According to the report, the global acrylic acid industry generated $12.0 billion in 2020, and is anticipated to generate $19.2 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Prime determinants of growth
Rapid increase in adhesives, increase in demand for superabsorbent polymers, and strong demand from emerging economies drive the growth of the global acrylic acid market. However, several regulatory issues hinder the market growth. On the other hand, commercialization of bio-based acrylic acid present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global acrylic acid market.
- Due to the pandemic, the construction industry had faced a lot of difficulties, including supply chain logistics and shortage of raw derivative type. Attributed to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for acrylic acid experienced a steep decline.
- However, the market is going to recover soon in 2022.
The acrylic polymer segment to maintain its leadership status throughout the forecast period
Based on derivative type, the acrylic polymer segment held the highest market share in 2020, accounting for nearly half of the global acrylic acid market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.0% from 2021 to 2030, due to increase in adoption of superabsorbent polymers by the manufacturers of disposable diapers.
The diapers segment to maintain its lead position during the forecast period
Based on end user, the diapers segment accounted for the largest share in 2020, contributing to more than one-fourth of the global acrylic acid market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 5.9% from 2021 to 2030, owing to growth in urbanization and rapid rise in consumers’ disposable income.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than half of the global acrylic acid market. Moreover, the same region is expected to witness the fastest CAGR of 5.2% during the forecast period, owing to a relatively large adult population.
Leading Market Players
- Mitsubishi Chemical Holdings Corporation
- Arkema S.A.
- BASF SE
- The Dow Chemical Co.
- The Lubrizol Corporation
- Evonik, Industries Ag
- LG Chem Ltd.
- Myriant Corporation
- Formosa Plastic Group
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