CHICAGO, Sept. 1, 2023 /PRNewswire/ -- The report "Acrylic Acid Market by Derivative (Methyl, Ethyl, Butyl, 2-EH, SAP, Water Treatment), Acrylic Ester/Polymer Application (Surface coating, Adhesive & Sealant, Plastic additive, Textile, Detergent Diaper & Training Pad), & Region - Global Forecast to 2028", is approximated to be USD 11.7 billion in 2023, and it is projected to reach USD 13.8 billion by 2028, at a CAGR of 3.3%.
The Acrylic acid market is experiencing significant growth driven by factors such as the growing applications of superabsorbent polymers, the increasing application in chemical synthesis etc. However, environmental concerns and health hazards associated with acrylic acid pose a significant restraint for the market. On the other hand, commercial production of bio-based acrylic acid and increasing demand in emerging economies presents opportunities for businesses operating in the acrylic acid sector. The fluctuations in raw material prices and Improper waste disposal of end products are a challenge for the market.
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249 – Tables
49 – Figures
257 – Pages
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By derivative, acrylic acid esters dominated the market in 2022.
Due to the numerous uses and extensive utility across numerous industries, acrylic esters hold a commanding position in the acrylic acid industry. These esters, which offer excellent qualities including stickiness, weather resistance, and flexibility, are crucial components in the creation of adhesives, coatings, fabrics, and plastic additives, among other products. Acrylic esters are a key option among other acrylic derivatives due to their capacity to improve the performance and properties of finished goods.
By acrylic esters application, the adhesives and sealants projected to account for highest CAGR during forecast period
The adhesives and sealants application segment is the fastest growing application of acrylic acid esters. Adhesives derived from acrylic acid esters exhibit exceptional adhesion to a wide range of substrates, coupled with fast curing times and high resistance to environmental factors, making them invaluable for adhesive and sealant formulations. As industries seek innovative solutions for bonding, joining, and sealing various materials, acrylic acid esters offer the versatility and performance needed to address these evolving demands, thereby propelling their significant growth in this segment of the acrylic acid market.
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By acrylic polymer and other derivatives application, the diapers and training pants projected to have the largest market share
The dominant use of acrylic acid polymers in diapers and training pants is attributed to their remarkable absorbent qualities, which provide efficient moisture management and leakage avoidance in personal care items. Because of their extraordinary capacity to absorb and hold several times their own weight in fluids, acrylic acid polymers, commonly known as superabsorbent polymers (SAPs), are crucial parts of diapers and training trousers. The necessity of providing comfort, hygiene, and convenience to newborns and toddlers underlies this application's top priority, which in turn fuels the Diapers & Training Pants industry's powerful demand for acrylic acid polymers.
North America accounted for the second largest market share of the acrylic acid Market in 2022.
North America holds the second-largest market share in the acrylic acid market. North America holds the second-largest market share in the acrylic acid market due to its well-established industrial base, robust research and development capabilities, and the widespread adoption of acrylic acid and its derivatives across various industries. The region's strong focus on technological innovation, coupled with the presence of major manufacturers and end-users, contributes to its significant market share. Additionally, the growing demand for acrylic-based products, including paints, coatings, adhesives, and superabsorbent polymers, further fuels the market's expansion in North America.
The acrylic acid market comprises major players such as BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan), and others are covered in the acrylic acid market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the acrylic acid Market.
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