Acrylic Acid Market Analysis, Trends & Growth (2025-2034)

Key Benefits of Acrylic Acid

1. Versatility: Acrylic acid is an essential component in the production of acrylate esters, which are used in a broad range of products including adhesives, paints, and coatings. Its versatility ensures widespread demand across various industries.
2. Superabsorbent Properties: Acrylic acid is critical in the manufacturing of superabsorbent polymers (SAPs) that are used in products such as diapers, adult incontinence products, feminine hygiene items, and agriculture. The increasing demand for hygiene products and agricultural applications contributes to the growth of the acrylic acid market.
3. Cost-Effectiveness: Acrylic acid is often considered a cost-effective option compared to its chemical counterparts in several applications. Its production is increasingly optimized, leading to cost savings across various sectors.
4. Sustainability: With the increasing focus on sustainability, acrylic acid derived from renewable sources is being developed. This trend offers environmental benefits such as reduced reliance on petroleum-based resources and a decrease in carbon emissions.

Key Industry Developments

1. Technological Advancements: Ongoing innovations in production technologies are improving the efficiency of acrylic acid manufacturing. For example, developments in bio-based acrylic acid production are gaining traction as a sustainable alternative to conventional petroleum-based acrylic acid.
2. Partnerships and Mergers: Leading players in the market are engaging in strategic mergers, partnerships, and acquisitions to enhance their market share and expand their production capacity. Companies are increasingly collaborating to create new products, ensuring long-term sustainability and meeting the evolving demand from various industries.
3. Bio-Based Acrylic Acid: There has been a rising focus on the development of bio-based acrylic acid derived from renewable sources. Companies are investing in research and development to scale up bio-based acrylic acid production, with some aiming for commercialization within the next few years.
4. Expanding Production Capacities: Major acrylic acid producers are expanding their production facilities in emerging markets, such as Asia-Pacific, where demand for acrylic acid is increasing in applications like textiles, agriculture, and personal care products.

Driving Factors for Market Growth

1. Growing Demand from End-Use Industries: The demand for acrylic acid is directly linked to the growth of industries such as construction, automotive, and personal care. The rise in demand for superabsorbent polymers (SAPs), adhesives, and paints in emerging economies is expected to drive market growth.
2. Surging Demand for Hygiene Products: The increasing global demand for hygiene products, including diapers, feminine hygiene products, and adult incontinence items, is one of the key factors fueling the demand for acrylic acid. SAPs, which use acrylic acid as a key ingredient, are in high demand in these products.
3. Development of Green and Sustainable Acrylic Acid: Growing environmental concerns have driven the need for sustainable and green alternatives. The development of bio-based acrylic acid, derived from renewable sources like plant-based feedstocks, presents a key opportunity for market players to tap into the eco-conscious consumer base.
4. Economic Growth in Emerging Markets: Rapid industrialization and urbanization in countries like India, China, and Brazil have spurred demand for acrylic acid in multiple applications. With the rising construction, automotive, and textile sectors, these regions are expected to become prominent markets for acrylic acid.

COVID-19 Impact

Restraining Factors

1. Fluctuating Raw Material Prices: Acrylic acid is derived primarily from propylene, a by-product of petroleum refining. Volatility in crude oil prices and raw material costs can lead to price fluctuations, impacting the acrylic acid market’s stability.
2. Environmental Concerns: Although bio-based acrylic acid production is gaining momentum, the environmental impact of conventional acrylic acid production is a growing concern. There is an increasing regulatory push toward reducing carbon footprints and improving the environmental sustainability of chemical processes.
3. Intense Competition: The acrylic acid market is highly competitive, with several global players operating in the space. Price wars, technology advancements, and ongoing research and development activities have intensified the competition, posing challenges for smaller market players to sustain profitability.

Market Segmentation

1. By Type
   • Petroleum-Based Acrylic Acid: Derived from fossil fuels, it holds the largest market share, primarily due to its well-established production process and lower costs.
   • Bio-Based Acrylic Acid: Gaining traction due to the increasing demand for sustainable products, this segment is expected to grow at a significant rate during the forecast period.
2. By Application
   • Superabsorbent Polymers: This segment accounts for the largest share of the acrylic acid market due to the widespread use of SAPs in hygiene products.
   • Coatings & Paints: Acrylic acid is used in the production of waterborne and solvent-borne coatings and paints, contributing to this segment’s steady growth.
   • Adhesives & Sealants: Acrylic acid is a key component in adhesives and sealants used in the automotive and construction industries.
   • Others: Includes applications such as textiles, detergents, and water treatment.
3. By Region
   • North America: The U.S. is a major market for acrylic acid, driven by demand in automotive, construction, and personal care products.
   • Europe: Europe is witnessing steady growth in the acrylic acid market, owing to industrial applications and increasing focus on sustainability.
   • Asia-Pacific: With rapid industrialization, China and India are leading the growth in the region. The demand from emerging markets like Southeast Asia is anticipated to contribute significantly to the market.
   • Latin America: The acrylic acid market in Latin America is expected to grow due to expanding industries in countries like Brazil and Mexico.
   • Middle East & Africa: Demand in the Middle East and Africa is on the rise, driven by increased construction activity and demand for SAPs.

Market Outlook

Key Players in the Acrylic Acid Market

1. BASF SE
2. Nippon Shokubai Co. Ltd.
3. The Dow Chemical Company
4. Arkema Group
5. LG Chem. Ltd.
6. Shanghai Huayi Acrylic Acid Co., Ltd
7. Evonik Industries AG
8. Mitsubishi Chemical Corporation
9. SIBUR International GmbH
10. Satellite Chemical Co.,Ltd.
11. Wanhua Petrochemical (Yantai) Co., Ltd.
12. Toagosei Co., Ltd
13. China Petroleum & Chemical Corporation
14. Others

Opportunities and Challenges

Opportunities:

• Green and Sustainable Production: There is a growing demand for bio-based acrylic acid, providing companies with an opportunity to innovate and differentiate their offerings.
• Emerging Markets: The expansion of manufacturing capabilities in Asia-Pacific, Latin America, and Africa presents lucrative growth opportunities.
• Technological Innovations: Companies investing in advanced technologies to optimize acrylic acid production and reduce environmental impact will have a competitive edge.

Challenges:

• Raw Material Price Volatility: Fluctuations in the prices of propylene and crude oil continue to pose a challenge for market stability.
• Environmental Regulations: As governments impose stricter regulations on industrial emissions, companies will need to invest in cleaner production methods.
• Intense Competition: The market is fragmented with several players, leading to pricing pressures and challenges in maintaining market share.