The global Acrylic Acid Market is estimated to be valued at US$12.0 billion in 2021 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Acrylic Acid Market refers to the global market for acrylic acid, which is a key raw material used in the production of various products such as coatings, adhesives, textiles, and superabsorbent polymers. Acrylic acid offers several advantages such as high thermal stability, adhesion, and mechanical strength, making it a preferred choice in various industries. The growing demand for sustainable and environment-friendly products is driving the need for acrylic acid-based products, thereby fueling the growth of the market.
Market Key Trends:
One key trend in the Acrylic Acid Market is the increasing demand for superabsorbent polymers. Superabsorbent polymers are materials with the capability to absorb and retain large amounts of liquid relative to their own mass. They find applications in various industries such as hygiene products (including diapers and adult incontinence products), agriculture (as water retainers in soil), and medical products (such as wound dressings). The growing awareness about personal hygiene and an increasing aging population have led to a rise in demand for superabsorbent polymers, thereby driving the growth of the acrylic acid market.
PEST Analysis:
Political: The political factors influencing the acrylic acid market include regulations and policies imposed by governments regarding manufacturing and trade. These regulations can impact the production and distribution processes of acrylic acid, leading to potential disruptions in the market.
Economic: The economic factors affecting the acrylic acid market include the overall economic growth, inflation rates, and exchange rates. As the global economy grows, there is an increased demand for acrylic acid in various industries such as automotive, textiles, and adhesives, contributing to market growth.
Social: The social factors influencing the acrylic acid market include changing consumer preferences and trends. Growing awareness about environmental sustainability and the shift towards eco-friendly and bio-based products are driving the demand for acrylic acid alternatives, such as bio-based polymers.
Technological: The technological factors impacting the acrylic acid market include advancements in production processes and material innovations. Technological advancements can improve the production efficiency of acrylic acid, reduce manufacturing costs, and offer superior properties in end-use applications.
Key Takeaways:
The global Acrylic Acid Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period from 2022 to 2030. This growth can be attributed to increasing demand from various industries, including adhesives, textiles, and coatings, due to its excellent adhesive and bonding properties.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the acrylic acid market. The rapid industrialization, urbanization, and infrastructure development in countries such as China and India are driving the demand for acrylic acid in this region. Additionally, the presence of a large number of key players and favorable government policies further contribute to the market growth.
Key players operating in the acrylic acid market include Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. These key players play a significant role in the market by constantly focusing on product development, expanding their distribution networks, and engaging in strategic partnerships and acquisitions to strengthen their market presence.
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