Global acrylic acid market is expected to reach USD 22.55 billion by 2022, according to a new study by Grand View Research, Inc. Increasing glacial acrylic acid (GAA) demand in superabsorbent polymers (SAP) production is expected to remain key driving factor for market growth. Growing SAP scope in niche segments including adult incontinence, water treatment chemicals and radiation cured coatings in emerging markets of Asia Pacific and Central & South America is expected to play a significant role in demand development.
Acrylate esters were the largest product consumed with demand share estimated over 50% in 2014. Growing demand for derivatives such as ethyl acrylate, butyl acrylate and 2-EHA in paints, coatings and textiles is expected to drive the product’s growth. Glacial acrylic acid is expected to witness the highest growth of 5.7% from 2015 to 2022.
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Further key findings from the study suggest:
- Global acrylic acid market demand was 5,750.0 kilo tons in 2014 and is expected to reach 8,750.0 kilo tons by 2022, growing at a CAGR of 5.6% from 2015 to 2022.
- Personal care products formed the largest end-use industry and accounted for 30% of total market volume in 2014. Increasing adult incontinence products demand on account of growing geriatric population base in Europe and Japan coupled with increasing population of baby boomers in the U.S. is expected to drive this segment over the forecast period. Surfactants & surface coatings is expected to witness significant gains in its market size over the forecast period.
- Asia Pacific led the global acrylic acid industry with demand share exceeding 48% in 2014. Low manufacturing cost associated with superabsorbent polymers (SAP) in China and India has ensured continuous demand for acrylic acid in the region. China alone accounted for over 50% of total regional demand in 2014.
- North America and Europe are mature markets and are characterized by strong focus towards commercializing bio-based acrylic acid. Companies such as Novozymes, Cargill, BASF and OPX Bio have successfully developed bio-based sources on pilot scale and are moving towards commercial operations.
- Global acrylic acid market share is dominated by BASF, Arkema, Dow Chemical and Nippon who accounted for over 45% in 2014. The industry is moderately consolidated in nature and moving towards developing acrylic acid from bio-based feedstock.
Grand View Research has segmented the global acrylic acid market on the basis of product, end-use and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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