North America is poised for substantial growth in the acrylic acid market, driven by rapid advancements in diverse end-use industries such as surfactants, adhesives and sealants, and personal care. The region’s robust growth is attributed to extensive research and development activities, contributing to the overall expansion of the acrylic acid market in the coming years. The United States, in particular, is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 3.9%, reaching an impressive market value of US$ 7.8 Billion during the forecast period.
The thriving demand for acrylic acid in North America is a testament to the region’s dynamic industrial landscape and continuous innovation. As key sectors like surfactants, adhesives, and personal care experience significant advancements, the acrylic acid market is set to play a pivotal role in meeting the evolving needs of these industries. With the U.S leading the way with a robust CAGR, North America emerges as a focal point for acrylic acid market growth, presenting lucrative opportunities for stakeholders and industry players alike.
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Acrylic acid-based polymers have replaced conventionally used materials in major end-use industries, such as automotive, building and construction, electronics, and others. Acrylic acid-based elastomers such as AEM (Ethylene Acrylic Elastomers), are used as an alternative to synthetic rubber in various applications, such as an automotive gasket, hoses, and others.
In addition, owing to the improved properties of AEM, such as strength, and resistance, among others, there is an increasing demand for acrylic acid from the polymer industry during the forecast period. Additionally, the rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market.
Key Takeaways from the Market Study
- The global acrylic acid market was valued at US$ 14.6 Billion by 2022-end
- The U.S to account for the highest value share of US$ 7.8 Billion of global market demand for acrylic acid in 2032
- From 2015 to 2021, acrylic acid demand expanded at a CAGR of 2%
- By Product, the acrylate esters category constitutes the bulk of the acrylic acid market with a CAGR of 6%.
“Increasing demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application, is one of the major factors that is anticipated to propel the industry growth over the forecast period,” remarks an FMI analyst.
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Competitive Landscape
Players in the global acrylic acid market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some recent developments among the key players are:
- In August 2021, BASF 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 includes the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market.
- In October 2020, Arkema successfully started a its new 90,000-ton acrylic acid reactor at its Clear Lake site in Texas to attract consumers from paints, super-absorbents, water treatment, and adhesives markets in North America.
- In August 2018, BASF PETRONAS Chemicals announced the expansion of the production capacities of its acrylic acid and butyl acrylate plants in Kuantan, Malaysia.
By Key Players
- BASF SE
- Dow Chemical
- Lucite International
- LG Chem
- Mitsubishi Chemical Corporation
- Cargill, Incorporated
- Nippon Shokubai Co., Ltd.
- SNP Inc.
- The Lubrizol Corporation
- Formosa Plastic Corporation
- Arkema S.A.
- Ashland
- Kemira Oyi
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Key Segments Covered In The Acrylic Acid Market Study
Acrylic Acid Market by Product:
- Acrylate Esters
- Glacial Acrylic Acid
- Other Acrylic Acid Products
Acrylic Acid Market by End-Use Industry:
- Acrylic Acid for Surfactants
- Acrylic Acid for Organic Chemicals
- Acrylic Acid for Adhesives & Sealants
- Acrylic Acid for Textiles
- Acrylic Acid for Water Treatment
- Acrylic Acid for Personal Care Products
- Acrylic Acid for Other End-Use Industries
Acrylic Acid Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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