As of the conclusion of 2020, the market valuation of acrylic sheets reached USD 3,210 million, and there is an anticipation that it will witness substantial growth, reaching an estimated valuation of around USD 5,279.52 million by the end of the assessment period. The moderate expansion of the global acrylic sheet market is expected to be sustained, primarily propelled by the increased utilization of cast acrylic sheets in applications experiencing heightened demand. Projections indicate that the market will exhibit a Compound Annual Growth Rate (CAGR) of 5.00%, signifying a phase of steady and consistent growth.
A significant contributing factor to the burgeoning demand for acrylic sheets is their growing use as a material replacement in applications that traditionally relied on heavy-duty metal and glass components. This shift in material preference is notably prominent across various end-use markets, contributing to the market's overall momentum. The global acrylic sheet market is witnessing a substantial uptick, and this is chiefly attributed to the rising adoption of plastic sheets, a trend that is gaining momentum across diverse industries.
The demand for acrylic sheets is particularly strong in key end-use markets, including automotive and transportation, electrical and electronics, construction and architecture, as well as food and beverage, among others. The appeal of these sheets lies in their characteristics, such as being lightweight, economically viable, and robust. These attributes are becoming increasingly crucial in various end-use sectors, driving the demand for acrylic sheets. The industry is expected to experience continued growth in the foreseeable future, fueled by the ongoing requirement for materials that offer a balance between durability and cost-effectiveness.
In the landscape of developed economies worldwide, which includes regions such as North America, Asia Pacific, and Europe, there is a discernible trend of substantial investments in high-profile product development initiatives facilitated by advanced research and development establishments. Companies operating in these regions are actively engaged in enhancing their product portfolios, a strategic move aimed at not only sustaining their market presence but also ensuring compliance with government regulations. The collaborative impact of these factors is anticipated to be pivotal in steering the development of the acrylic sheet market across various end-use segments throughout the forecast period.
The global acrylic sheet market is on a trajectory of noteworthy expansion, driven by the material's increasing adoption as a substitute for heavier alternatives in a variety of applications. The demand surge in key end-use sectors and the strategic investments in product development underscore the industry's resilience and potential for sustained growth in the coming years
Report Attribute/Metric | Details |
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Growth Rate | Â Â 4.80% |
Acrylic Acid Market is projected to be worth USD 19.2 billion by 2030, registering a CAGR of 4.80% during the forecast period (2022-2030). Acrylic acid is an organic liquid that is colorless and has a strong odor. It is commonly used as a monomer in the synthesis of a wide range of polymer compounds. This liquid is extremely reactive, volatile, and flammable. One of the most important derivatives of acrylic acids is acrylic esters. It is used in many industries, including food processing, pharmaceuticals, cosmetics, paints, coatings, adhesives, papermaking, textiles, rubber, plastics, cement, detergents, and water treatment.
The global acrylic acid market is being propelled by rising demand for polymers, paints and coatings, and personal care products. The growing demand for superabsorbent polymers in the personal care industry, expansion of the construction industry, and rising demand for water-based adhesives are some of the major factors driving growth in this market. Surging demand for acrylic acid from emerging economies such as India and China is also fueling the global acrylic acid market's expansion.
The noteworthy companies in the Acrylic Acid Market are:
The current disease outbreak has interrupted the supply chains in critical regions persuaded by the deterioration in demand owing to vagueness in the global capital markets. The acrylic acid industry is reeling from the hard hit by the COVID-19 outbreak on many fronts, such as lower demand and productivity, operational & supply chain disruptions, possibly dwindling credit markets, and their workforce's condition. The companies should expect that widening outbreaks of COVID-19 may affect workers in the market, which may need to be considered before outsourcing some corporate functions. Companies in regions struck severely by the pandemic may face trials in concluding financial statements with processes halted. With the economic disruption showing indeterminate severity, some companies may be realizing the prospect of activating events for long-lived asset damages and escalating concerns over the restructuring actions, recoverability of receivables, and liquidity problems.Â
Drivers
Increasing Use of Superabsorbent Polymers in Various Applications
The developing demand for superabsorbent polymers in the personal care industry is anticipated to drive global acrylic acid market share growth through the forecast period.
Growth of the Construction Industry
The resumption of services in the construction industry is anticipated to create an optimistic outlook for the acrylic acid market size.
Rising Demand for Water-Based Adhesives
The use of water-based adhesives has risen due to the surge in applications, which is estimated to create a pronounced effect on market expansion strategies.
Opportunities
Increase in the Use of Bio-Based Acrylic Acid
Intensive R&D by regional companies to develop bio-based alternatives due to the Augmented regulatory stress on companies is projected to spur the market.
Increasing Demand from Emerging Economies
The emerging economies are seeing development in key sectors that involve the use of acrylic acids to bolster the global market.
Restraints
Rising Environment Concerns
The environmental repercussions of acrylic acid are estimated to encumber global market development in the forecast period.
Rise In Price Of Raw Materials
The raw materials needed to manufacture acrylic acid are likely to get more expensive owing to the restrictions placed in the current pandemic.
By Type
The superabsorbent polymer segment is projected to enhance the overall market share in the impending period.
By Application
The diapers segment is forecasted to create promising momentum in the impending period.
Asia Pacific to Control Majority Stake
The Asia Pacific acrylic acid market led the global market with national markets like China and India, controlling 70% of the regional demand. Escalating derivatives use in personal care products, surfactants, coatings, and adhesives are anticipated to push the acrylic acid market trends in the forecast period.
North America is Projected to Shape Global Market
The exhaustive R&D by resident companies to advance bio-based alternatives is anticipated to deliver acrylic acid market share development prospects. The collective elderly population in the U.S. and Canada are anticipated to push the adult incontinence products demand, leading to amplified superabsorbent polymer consumption. Mexico is also foreseen to list elevated demand due to speedy growth in several end-use industries such as adhesives & sealants and personal care. With the strong regulations on organic compounds in North America, their growth is limited because of the likely drawbacks. The manufacturers intend to locate eco-based origins for nurturing the market size & manufacture. Moreover, the advanced demand for PMMA resins among end-users will create favorable prospects for investors.
Recent Developments
BASF and SINOPEC recently broke ground in Nanjing for the expansion of their Verbund site, which is operated by BASF-YPC Co., a 50-50 joint venture of both companies. The expansion includes new capacities for several downstream chemical plants and a new tert-butyl acrylate plant to meet the growing demand from various industries in the Chinese market. The partners will increase production capacity for purified ethylene oxide, ethanolamines, propionic acid, and propionic aldehyde, as well as develop the most recent tert-butyl acrylate plant.
The first shipment of 2-Ethyl Hexyl Acrylate from BPCL’s Propylene Derivative Petrochemical (PDP) complex at Kochi Refinery has been dispatched. 2-Ethyl Hexyl Acrylate is used as a raw material in the production of adhesives, coatings, construction materials, acrylic rubber, and emulsions. It is the sixth and final of BPCL Kochi Refinery's niche petrochemical products. The complex, which cost 6,000 crores rupees, includes a world-scale Acrylic Acid Unit, Acrylates Unit, and Oxo-Alcohol Unit.
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