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The acrylic acid market size is forecast to increase by USD 3.13 billion and is estimated to grow at a CAGR of 4.5% between 2023 and 2028. Acrylic acid derivatives, a critical component in surface coating applications, are experiencing surging demand due to their superior performance and versatility. These derivatives offer excellent resistance to chemicals, weathering, and UV light, making them indispensable in various industries such as automotive, construction, and packaging. The increasing demand from developing countries, particularly in Asia Pacific, is driven by their rapid industrialization and infrastructure development. Moreover, significant investments in this region's manufacturing sector are expected to fuel the growth of the acrylic acid derivatives market. This trend is further bolstered by the rising awareness of the benefits of using high-performance coatings to enhance product durability and extend shelf life.
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Acrylic Acid is a significant monomer used in the production of various polymers, plastics, synthetic rubbers, textiles, and derivatives. Acrylic polymers and acrylic esters are the primary applications of acrylic acid. The market for acrylic acid is driven by its extensive usage in surface coatings, particularly in paints and coatings, lighting fixtures, glazing, electronic displays, and architectural coatings. Acrylic acid is also used in OEM finishes, automobiles, special-purpose coatings, adhesives & sealants, and various industries such as food processing, pharmaceuticals, cosmetics, papermaking, and rubber. In the plastics industry, acrylic acid is used to produce polymer compounds. Acrylic acid is a versatile chemical used in various applications due to its unique properties. Its ability to form polymers and derivatives makes it a valuable ingredient in various industries. The demand for acrylic acid is expected to grow due to its increasing usage in various end-use industries. The market is expected to witness steady growth due to its extensive applications and the increasing demand for high-performance materials. Acrylic acid is used to produce various acrylic polymers and derivatives such as acrylic esters, polymer formulations, and surfactants. These products find extensive applications in various industries, such as paints and coatings, adhesives and sealants, and various end-use industries such as automobiles, electronics, and construction. The growing demand for these applications is expected to drive the growth of the market. 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.
Increased demand for acrylic acid derivatives in surface coating applications is notably driving market growth. The global market is primarily driven by its extensive use in surface coating applications, particularly in the production of acrylates, which function as binders in water-borne coatings. The shift towards water-borne coatings, owing to their lower volatile organic compound (VOC) emissions, presents significant growth prospects for the market.
Moreover, regulatory initiatives, such as the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulations, which restrict the use of products containing VOC and harmful constituents, are further fueling the demand for acrylic derivatives in industrial coatings and insulation applications. Thus, such factors are driving the growth of the market during the forecast period.
Increasing demand for bio-based acrylic acid derivatives is the key trend in the market. Acrylic acid and its derivatives, including acrylates and methacrylates, are versatile chemicals widely used in various industries. These compounds are derived from both petrochemical and bio-based sources. Bio-based acrylic acid derivatives have gained significant attention due to environmental concerns and raw material constraints of petrochemical-based derivatives.
Moreover, the production of bio-based acrylic acid involves the conversion of biomass, such as crude glycerol, into acrylic acid through the oxydehydration process. This method uses UV light and a photocatalyst to convert glycerol to acrolein, which is then oxidized to form acrylic acid. Acrylic acid derivatives have extensive applications in various sectors. In the coatings industry, they are used in glazing, architectural coatings, OEM finishes, and special-purpose coatings for automobiles and weather resistance. Thus, such trends will shape the growth of the market during the forecast period.
The price fluctuation of Brent crude oil is the major challenge that affects the growth of the market. Acrylic acid is a significant chemical compound derived from the oxidation of propylene, a petroleum byproduct. This compound is further processed into acrylic esters, which find extensive applications in various industries. The unpredictable fluctuations in the price of crude oil, and consequently propylene, pose a challenge to acrylic acid manufacturers.
Moreover, this price instability enhances the bargaining power of suppliers, leading to reduced profit margins for manufacturers. Acrylic esters are integral to numerous sectors, including glazing, electronic displays, surfactants, adhesives and sealants, architectural coatings, OEM finishes, automobiles, and special-purpose coatings. Acrylates, such as methyl methacrylate, 2-ethylhexyl acrylate, and ethyl acrylate, are essential components of superabsorbent polymers used in adult incontinence pads, absorbent medical dressings, and controlled-release drugs. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
Arkema Group: The company offers acrylic acid whose water content is 1000 ppm maximum, thus useful in the application of chemical and plastic industries along with adhesive and sealants.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 esters segment is estimated to witness significant growth during the forecast period. In the global market, acrylic acid serves as a crucial building block for various industries, with the acrylic ester segment holding the largest market share in 2023. Acrylic esters are produced through the reaction between alcohols, such as methyl or ethyl, and acrylic acid.
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The acrylic esters segment was the largest segment and valued at USD 4.95 billion in 2018. These esters, including methyl acrylate, ethyl acrylate, butyl acrylate, and ethyl hexyl acrylate, are integral to manufacturing paints, adhesives, acrylic rubbers, and acrylic fibers. In the realm of coatings, acrylic esters contribute to architectural coatings, OEM finishes, automotive applications, and special-purpose coatings. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 45% 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. Acrylic Acid is a significant building block chemical used in the production of various polymers, plastics, and derivatives. These include acrylic esters and acrylic polymers, which find extensive applications in various industries. In the plastics sector, acrylic polymers are employed as synthetic rubbers and plastic additives. In the paints and coatings industry, acrylic polymers are utilized in surface coatings for moisture management and leakage prevention. Acrylic esters, derived from acrylic acid, are used as volatile organic compounds in paints and coatings, as well as in adhesives and sealants. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Acrylic Acid is a significant building block chemical used in the production of various polymers, plastics, and derivatives. It plays a crucial role in creating acrylic esters, acrylic polymers, and acrylate esters, which find extensive applications in various industries. In the plastics industry, acrylic acid is used to produce acrylic polymers and derivatives, which are employed as plastic additives, surface coatings, sealants, and adhesives. In the consumer goods industry, acrylic polymers are used in the production of superabsorbent polymers for moisture management in diapers, training pants, and adult incontinence products. Acrylic acid also finds applications in the paints and coatings industry, where it is used to produce acrylic ester derivatives, alcohols, ethers, and organic solvents.
Moreover, these derivatives are used as binders and plasticizers in surface coatings, providing excellent properties such as resistance to weathering and UV light. Moreover, acrylic acid is used in the transportation and energy sectors for producing acrylate esters and other derivatives. These derivatives are used as volatile organic compounds in the production of lighting fixtures and as intermediates in the production of various chemicals. The double bond and carboxyl group present in acrylic acid make it a versatile monomer, enabling its use in various applications, including textiles, synthetic rubbers, and detergent industries. Overall, the market is expected to grow significantly due to its wide range of applications in various industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 3.13 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
China, US, Japan, Germany, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acuro Organics Ltd., Arkema Group, Ashland Inc., ATULYA CHEMICALS, BASF SE, Cargill Inc., EMCO Dyestuff Pvt. Ltd., Evonik Industries AG, Formosa Plastics Corp., LG Electronics Inc., Libra Speciality Chemicals Ltd., Merck KGaA, Mitsubishi Chemical Group Corp., Nippon Shokubai Co. Ltd., Sasol Ltd., Shanghai Huayi Acrylic Acid Co. Ltd., SIBUR International GmbH, The Lubrizol Corp., Toagosei Co. Ltd., and Vizag Chemical International |
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Market dynamics |
Parent market analysis, market report, market forecast , 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 forecast period |
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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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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