In 2014, the global market for acrylic acid Market was valued USD 9.50 billion and is projected to reach USD 15.43 billion by 2022 growing at a CAGR of 6.8% from 2015 to 2022. In terms of volume in 2014 the global market for acrylic acid was 5.00 million tons and is projected to reach 7.10 million tons by 2022 growing at a CAGR of 5.0% from 2015 to 2022.
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Rising demand of acrylic acid from wide range of end user applications such as construction, automotive and packaging sectors is one of the major factors driving the market growth. Untapped economies such as Middle East, North East Asia, Eastern Europe and Latin America offers huge growth potential. Environmental concerns and health hazards associated with acrylic acid is one of the major factor inhibiting the market growth. However, commercial production of bio based acrylic acid is one of the most promising factor which will drive growth over the coming years.
The demand for acrylates is the highest from various end use applications. Acrylates is widely used in surface coating applications and is projected to grow at a CAGR of 6.8% from 2015 to 2022 in terms of revenue. Superabsorbent Polymers (SAP’s) are projected to be the fastest growing segment. It is projected to grow at a CAGR of 5.3% from 2015 to 2022 in terms of volume. Disposable baby diaper is the largest sector of SAP. However, the demand growth is limited to developing economies, while the most developed regions have reached maturity.
In 2014, Asia Pacific is the largest as well as fastest growing market. It is projected to grow at a CAGR of 5.3% from 2015 to 2022 in terms of volume. High demand for baby diapers and ageing populations is one of the major factor driving the market growth in this region. China is one of the major consumer as well producer of acrylic acid. Asia Pacific was followed by North America and Europe in 2014.
Some of the major players present in this market are BASF SE, Evonik Industries, Sasol Ltd, The DOW Chemical Company, Nippon Shokubai Co. Ltd, and Arkema SA among others.