Acrylic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Acrylic Acid Market Price Trends & Analysis and it is Segmented by Derivative (Methyl Acrylate, Butyl Acrylate, Ethyl Acrylate, 2-Ethylhexyl Acrylate, Glacial Acrylic Acid, Superabsorbent Polymer), Application (Paints and Coatings, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa). The report offers the market sizes and forecasts in terms of volume in kilotons for all the above segments.

Acrylic Acid Market Size

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Acrylic Acid Market  Summary
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Study Period 2019 - 2029
Market Volume (2024) 7.77 Million tons
Market Volume (2029) 10.01 Million tons
CAGR (2024 - 2029) 5.19 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Acrylic Acid Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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Acrylic Acid Market Analysis

The Acrylic Acid Market size is estimated at 7.77 Million tons in 2024, and is expected to reach 10.01 Million tons by 2029, growing at a CAGR of 5.19% during the forecast period (2024-2029).

The market was negatively impacted by the COVID-19 pandemic. 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 an opportunity for the growth of 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 Market Trends

This section covers the major market trends shaping the Acrylic Acid Market according to our research experts:

Increasing Usage in Paints and Coatings Application

  • Acrylic acid is increasingly used to make acrylate esters, which are used in various applications, including paints and coatings.
  • Acrylics are used in architectural coatings, finishes for products for original equipment manufacturers, including automotive (OEM) and refinishes, and special-purpose coatings.
  • Acrylic powder coatings have been introduced as clear coats on car bodies. Although it is an ideal solution for many applications, curing is achieved at a high temperature in an oven. It is, therefore, not universally applicable (e.g., painting of wood and plastics).
  • Architectural coatings are meant to protect and decorate surface features and are used to coat buildings and homes. Most are designated for specific uses, such as roof coatings, wall paints, or deck finishes. Each architectural coating must provide certain decorative, durable, and protective functions despite their use.
  • Most homeowners prefer to use the color of their choice for the living room and bedroom walls. Acrylic paints are the preferred choice as they offer a wide variety of choices in terms of color and shade. A vast majority of ceilings are painted flat white so that they may reflect the majority of the ambient light in the room, to make the resident feel that the room is spacious and relaxed. Basement masonry walls can often weep water.
  • In May 2022, Grasim Industries (Aditya Birla Group) planned to invest INR 10,000 crore (~USD 1209.47 million) for its paint business by FY2025. In January 2021, the company announced plans to enter the paints business with INR 5,000 crore (~USD 604.73 million) in the next three years. The company will likely commission a paint plant with a production capacity of 1,332 million liters per annum (MLPA) by Q4 FY2024.
  • According to the Ministry of Economy, Trade, and Industry (Japan), the production volume of synthetic resin paints in Japan amounted to approximately 1.01 million metric tons in 2021, making up an enormous production volume of paints. Overall, paints' production volume increased to nearly 1.53 million metric tons in 2021, compared to 1.50 million metric tons in 2020.
  • According to the American Coatings Association (Coatings Tech), the paints and coatings industry in the US accounted for USD 25.21 billion in 2020, and it was expected to reach USD 28.06 billion by 2022. Similarly, in terms of volume, the paints and coatings industry stood at 1,337 million gallons in 2020, and was expected to reach 1,416 million gallons by 2022. This is likely to enhance the demand for acrylic acid from the paints and coatings sector in the country.
  • Overall, the demand for acrylic acid is expected to witness moderate to high growth in the region after the initial recovery period.
Acrylic Acid Market, Volume CAGR (%), by Application, Global, 2022-2027

The Asia-Pacific Region is Expected to Dominate the Market

  • The Asia-Pacific dominated the market due to the high demand from countries like China, India, and Japan.
  • China is the largest consumer of acrylic acid in the Asia-Pacific region, and its demand is expected to grow during the forecast period. The demand for adhesives, paints, and coatings in China is also increasing significantly due to the growing investments in the construction and infrastructure sectors.
  • Additionally, China is one of the major consumers of personal hygiene products globally. The country's demand for personal hygiene products is attributed to a large infant population and increasing disposable income, leading to increased spending on personal and hygiene care. Thus, it is anticipated to boost the market for acrylic acid during the forecast period.
  • China is known for its industrialization and manufacturing sector, where paints and coatings are widely required. Some of the major sectors where paints and coatings are used in the country are the automotive, industrial, and construction sectors, among others. China accounts for more than one-fourth of the global coatings market. According to the China National Coatings Industry Association, the industry has been registering a growth of 7% in recent years, driving the acrylic acid market in coatings application.
  • Nearly 10,000 coatings manufacturers are located in China. Most leading global coating manufacturers, such as Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BAF SE, and Axalta Coatings, have manufacturing bases in China. Paints and coatings companies have been increasingly growing investments in the country. This is likely to fuel the market for acrylic acid used to manufacture automotive paints and coatings.
  • Companies like DuPont invested approximately USD 30 million in the adhesive sector to build a new manufacturing facility in East China in Zhangjiagang, Jiangsu Province. The company's new facility produces adhesives to serve customers in the transportation industry, primarily supporting two mega-industry trends: vehicle electrification applications and lightweight. Construction began in Q3 2021, and the facility is expected to be operational by early 2023.
  • Some key players operating in the paints and coatings business in India are Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India. Recently, various companies have announced their capacity expansions, which are likely to boost the demand for acrylic acid from paints and coatings formulations in the country.
  • Acrylic acid is used in adult and female hygiene products. In India, the lack of menstrual hygiene has always been a challenge. As of April 2021, according to UNESCO and Whisper, 23 million girls have dropped out of school due to a lack of menstrual hygiene and awareness in India. Out of a total of ~40 crore menstruating women in India, less than 20% use sanitary pads. In urban areas, this number only goes up to 52%.
  • Hence, dueto these factors, the Asia-Pacific region is likely to dominate the acrylic acid market during the forecast period.
Acrylic Acid Market -Growth Rate by Region, 2022-2027

Acrylic Acid Industry Overview

The acrylic acid market is consolidated in nature. Some major players in the market include BASF SE, Arkema, NIPPON SHOKUBAI CO. LTD, LG Chem, and Shanghai Huayi Acrylic Acid Co. Ltd, among others.

