Published On : 03 March, 2017
Global Acrylic Acid Market Analysis, Trends & Forecast to 2022
Acrylic Acid: Market Introduction
Acrylic acid, a specialty petrochemical which has formula CH2=CHOOH and CAS (Chemical Abstracts Services) Number 79-10-7. It is produced from propylene which is a byproduct of ethylene and gasoline production. Properties of acrylic acid includes colorless liquid, adaptable to low temperature, good weather ability, acidic odour easily miscible with water, alcohols, ethers, and chloroform. Owing to such properties the use is diverse in number of applications, namely surface coatings, sealants & adhesive, agriculture, plastic sheets, diapers and others.
Super absorbent polymers represent about 63% of the market share of acrylic acid in U.S. which is slightly higher as compared to its market share in Australia. Acrylic acid is used in broad range of applications namely surface coatings, adhesive & sealants, textiles, paper coating, paint industry and cement modifiers. Surface coatings, such as paints contribute about 19% of the market. Solvent based coatings are being replaced by water based paints, as governments across the globe have restricted the use of volatile organic compound (VOCs). Due to this factor the market of surface coatings is growing at a faster pace. Adhesive and sealants are second largest segment accounting 15% of acrylic acid application. Acrylic acid esters are also used in other applications including modifiers for synthetic resins; emulsion and solutions for leather finishes and binders.
Acrylic Acid: Market Dynamics
The Global Acrylic Acid Market is driven by growing application of super absorbent polymers which absorbs large amount of liquid in accordance with their own mass. Major applications of super absorbent polymer are in baby diapers, adult incontinence products and feminine hygiene products. Additionally, they are also used in agriculture industry. It is harmless, non-polluting and has super water absorbing and water preserving ability, while the absorbed water cannot be squeezed out in simply physical ways and it can release absorb water repeatedly. Superabsorbent polyarcylates are prepared by polymerizing acrylic acid with cross linker.
Acrylic acid market has been growing due to increasing demand from emerging markets such as plastics, paper coatings, leather finishing and many others. However, acrylic acid has some setbacks that will hinder the growth of the market. Unstable price of raw materials and rising environment regulations such as clean air act and its implementing regulations, all these have allowed acrylic acid to be listed as a hazardous air pollutant (HAP) under Section 112 of the Clean Air Act, which is the state regulation that controls pollutants to the extent as required for achieving and maintaining national air quality standards, state-specific limitations, acute toxicity and air exposure limits. Due to these stringent regulations this market will face a sluggish growth in emerging countries.
However, the key players of market are investing in research and development in acrylic acid and its derivatives with the purpose of increasing their product line by innovating bio-based acrylic polymers and by keeping a track of environment regulations and norms in order to sustain in the market.
Acrylic Acid: Market Segmentation
For the purpose of this study, Market Research Future has segmented the global acrylic acid market into Types, and End-Use.
Acrylic Acid: Regional Analysis
As per MRFR analysis Asia Pacific dominated the global acrylic acid market and has accounted for the largest share of the market in 2014. Asia Pacific market is followed by Europe and North America. Moreover, Asia Pacific acrylic acid market will witness growth above average with respect to demand of the same throughout the forecast period driven by strong growth in China and India due to the growing construction and building industry.
In terms of volume, Middle East, Africa and Asia Pacific are expected to witness robust growth during the forecast period. Availability of cheap labor, favorable weather conditions and governmental support are some of the factors driving the emulsion polymers market in these regions. Latin America, Europe and North America are also expected to experience significant growth of emulsion polymer market in near future.
Acrylic Acid: Global Production Market Share by Region, 2016
Source: patent websites, Secondary literature, google patents
Asia Pacific dominates the market of acrylic acid to in terms of production in the year 2016 due to low cost of production and low feedstock prices as compared to cost of these in U.S. and Europe. North America stood second in terms of production in 2016, owing to increase in geriatric populations in U.S. and Canada the resulted in demand adult incontinence which demands for an increasing need of diapers that is leading to the increasing use of superabsorbent polyarcylates.
Acrylic Acid: Prominent Market Players
Various key players present in global acrylic acid market includes The Lubrizol Corporation (U.S.), Formosa Plastics Corporation (U.S.), The Dow Chemical Company (U.S.), Evonik Industries AG (Germany), Cargill, Incorporated (U.S.), SIBUR International GmbH (Russia), Sasol Ltd.(South Africa), LG Chem LTD (South Korea), Arkema SA (France), BASF SE (Germany), Myriant Corporation (U.S.), and Mitsubishi Chemical Holdings Corporation (Japan).
Acrylic Acid: Market Share of Top 6 Companies in 2015
Source: patent websites, Secondary literature, google patents
BASF had the highest share for acrylic acid in 2015, through expansion in bayport acrylic acid plant. Texas in U.S. has benefited the company in various factors since the site is situated alongside the Houston ship channel, which is a major petrochemical industry center along with it availability of cheap labour and raw materials. BASF has upheld their position in acrylic acid market. DOW Chemical Company had the second largest share for acrylic acid during 2015.
MRFR Analyst view:
Acrylic Acid market is expected to grow at a rapid pace. Super absorbent polymer is used in various industries specifically, in personal health care and the advancement of producing acrylic acid from biomass has caught the eye of many researcher owing to this the market of acrylic acid is expected to trigger the market growth for the forecasted period. In-addition, with the developing chemical industry in the developed and developing countries, the demand for acrylic acid is expected to boost in the near future. Companies such as BASF, DOW Chemical, Arkema SA., and Formosa Plastics Corporation has dominated the market. As per MRFR Analysis, the major market players have adapted various techniques in order to improve the process, resulting in lower production costs and reduced capital investment costs for new acrylic acid and ester plants.
About Market Research Future (MRFR) Analysis and Reports
Market Research Future presents information about the Global Acrylic acid Market from 2014 to 2022 which mainly includes growth drivers, trends, restrains and how the market will grow in the future across the globe. In report, Market Research Future has focused on the current market scenario which includes market segmentation, market dynamics and competitive landscape along with company profiles.
Every report by Market Research Future comprises of extensive primary research along with this detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders is also given to gain a deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of different market segments and regions.