Market Size of Acrylic Acid Industry
| Study Period | 2024 - 2029 |
| Market Volume (2024) | 7.77 Million tons |
| Market Volume (2029) | 10.10 Million tons |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Acrylic Acid Market Analysis
The Acrylic Acid Market size is estimated at 7.77 Million tons in 2024, and is expected to reach 10.10 Million tons by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. However, in 2021, the demand for laundry care products increased due to the increased awareness and consciousness regarding personal hygiene and clean surroundings. Acrylic acid is used to produce liquid laundry detergent, stimulating the demand for the acrylic acid market.
- Over the short term, the rising applications of acrylic acid-based super absorbent polymers and the increasing use of chemical synthesis are expected to drive the growth of the market.
- Health hazards associated with acrylic acid may hinder the growth of the market.
- The rising demand for bio-based polymers is likely to act as a growth opportunity for the market during the forecast period.
- The Asia-Pacific accounted for the largest market share, and it is likely to dominate the market during the forecast period.
Acrylic Acid Industry Segmentation
Acrylic acid is a colorless, unsaturated carboxylic acid with the molecular formula C3H4O2, produced through the two-stage catalytic oxidation of propylene. It can be polymerized to form homopolymers and copolymerized with esters and other vinyl monomers. Thus, acrylic acid is mainly used to produce polymers for different plastic products. It can also be used to produce adhesives, sealants, and surfactants.
The acrylic acid market is segmented by derivative, application, and geography. By derivative, the market is segmented into methyl acrylate, butyl acrylate, ethyl acrylate, 2-ethylhexyl acrylate, glacial acrylic acid, and superabsorbent polymer. By application, the market is segmented into paints and coatings, adhesives and sealants, surfactants, sanitary products, textiles, and other applications (consumer goods, etc.) The report also covers the market sizes and forecasts in 15 countries across major regions. The market sizes and forecasts are provided in terms of volume (tons) for all the above segments.
| By Derivative | |
| Methyl Acrylate | |
| Butyl Acrylate | |
| Ethyl Acrylate | |
| 2-Ethylhexyl Acrylate | |
| Glacial Acrylic Acid | |
| Superabsorbent Polymer |
| By Application | |
| Paints and Coatings | |
| Adhesives and Sealants | |
| Surfactants | |
| Sanitary Products | |
| Textiles | |
| Other Applications |
| By Geography | |||||||||||
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Acrylic Acid Market Size Summary
The acrylic acid market is poised for significant growth over the forecast period, driven by its extensive applications in various industries. Acrylic acid is a crucial component in the production of acrylate esters, which are widely used in paints and coatings, particularly in architectural and automotive applications. The demand for acrylic acid is further bolstered by its use in super absorbent polymers and chemical synthesis. Despite the challenges posed by health hazards associated with acrylic acid, the market is expected to benefit from the rising demand for bio-based polymers, presenting new growth opportunities. The Asia-Pacific region, led by countries like China, India, and Japan, dominates the market due to its robust industrialization and increasing demand for personal hygiene products, paints, and coatings.
The market landscape is characterized by a consolidated structure with major players such as BASF SE, Arkema, NIPPON SHOKUBAI CO. LTD, LG Chem, and Shanghai Huayi Acrylic Acid Co. Ltd. These companies are actively expanding their production capacities and enhancing their sustainability credentials, as seen in recent developments like Arkema's ISCC+ certification and NIPPON SHOKUBAI's new facility in Indonesia. The ongoing investments in the paints and coatings industry, particularly in China and India, are expected to further drive the demand for acrylic acid. The market's growth trajectory is supported by the increasing industrial activities and infrastructure developments in these regions, ensuring a steady rise in acrylic acid consumption across various applications.
Acrylic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Applications of Super Absorbent Polymers
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1.1.2 Increasing Usage in Chemical Synthesis
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1.2 Restraints
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1.2.1 Health Hazards of Acrylic Acid
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By Derivative
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2.1.1 Methyl Acrylate
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2.1.2 Butyl Acrylate
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2.1.3 Ethyl Acrylate
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2.1.4 2-Ethylhexyl Acrylate
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2.1.5 Glacial Acrylic Acid
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2.1.6 Superabsorbent Polymer
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2.2 By Application
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2.2.1 Paints and Coatings
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2.2.2 Adhesives and Sealants
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2.2.3 Surfactants
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2.2.4 Sanitary Products
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2.2.5 Textiles
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2.2.6 Other Applications
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2.3 By Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Malaysia
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2.3.1.6 Thailand
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2.3.1.7 Indonesia
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2.3.1.8 Vietnam
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2.3.1.9 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Spain
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2.3.3.6 NORDIC Countries
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2.3.3.7 Turkey
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2.3.3.8 Russia
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2.3.3.9 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Colombia
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2.3.4.4 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 Qatar
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2.3.5.3 United Arab Emirates
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2.3.5.4 Nigeria
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2.3.5.5 Egypt
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2.3.5.6 South Africa
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2.3.5.7 Rest of the Middle East and Africa
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Acrylic Acid Market Size FAQs
How big is the Acrylic Acid Market?
The Acrylic Acid Market size is expected to reach 7.77 million tons in 2024 and grow at a CAGR of greater than 5% to reach 10.10 million tons by 2029.
What is the current Acrylic Acid Market size?
In 2024, the Acrylic Acid Market size is expected to reach 7.77 million tons.
