Acrylic Acid Market - Global Benzyl Chloride Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, By Geographic Coverage and By Company)

Acrylic Acid Market - Global Benzyl Chloride Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, By Geographic Coverage and By Company)

The global acrylic acid market is experiencing significant growth, driven by rising demand for its versatile applications across a variety of industries. Recent reports indicate expectations of continued expansion at a Compound Annual Growth Rate (CAGR) of approximately 5% over the forecast period 2024-2031. This in-depth analysis underscores key market trends, opportunities, and competitive dynamics that are shaping the global acrylic acid landscape.

Market Insights

Acrylic acid, a versatile monomer, can be polymerized into complex molecular structures and is produced via oxidation from propane or bio-based processes involving lactic acid. The global acrylic acid market has evolved significantly over the past four years, reflecting advancements in manufacturing processes and growing demand from end-use industries. The report provides a detailed evaluation of market dynamics, regional demand trends, and value and volume forecasts at both global and regional levels.

Key Market Drivers

1. Versatile Use of Acrylic Polymers:

Acrylic acid-based polymers, including elastomers and copolymers, are widely adopted in industries like automotive, building & construction, and electronics. Ethylene acrylic elastomers (AEM) are used as a substitute for synthetic rubber in automotive gaskets and hoses due to their superior strength and resistance.

2. Growth in Methacrylate Demand:

Methacrylate-based polymers are increasingly utilized in manufacturing lighting fixtures, glazing, and automotive components such as rear lights. The rising demand for these products is fueling the growth of the acrylic acid market.

3. Water Treatment Applications:

Polyacrylamide, a polymer derived from acrylic acid, is used as a flocculant in water treatment, detergents, and mineral processing. Growing urbanization, government regulations on water treatment, and the emphasis on wastewater recycling are expected to boost demand for acrylic acid in this sector.

4. Expansion of Production Capacity:

Leading manufacturers are expanding production capacities to meet the growing global demand for acrylic acid and its derivatives. For instance, BASF SE increased production capacity at its acrylic acid and butyl acrylate plants in Malaysia in collaboration with Petronas.

Business Opportunities

bThe acrylic acid market presents significant business opportunities, especially in emerging regions such as East Asia and South Asia. The increasing demand for superabsorbent polymers used in baby diapers and feminine hygiene products offers growth potential in these regions. Additionally, the expanding usage of acrylic acid-based products in automotive, construction, and electronics industries creates further opportunities for manufacturers to innovate and expand.

Regional Insights

The global acrylic acid market is segmented into several key regions, including North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa. The Asia-Pacific region, particularly East Asia and South Asia, is expected to witness the highest growth rates due to rapid industrialization, urbanization, and rising demand for consumer goods.
• North America and Europe will continue to be strong markets for acrylic acid, driven by advancements in water treatment technologies and the high demand for adhesives, sealants, and coatings in the construction and automotive sectors.
• Emerging Markets like China, India, and Southeast Asia offer significant growth opportunities, particularly due to increased demand for hygiene products and expanded manufacturing capacities.

Key Players

The competitive landscape of the acrylic acid market is characterized by the presence of several key players who are driving innovation and market expansion. Notable companies include:
• BASF SE: One of the largest producers of acrylic acid globally, BASF is expanding its production capacity through joint ventures and strategic investments.
• Dow Chemical: A major player in the acrylic acid market, Dow continues to innovate in the development of new polymers and applications.
• Lucite International, LG Chem, Mitsubishi Chemical Corporation: These companies are investing in R&D to develop bio-based acrylic acid production processes and other sustainable solutions.
• Nippon Shokubai Co., Ltd. and Formosa Plastics Corporation: Both companies have a strong regional presence and are expanding their production capacities to meet growing demand in Asia.

Other significant players include Arkema S.A., Cargill, Incorporated, Kemira Oyi, Ashland, and The Lubrizol Corporation. These companies are focusing on improving production efficiencies, expanding product portfolios, and exploring new applications for acrylic acid.

Acrylic Acid Market Segmentation

The global acrylic acid market is segmented by product type, application, and region:

Acrylic Acid Market: Segmentation

By Product Type
• Acrylic Esters
Methyl Acrylate
Ethyl Acrylate
Butyl Acrylate
Others
• Acrylic Polymers/Copolymers
• Acrylic Elastomers
Water Treatment Polymers
other polymers

By Acrylic Esters Application
• Surface Coatings
• Adhesives and Sealants
• Plastic Additives
• Detergents
• Textiles
• Others

By Acrylic Polymer Application
• Water Treatment
• Others

By Region
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

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