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The acrylic acid derivatives market size is estimated to grow at a CAGR of 5.56% between 2023 and 2028. The market size is forecast to increase by USD 4,767.26 million. The growth of the market depends on several factors such as increased demand for acrylic acid derivatives in surface coating applications, rapid expansion and applications of SAPs, and increasing industrialization across the globe.
This acrylic acid derivatives market report extensively covers market segmentation by product (acrylic ester, acrylic polymer, and others), application (surface coatings, adhesives and sealants, plastic additives, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rapid expansion and applications of SAPs is the primary trend shaping market growth. Acrylic acid derivatives are significant components used in manufacturing super absorbent polymers (SAPs). SAPs are manufactured through the polymerization of sodium acrylate, potassium acrylate, and cross-linkers. There is an incremental demand for SAP from the hygiene products industry.
Moreover, there is a rapid increase in the demand for adult continence and baby diapers from across the globe. Additionally, SAPs are highly used in coatings and sealants, and the rapid growth of the automotive and construction industries will result in the growth of the global acrylic acid derivatives market during the forecast period.
The increasing use of SAPs in agricultural applications is the primary trend shaping market growth. super absorbent polymers (SAPs) also known as hydrogel; absorbent gels; or super soakers, are highly used in the agriculture sector, farming, and horticultural applications, mainly due to their water uptake potential. This hygroscopic material absorbs water by osmosis and forms granules in the soil, which then swells to form a clear gel.
Further, the lower water-retaining capacity of soil and excess evaporation due to changing climatic conditions can impact the growth and productivity of crop yields. Thus, SAPs used in the agriculture sector have excellent potential to resist drought stress. Therefore, due to these factors and the benefits of SAPs in the agriculture sector, the global acrylic acid derivatives market is expected to witness a good growth momentum during the forecast period.
Fluctuations in the prices of crude oil are a challenge that affects market growth. Acrylic acid is manufactured from the oxidation of propylene, a derivative of crude oil. Acrylic acid and its derivatives are generally produced through different chemical processes, including the oxidation of propylene, propane, or acetylene, all of which are tied to petrochemicals. When crude oil prices are high, producers may adjust their production processes and source alternative feedstocks to mitigate the increase in costs.
Furthermore, due to the uncertainty in the prices of raw materials, players like BASF have increased the price of acrylic polymer products. Higher crude oil prices can also influence the adoption of acrylic acid derivatives with a low VOC content, as they are considered more environment-friendly. Hence, the fluctuation in the prices of crude oil will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Acrylic Acid Derivatives Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The acrylic ester segment is estimated to witness significant growth during the forecast period. The main types of acrylic esters include methyl acrylate, ethyl acrylate, butyl acrylate, and ethyl hexyl acrylate. Acrylic acid is utilized as a primary raw material to manufacture acrylic ester. Acrylic esters, also known as acrylate esters, are used in applications such as plastic additives, textiles, sealants, surface coatings, and adhesives.
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The acrylic ester segment was the largest segment and was valued at USD 7,333.02 million in 2018. The rising construction and automotive sectors create more demand for paints and surface coatings, which can directly create growth opportunities for the acrylates segment. Furthermore, advancement in the hygiene products industry requires more adhesives, which can boost the demand for acrylic esters across the globe. Thus, such factors are expected to drive market growth during the forecast period.
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APAC is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. A major driver of APAC's dominance from a regional point of view is the rapidly growing demand for acrylic acid derivatives originating in China and India. Applications like surfactants, surface coatings, personal care, and adhesives are leading to an increase in demand for acrylic acid derivatives. Furthermore, the rapid growth of the construction sector and automotive industry and the consumer preference to improve aesthetic appeal can also promote the growth of the acrylic acid derivatives market in APAC. Thus, such factors can result in regional market growth, which will continue during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the acrylic acid market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, many countries in APAC, such as India and China, are investing heavily in infrastructure projects, including transportation networks, energy production facilities, and urban development. These projects require construction materials and coatings that contain acrylic acid derivatives. Therefore, the huge demand for acrylic acid derivatives will boost the growth of the acrylic acid market in APAC during the forecast period.
The acrylic acid derivatives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Acrylic Acid Derivatives Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
Market growth 2024-2028 |
USD 4,767.26 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.78 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 69% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, BASF SE, CHEMRA GmbH, Clariant International Ltd., Dow Chemical Co., Evonik Industries AG, LG Corp., Merck KGaA, Mitsubishi Chemical Corp., Nippon Shokubai Co. Ltd., PCC SE, PTT Global Chemical Public Co. Ltd., Resonac Holdings Corp., SIBUR Holding PJSC, Solventis Ltd., Sumitomo Seika Chemicals Co. Ltd., Tecnon OrbiChem Ltd., The Lubrizol Corp., Toagosei Co. Ltd., and Westlake Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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