ID: MRFR/CnM/1931-CRR | September, 2018 | Region: Global | 166 pages | Cooked Research Reports
Global Acrylic Acid Market: Information by Type (Superabsorbent Polymers, Methyl Acrylate, Ethyl Acrylate, Elastomers, Butyl Acrylate), Application (Paper Coating, Adhesives & Sealants, Agriculture, Plastic Sheets, Diapers) & Region—Forecast till 2022
Global supplies of acrylic acid are likely to remain strong over the next couple of years with emerging markets posting higher demand. Acrylic acid remains a sought-after industrial material, owing to its wide-ranging properties. Acrylic acid is a specialty chemical and finds widespread application in several large-scale industrial verticals. Construction, polymer and adhesive are some of its major end-use industries, which are exhibiting healthy growth. The aforementioned factors are expected play a key role in governing the growth trends of the global acrylic acid market in the forthcoming years. By the year 2022, the market is projected to stand at over USD 18,300 Mn up from USD 13,599.9 Mn, reflecting a considerable CAGR. The concern, however, comes for the market from the ecological front, as acrylic acid continues to attract intensive scrutiny when it comes to measuring its environmental viability.
This MRFR perspective presents a thorough discussion on the global acrylic acid market along with a six-year (2016-2022) market forecast. The discussion includes an analysis of industry and market trends. It also offers insights on key macro and micro-economic factors that are likely to influence the market in the near future. A part of the discussion focusses on different types of acrylic acid such as superabsorbent polymers, methyl acrylate, ethyl acrylate, water treatment polymers, 2-ethylhexyl acrylate, elastomers, and butyl acrylate. The scope of discussion also covers major application areas of acrylic acid such as paper coatings, sealants & adhesive, agriculture, plastic sheets, and diapers. Assessment of the market is on global level, covering Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
BASF SE, The Dow Chemical Company, Arkema SA, Evonik Industries, Nippon Shokubai Co. Ltd, Taixing Jurong Chemical Co Ltd, PJSC Sibur Holding, LG Chemicals, Shenyang Chemical Co Ltd, Mitsubishi Chemical, and Hexion Inc.
The report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
Market Research Future (MRFR) offers relevant and fact-based market intelligence. Cutting-edge research and evaluation methods are employed to interpret market shifts and uncover trends from data collected through primary and secondary research. The credible sources referred to, for data collection include interviews with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, etc.), surveys, SEC filings, paid database services, and whitepaper references among others. The top-down and bottom-up approaches authenticate the accuracy of the holistic insights and statistical observations presented in our reports. Latest data science tools are used for mapping data and bridging gaps in research findings. A multi-layer verification process reaffirms the credibility of the actionable market intelligence offered through our studies.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for Acrylic Acid
The growth of the global acrylic acid market will be healthy at a 5.14% compound annual growth rate (CAGR) over the forecast period of 2016-2022, growing from USD 13,599.9 Million in 2015 to USD 18,315.3 Million by the end of 2022, proclaims Market Research Future (MRFR) in a meticulously analyzed research report.
Much of the growth of the global acrylic acid market is being derived from the towering use of superabsorbent polymers in various applications. They possess a number of characteristics which make them suitable for use in varied applications. It has multiple improvement properties such as shrinkage reduction, frost resistance, waterproofing, rheology modification, surface curing, fire protection, etc. However, they have found revolutionary usage in the diaper industry. Superabsorbent polymers absorb, and retain under slight mechanical pressure, about 30 times their weight. In addition, they are also used for agricultural purpose.
Acrylic acid products are being widely used in the construction industry owing to its properties of being colorless, light, odorless, clean and being available in both powder and liquid form. They are used for weathering resistance, road making, and coating purposes. Moreover, they are being used in denture base materials too which spurs the growth of the market.
Propylene, the key raw material in the production of acrylic acid is subject to frequent price volatility. The price of propylene has increased more than 30% in the recent past and has inflated the price of acrylic acids by up to 50% which is likely to limit the growth of the market over the forecast period.
Due to a hike in the price of propylene, bio-based acrylic acids have gained traction among industries. The market for bio-based acrylic acid is USD 9 Billion and is growing with CAGR of about 4% per year. Moreover, stringent environmental regulations and health hazards associated with acrylic acid production have paved the way for key players to switch to the production of bio-based acrylic acid which is expected to provide the market with lucrative growth opportunities.
