from US$ 1.30 billion in 2022, rising at a CAGR of 4.53%.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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