Reports
Global Acrylic Acid Market: by Application; Country Overview; Value Chain Analysis; Production Process; Trade Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model; Key Supplier Analysis, 2024-2032
Acrylic Acid Market Outlook
The global Acrylic Acid Market size attained a volume of approximately 6.6 MMT in the base year of 2021. In 2027, the global Acrylic Acid market share is likely to achieve a volume of around 8.7 MMT. The progress of the market throughout the projected years between 2022-2027 will be increasing at a CAGR of 4.7%.
As per the acrylic acid market trends, the growing demand for superabsorbent polymers and the extensive use of acrylic-based goods in developing economies such as Asia Pacific the market is proliferating.
The Asia Pacific region (58.2%) and China (34.5%) share are significant areas contributing to the global Acrylic Acid market development.
Recent News and Updates
Aug 16, 2022- Archer Daniels Midland (ADM) and LG Chem have partnered to establish new polylactic acid (PLA) and lactic acid production facilities. They chose Decatur, IL, as the location and planned to fill the expanding demand for plant-based products like bioplastics.
Product Definition and Market Segmentation
Acrylic acid is a chemical molecule, a white liquid with a strong unpleasant odour. It is a crucial unsaturated carboxylic acid, with a vinyl group directly connected to the carboxylic acid terminal.
Based on application the global Acrylic Acid market Report is divided into SAP, Acrylate Esters, and Others.
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the key regions studied in the market.
Asia Pacific and China Regions are Driving the Growth of the Market
The global Acrylic Acid market in Asia Pacific region (58.2%) and China (34.5%) are dominating the market. The demand from China, owing to the acrylic acid uses in industries such as automobile and construction, is driving the market growth.
Super absorbent polymers (SAP) are the leading demand-inducing segment. Furthermore, the growing demand from the paint and coating sector is furthering the market potential, impacting the acrylic acid market prices.
However, the supply of acrylic acid is tight planned and unplanned maintenance turnarounds. The upcoming inflation, the rising cost of raw materials, etc., hamper the global Acrylic Acid market demand.
Category Management Studies
The most widely employed method to make acrylic acid is through the oxidation of propylene. The production of acrylic acid by using the vapour phase oxidation of propylene is the standard process. The process consists of two reactors in series employing two different catalysts. The first reactor makes acrolein from propylene, during which the conversion of acrolein to acrylic acid takes place in the second reactor.
Chemical-grade propylene (C.G.) is mixed with air and steam before entering a two-step oxidation reaction system. The following processes take place in fixed-bed tubular reactors. By using exothermic activities, heat is generated, which is later utilised to make steam. The liquid waste from the reaction system is transported to a quench tower, where the acrylic acid created is immersed in water. The leftover gas accumulated at the top of the quench tower is partially burnt before being reintroduced to the first-step reactor. For product retrieval, the aqueous solution is delivered to downstream units.
The Employment of the Product in Various Industries is Further Driving the Procurement of Acrylic Acid
Acrylic acid is primarily used to make polymers. It is employed to make coatings, paints, plastics, polishes, adhesives, and elastomers. It is also added to the production of detergents, medical products, and wastewater treatment chemicals. It is used to make plastics for applications including polymer solutions, floor polish, coatings, emulsion polymers, chemical intermediate etc. All the mentioned applications are driving the global Acrylic Acid market Growth.
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the key regions covered in the global Acrylic Acid market Research.
Global Acrylic Acid Market Key Players
- LG Chem
- Nippon Shokubai CO., LTD.
- BASF SE
- The Dow Chemical Company
- Arkema S.A.
Global Acrylic Acid Market Landscape
LG Chem- LG Chemicals is a chemical company in Korea which provides a diverse portfolio, is competitive and balanced, and consists of advanced materials, petrochemicals, life sciences, and subsidiary expertise in batteries, now aiming to be a part of the top 5 chemical corporations worldwide.
Nippon Shokubai CO., LTD.- NIPPON SHOKUBAI CO., LTD. is a manufacturer and provider of synthetic resins, basic and fine chemicals, and catalysts. They export to Germany, US, and Singapore.
BASF SE- BASF focuses on sustainable chemistry blending economic success with environmental and social accountability. They employ around 111,000 employees, which contributes to their success in almost all countries and sectors. They deal in Materials, Surface Technologies, Agricultural Solutions, Chemicals, Industrial Solutions, and Nutrition & Care. It made around Euro 78.6 billion in sales in 2021.
The Dow Chemical Company- The Dow Chemical Company mixes asset integration and scale, leading business positions, environmental, global breadth, focused innovation, and materials science expertise and social and governance (ESG) leadership on gaining profits and focusing on a sustainable future. They provide industrial intermediates, plastics, coatings, and silicones businesses operating in 104 manufacturing sites in around 31 countries and employing 35,700 people.
Arkema S.A.- Arkema is an expert in Materials science, creating materials that address the growing demand for sustainable and innovative materials. They make Advanced Materials, Adhesive Solutions, and Coating Solutions worldwide. They employ 20,200 employees, operating in 55 countries, accounting for sales of Euro 9.5 billion.
1. Executive Summary
2. Global Acrylic Acid Market Snapshot
2.1. Acrylic Acid Market Outlook
2.2. Acrylic Acid Industry Analysis by Application
2.2.1. Acrylate Esters
2.2.2. SAP
2.2.3. Others
2.3. Regional Overview
2.3.1. North America
2.3.2. Europe
2.3.3. Asia Pacific
2.3.4. China
2.3.5. LATAM
3. Impact of Recent Events
4. Acrylic Acid Value Chain Analysis
5. Acrylic Acid Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Acrylic Acid Cost Structure
9. Acrylic Acid Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Acrylic Acid Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. BASF SE
15.2. Nippon Shokubai CO., LTD.
15.3. Arkema S.A.
15.4. The Dow Chemical Company
15.5. LG Chem
The total value of the global Acrylic Acid market in 2021 was around 6.6 MMT.
By the forecast year the market is anticipated to be valued around 8.7 MMT.
During the anticipated time frame the market is likely to attain high growth at a CAGR of 4.7%.
Acrylate Esters (55%), SAP (37%), and Others (8%) are the key segments bolstering the market.
LG Chem, Nippon Shokubai CO., LTD., BASF SE, The Dow Chemical Company, Arkema S.A. are the leading companies in the sector.
The global Acrylic Acid Market attained a value of 6.4 MMT in 2021, driven by the extensive use of personal care products like diapers and sanitary napkins owing to its superabsorbent qualities. Furthermore, its application in the automotive sector furthers the market's growth. Aided by the government policies and increased R&D initiatives by manufacturers, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 3.9%. The market is projected to reach a value of 7.5 MMT by 2027.
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