Global Acrylic Acid Market - 2022-2029

Global Acrylic Acid Market - 2022-2029

Market Overview

The global acrylic acid market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Acrylic acid is a white unsaturated carboxylic acid with the chemical formula C3H4O2 made by catalytically oxidizing propylene in two stages. It can be copolymerized with esters and other vinyl monomers and polymerized to generate homopolymers. Acrylic acid is mostly utilized in manufacturing polymers for various plastic items, but it can also make adhesives, sealants and surfactants.

In hygiene products, acrylic acid is utilized as an absorbent. It can also react with alcohols to generate acrylates (esters), widely utilized in polymers. Acrylic polymers (Plexiglas, fabrics, etc.) contain acrylate monomers; however, they are often made from substances other than acrylic acid.

Market Dynamics

Over the projected period, rising demand for superabsorbent polymers in the personal care industry is likely to fuel growth. Surfactants, surface coatings, adhesives and sealants manufacture are expected to grow in demand, reshaping the business.

Increasing demand for bio-acrylic acid

Bio-acrylic acid was created as a result of increased regulatory pressure on businesses. BASF, Dow Chemicals, Cargill and Novozyme are among the major producers who have invested in producing a bio-based product that is competitive with its conventional counterpart. In May 2015, the acrylic acid market in Europe increased due to outages. Overall demand, however, is likely to remain constant and close to 2014 levels.

OPX Biotechnologies, a bio-based chemicals manufacturer, has devised a low-cost bio-acrylic acid pathway using dextrose and sucrose as raw ingredients. Using the corresponding raw ingredients, the company claims to attain pricing of US$ 1.10 per kg and US$ 0.85 per kg, compared to its conventional counterpart, which was marketed at US$ 1.20 per kg in 2012.

Unique performance features of Acrylic Acid

Variable degrees of durability, hardness, tackiness and glass transition temperatures encourage derivative usage in various end-use applications. In detergents, dispersants, flocculants and thickeners, acrylates are in great demand.

Acrylates give polymers attractive qualities such as clarity, color stability, aging, heat resistance and superior weatherability, resulting in increased product demand in the coatings and adhesives industries. Apart from all the properties, one of the most important properties of acrylate ester is its glass transition temperature, which allows the produced polymer to be softer and more flexible instead of hard and brittle.

The hazardous impact of acrylic acid

Acrylic acid is a chemical used to make polymers, paint formulas and other items. The workplace is the most common source of exposure. It is a severe irritant to humans' skin, eyes and mucous membranes. If spilled into the eye, the liquid can induce blindness. Acute (short-term) inhalation exposure of rats to acrylic acid has been shown to cause nose and eye irritation, lung bleeding and liver & kidney degeneration. Acrylic acid has not been studied in humans for its reproductive, developmental or carcinogenic effects. Both good and negative results have been reported in animal cancer research. Acrylic acid has not been designated as carcinogenic by the EPA.

COVID-19 Impact Analysis

Due to countrywide lockdowns imposed in response to the COVID-19 pandemic, superabsorbent polymers (SAP) producers benefited from a short-term increase in sales as consumers tried to stock up on nappies and other hygiene items. It was especially visible in the European and American markets, where a rush in demand resulted in a temporary system tightening and empty grocery shelves. The situation was alleviated as the supply chain was normalized and purchase habits were restored to a more regular pattern.

Due to the COVID-19 outbreak, the construction sector has experienced challenges like logistics and a shortage of basic derivative types. Construction investments are expected to be withdrawn globally due to the significant financial market collapse. As a result, acrylic acid demand has been reduced. Government limitations intended to prevent the virus's effects may result in a shortage of basic derivative types and persons and disrupted supply networks, making meeting contractual obligations more difficult. In addition, the COVID-19 pandemic has pushed developers to postpone their initiatives. The reasons will limit the growth of the acrylic acid market.

According to the International Finance Corporation, global investments in the water sector are projected to stagnate due to the COVID-19 problem. According to a survey done by Global Water Leaders Group, the outbreak will cut industrial water demand by around 27%. Due to this, the demand for water treatment chemicals is likely to decline in the water sector, putting the acrylic acid industry under pressure.

Segment Analysis

By application, the acrylic acid market is segmented into surface coatings, adhesives & sealants, plastic additives, sanitary products, textiles and others.

