The global market for acrylic acid is expected to reach $22.78 billion by 2020, according to a new study by Grand View Research, Inc. Increasing adoption of super absorbent polymers in emerging economies such as India, China and Brazil is expected to be a key driver for the market over the forecast period. In addition, the growing demand for high strength materials with superior thermal resistance from the surface coating market is expected to boost demand for acrylic acid over the next six years. Volatile raw material prices and strict regulatory scenario in North America and Europe are expected to be key challenges for market participants. Consequently, companies have been working on the development of bio-based acrylic acid to overcome the above mentioned restraints.
Acrylate ester was the largest product segment for the market accounting for 2,864.5 kilo tons of demand in 2013. These products are extensively used in applications such as surface coating, adhesive and sealants, textiles, printing inks and plastic additives.
Further key findings from the study suggest:
Global acrylic acid demand was 5,584.2 kilo tons in 2013 and is expected to reach 8,031.1 kilo tons by 2020, growing at a CAGR of 5.4 percent from 2014 to 2020.
Asia Pacific was the largest regional market for acrylic acid with demand exceeding 2,500.0 kilo tons in 2013. In addition, Asia Pacific is expected to witness fastest growth in demand at an estimated CAGR of 6.3 percent from 2014 to 2020, owing to the increasing demand for super absorbent polymers in personal care products and presence of large acrylic adhesive industry.
Glacial acrylic acid was the second largest acrylic acid product, with revenue exceeding $6.61 billion in 2013. Glacial acrylic acid is the key raw material for the manufacturing of super absorbent polymers which are expected to gain significant market over the forecast period.
The acrylic acid market is fragmented with top five companies accounting for less than 50% of the market in 2013. The key participants include Dow Chemicals, BASF, Rohm and Haas, Formosa Plastics and Arkema SA among others.