The global acrylic acid market has been segmented based on type and application. By type, the market has been segmented into superabsorbent polymers, methyl acrylate, ethyl acrylate, water treatment polymers, 2-ethylhexyl acrylate, elastomers, butyl acrylate, and others. Type-wise, the superabsorbent polymer segment accounted for the largest market share in 2015 and is expected to maintain the same momentum over the forecast period. Application of superabsorbent polymers in diapers, female hygiene products, and agricultural products drives the growth of the segment. By application, the market has been segmented into surface coatings, adhesive & sealants, agriculture, plastic sheets, diapers, cement modifiers, and others. In 2015, the diapers segment was the largest segment owing to rising attention towards baby hygiene, increase in disposable income, and rapid urbanization.
The global acrylic acids market spans across the regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2015, Asia Pacific held the maximum share of the global market and was projected to reach USD 6520.9 Million by the end of 2022 at a CAGR of 5.39%. Asia Pacific region is experiencing high demand for acrylic acids in various end-use industries. There has been substantial growth in the construction industry in the emerging economies of China, India, and Japan which supports the growth of the market in Asia Pacific. Moreover, the presence of a large number of producers, cheap labor cost and robust industry growth has attracted major chemical companies to venture into the Asia Pacific market. North America is the second largest market for acrylic acid, the US being the key contributor to the market. High penetration of end-use products such as diapers, paints, and paper coating in the region can be attributed for the growth of the North America market. The markets in Europe, Latin America, and the Middle East & Africa are expected to show moderate growth over the forecast period.
The notable players operating in the global acrylic acids market include BASF SE (Germany), Arkema (France), Nippon Shokubai Co. Ltd (Japan), PJSC Sibur Holding (Russia), Shenyang Chemical Co. Ltd (China), Hexion Inc (US), the Dow Chemical Company (US), Evonik Industries (Germany), Jiangsu Jurong Chemical Co. Ltd (China), LG Chemicals (South Korea), and Mitsubishi Chemical (Japan). Among them, BASF SE, Nippon Shokubai Co. Ltd, and LG Chemicals collectively account for the majority share of the market.
Global Acrylic Acid Market: Competitive Landscape
The prominent players operating in the global acrylic acid market are BASF SE (Germany), the Dow Chemical Company (US), Arkema (France), Evonik Industries (Germany), Nippon Shokubai Co. Ltd (Japan), Jiangsu Jurong Chemical Co. Ltd (China), PJSC Sibur Holding (Russia), LG Chemicals (South Korea), Shenyang Chemical Co. Ltd (China), Mitsubishi Chemical (Japan), and Hexion Inc (US).
BASF SE, Nippon Shokubai Co. Ltd, and LG Chemicals together account for the majority of the market share. The global acrylic acid market is characterized by healthy competition among the leading players due to the vast potential for growth. The market comprises a significant number of tier-1 and tier-2 companies, along with some small- and medium-scale manufacturers. The prominent market players are focusing on various business tactics including agreements and collaborations, mergers & acquisitions, joint ventures, and expansions to attain a substantial market share and earn sizeable revenue during the review period of 2016 to 2022.
BASF SE operates through six business segments—chemicals, plastics, functional solutions, performance products, agricultural solutions, and oil & gas. The company offers acrylic acid products through its functional solutions segment. In April 2014, BASF SE expanded its superabsorbent polymers, acrylic acid, and butyl acrylate production plant in Nanjing (China) to provide faster, more energy-efficient, and reliable supply of products.
The Dow Chemical Company is engaged in the manufacture and sale of chemicals, plastic materials, agricultural, and other specialized products and services. In February 2017, Dow signed an agreement with SK Global Chemical Co. for the sale of ethylene acrylic acid.
Arkema produces and sells chemical products worldwide under 2 segments—high performance materials and industrial specialties. In October 2014, Arkema and Jurong Chemical, China’s leader in acrylic acid, started a joint venture named Sunke for the development of coating solutions in Asia.
Nippon Shokubai Co. Ltd operates through three segments, namely, basic chemicals, functional chemicals, and environment and catalysts. In November 2015, Nippon Shokubai Co. Ltd expanded its superabsorbent polymer and acrylic acid plants in Belgium. This expansion was aimed at gaining a significant market share in Central and Eastern Europe.
LG Chemicals is a leading producer of acrylic acid products. In March 2015, LG Chemicals increased its production capacity of superabsorbent polymers by 30% at its plant in the South Jeolla Province, South Korea.