The rising demand for Super Absorbent Polymers (SAP) in Sanitary Pads

Because they can absorb their weight many times in liquid, superabsorbent polymers (SAP) are ideal for use in sanitary goods and diapers. As a result, they are suitable for water-absorbing applications like newborn diapers, adult incontinence pads, absorbent medical dressings and controlled-release medications. Acrylic acid is used as a starting material for superabsorbent polymers, then combined with sodium hydroxide to generate polyacrylic acid.

Tampons, sanitary napkins, menstruation cups and vaginal health products make up a sizable share of the superabsorbent polymers business. Governments worldwide are conducting initiatives to improve awareness of feminine hygiene among women, particularly in emerging economies, in conjunction with various non-profit organizations (NGOs). As a result, increased sanitary napkin sales are expected to drive the acrylic acid market.

Overall, improving hygiene awareness across all demographic groups is projected to boost the use of superabsorbent polymers (diapers, pads and sanitary napkins), resulting in an increase in acrylic acid consumption during the projection period.

Geographical Analysis

The rising demand for adhesives and coatings in Asia-Pacific

Due to increased demand from nations such as China, India and Japan, Asia-Pacific dominated. China is the world's largest acrylic acid consumer and its demand is likely to increase in the coming years due to several causes. Due to rising investments in the construction and infrastructure sectors, China's demand for adhesives, paints and coatings is also rising.

Moreover, China is one of the world's largest buyers of personal hygiene goods. The country's high demand for personal hygiene goods can be linked to the country's huge newborn population and increasing disposable income, both of which lead to increased personal and hygiene care spending. Owing to this, it is expected to boost market growth.

China is the world's greatest passenger automobile producer, with an expected 20.15 million units produced in 2021. The number of units produced in China far outstripped that of other countries. As a result, the market for acrylic acid, which is used to make vehicle paints and coatings, is expected to grow.

Competitive Landscape

Major corporations, including Novozymes and Cargill, have formed cooperative ventures to produce bio-based alternatives. Multiple mergers & acquisitions have occurred in the industry, enhancing the overall capability of the companies functioning in the ecosystem. The severe competition among important industry participants and new market entrants has resulted in product standardization on a global scale, raising the quality of end products on the market.

Major global acrylic acid market companies include BASF SE, Arkema SA, Nippon Shokubai Co. Ltd., Evonik Industries, The DOW Chemical Company, LG Chem Ltd., Mitsubishi Chemical Holdings Corp., PJSC Sibur Holding, Sasol Ltd. and Hexion Inc.

LG Chem Ltd.

Overview: LG Chem Ltd., sometimes known as LG Chemical, is a major Korean chemical business with headquarters in Seoul, South Korea. In terms of sales, it was the tenth-largest chemical company in the world in 2017. It started as the Lucky Chemical Industrial Corporation, a cosmetics manufacturer. It is currently focused on business-to-business transactions (the consumer products division was spun off into LG Household & Health Care). The company has eight plants in South Korea and has a global network of 29 offices in 15 countries. A Chinese holding company, 14 overseas production subsidiaries, five marketing subsidiaries, seven representative offices and two R&D centers are all part of the network.

Product Portfolio: The company is Korea's only producer of high-quality acrylic acid. Acrylate molecules have double bonds and functional groups, making them responsive and effective in various chemical processes. Acrylic, textiles, coatings and other products employ it as a primary component. LG Chem is the only acrylic acid manufacturer in Korea and its exclusive technology allows it to produce high-quality products.

Key Development: On September 25, 2019, Archer Daniels Midland Co. and LG Chem, Ltd. of South Korea signed a joint development agreement to produce biobased acrylic acid, a vital ingredient in the production of superabsorbent polymers used in diapers and other hygiene products. The acrylic acid initiative is another example of ADM's strong commitment to supporting customer demand via innovation by developing new sustainable materials from renewable resources.

Why Purchase the Report?

Visualize the composition of the acrylic acid market segmentation by derivative, application and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the acrylic acid market by analyzing trends and co-development deals.

Excel data sheet with thousands of acrylic acid market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global acrylic acid market report would provide access to an approx. 53 market data table, 45 figures and 204 pages.

Target Audience 2022

Acrylic Acid Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Acrylic Acid Manufacturers