Asia Pacific is the largest and the fastest growing market for acrylic acid Market. In 2014, it accounts for more than 40% share of the market pie in terms of revenue as well as volume. China is one of the major market in Asia Pacific. It is not only one of the major consumers but also producer. Strong baby diaper demand supported by increasing standard of living is one the major factor driving the market growth. On the other hand adult diaper sector is the main driver in the developed countries such as the Western Europe, U.S. and Japan. Market demand of global acrylic acid will be concentrated in Asia, predominantly in China and North East Asia.
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In 2014, Asia Pacific was followed by North America and Europe. In North America, the U.S. is the largest market in terms of volume and revenue. In North America and Europe, rapid growth of SAP market is projected to trigger demand for acrylic acid. Consequently, manufacturers are projected to shift their focus on development of bio-based acrylic acid, which is expected to open new growth opportunities for acrylic acid market. Supply of propylene (the main feedstock for petroleum-based acrylic acid) is currently very tight. Acrylic acid capacity in the western markets is also constrained as there has not been a single new capacity added in this region during the past few years.
Demand for acrylic acid from mature regions such as Western Europe and North America will be limited by weak domestic consumption. On the other hand developing economies such as Latin America, Middle East, Eastern Europe, and South East Asia will provide strong growth from a small base. Bayer AG, BASF SE, Evonik Industries AG, The Dow Chemical Co, Arkema, Nippon Shokubai Co. Ltd, LG Chem Ltd, and Wanhua Chemical Group among others are some of the major players of this market.