Acrylic Acid Market Leaders

  1. BASF SE

  2. Arkema

  3. LG Chem

  4. Shanghai Huayi Acrylic Acid Co. Ltd.

  5. NIPPON SHOKUBAI CO., LTD.

*Disclaimer: Major Players sorted in no particular order

Acrylic Acid Market Concentration
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Acrylic Acid Market News

  • April 2022: Wanhua announced that the company will spend USD 3.6 billion to build a chemical complex in China by 2024. This complex will also make propylene oxide, polyether polyols, acrylic acid, polypropylene, and others.
  • August 2021: BASF SE and SINOPEC decided to expand their Verbund site operated by BASF-YPC Co. Ltd, a 50-50 joint venture of both companies in Nanjing, China. It included the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market. The tert-butyl acrylate plant will be an extension to the downstream using acrylic acid and isobutene of the existing Verbund as feedstock.

Acrylic Acid Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Applications of Super Absorbent Polymers

      2. 4.1.2 Increasing Usage in Chemical Synthesis

    2. 4.2 Restraints

      1. 4.2.1 Health Hazards of Acrylic Acid

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 By Derivative

      1. 5.1.1 Methyl Acrylate

      2. 5.1.2 Butyl Acrylate

      3. 5.1.3 Ethyl Acrylate

      4. 5.1.4 2-Ethylhexyl Acrylate

      5. 5.1.5 Glacial Acrylic Acid

      6. 5.1.6 Superabsorbent Polymer

    2. 5.2 By Application

      1. 5.2.1 Paints and Coatings

      2. 5.2.2 Adhesives and Sealants

      3. 5.2.3 Surfactants

      4. 5.2.4 Sanitary Products

      5. 5.2.5 Textiles

      6. 5.2.6 Other Applications

    3. 5.3 By Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 United Kingdom

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema

      2. 6.4.2 BASF SE

      3. 6.4.3 China Petroleum & Chemical Corporation (SINOPEC)

      4. 6.4.4 Dow

      5. 6.4.5 Formosa Plastics Corporation

      6. 6.4.6 LG Chem

      7. 6.4.7 Merck KGaA

      8. 6.4.8 Mitsubishi Chemical Corporation

      9. 6.4.9 NIPPON SHOKUBAI CO. LTD

      10. 6.4.10 Sasol

      11. 6.4.11 Shanghai Huayi Acrylic Acid Co. Ltd

      12. 6.4.12 Satellite Chemical Co. Ltd

      13. 6.4.13 Wanhua

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Bio-based Polymers

**Subject to Availability
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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 in producing polymers for different plastic products. It can also be used to produce adhesives, sealants, and surfactants. 

The acrylic acid market is segmented by Derivative (Methyl Acrylate, Butyl Acrylate, Ethyl Acrylate, 2-Ethylhexyl Acrylate, Glacial Acrylic Acid, Superabsorbent Polymer), Application (Paints and Coatings, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa). The report also covers the market sizes and forecasts for the acrylic acid market in 15 countries across major regions. The report offers the market sizes and forecasts in terms of volume in kilotons 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
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Acrylic Acid Market Research FAQs

The Acrylic Acid Market size is expected to reach 7.77 million tons in 2024 and grow at a CAGR of 5.19% to reach 10.01 million tons by 2029.

In 2024, the Acrylic Acid Market size is expected to reach 7.77 million tons.

BASF SE, Arkema, LG Chem, Shanghai Huayi Acrylic Acid Co. Ltd. and NIPPON SHOKUBAI CO., LTD. are the major companies operating in the Acrylic Acid Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Acrylic Acid Market.

In 2023, the Acrylic Acid Market size was estimated at 7.39 million tons. The report covers the Acrylic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Acrylic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The key factors boosting the Acrylic Acid Market growth are a) Increasing Applications of Super Absorbent Polymers b) Increasing Usage in Chemical Synthesis c) The rising demand for bio-based polymers

Acrylic Acid Industry Report

The global acrylic acid market is experiencing significant growth, driven by its widespread applications across various industries, including the production of surface coatings, adhesives and sealants, plastic additives, textiles, and personal care products like diapers and training pants. This surge is primarily fueled by the rising demand from the paints and coatings sector, which leverages acrylic acid's properties to enhance paint formulations with better adhesion, durability, and weather resistance. Despite facing challenges such as acute toxicity, air exposure limits, and fluctuations in raw material prices, the market sees opportunities in the increasing demand from emerging economies. Market players are focusing on expansions, mergers, acquisitions, and new product launches to strengthen their positions, with a significant emphasis on developing bio-based acrylic acid to meet environmental standards and reduce dependency on petrochemical sources. According to Mordor Intelligenceā„¢ Industry Reports, statistics for the Acrylic Acid market share, size, and revenue growth rate include a market forecast outlook and historical overview, highlighting the market's dynamic nature and potential for future growth. For a comprehensive understanding of this industry's trajectory, a sample of this industry analysis is available as a free report PDF download.

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Acrylic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)