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The global acrylic acid market size was valued at USD 12.0 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. Growing demand from various end-use industries, such as paints, automotive coatings, adhesives, and plastic additives is driving growth of the acrylic acids market. Moreover, growing construction industry and increasing population is again projected to foster market growth. In addition, bio-based acrylic acid is expected to open new growth opportunities for acrylic acid manufacturers.

Global Acrylic Acid Market: Regional Insights

Regionally, Asia Pacific is expected to register the highest growth rate in the global acrylic acid market. The market is expected to witness growth in China, Japan, and Australia. Increasing urbanization in Asia Pacific is expected to drive the market growth. Growing investment in the chemical sector in the region is again expected to foster regional market growth. For instance, in April 2022, Wanhua announced that the company would spend USD 3.6 billion to build a chemical complex in China by 2024. This complex will also make propylene oxide, polyether polyols, ethylene oxide, acrylic acid, polypropylene, etc.

The acrylic acid market in North America is expected to witness moderate growth. The market is expected to witness growth in the paints, construction adhesives, and super absorbent polymers markets. The construction industry is expected to be the key contributor to the regional economy.

Figure 1. Global Acrylic Acid Market Value Share (%), By Region, 2021

Acrylic Acid  | Coherent Market Insights

Global Acrylic Acid Market Drivers:

The growing application of super absorbent polymers is a prime factor propelling growth of the acrylic acid market. Strong demand for personal disposable hygiene products such as adult diapers, baby diapers, and sanitary napkins is creating high demand for SAP, this in turn augmenting market growth of acrylic acid over the forecast period.

Increasing demand for acrylic acid from chemical synthesis is again projected to foster the market growth. It is an unsaturated carboxylic acid and reacts as a vinyl compound and as a carboxylic acid. Moreover, it easily undergoes polymerization and addition reactions. Furthermore, it is used to produce acrylamide, acrylic esters, N-substituted acrylamides, and acrylyl chloride by common methods.

Global Acrylic Acid Market Opportunities:

Growing demand for bio-based polymers is expected to serve significant growth opportunities over the forecast period. For instance, in May 2020, the R&D team at P&G developed a method that converts lactic acid into bio-based acrylic acid. P&G granted Cargill an exclusive license to further develop and commercialize this technology. Similarly, in August 2019, LG Chem and ADM collaborated for the commercial production of 100% bio-based acrylic acid using ingredients from ADM’s corn processing.

Increasing use of acrylic acid in place of PVA and vinyl acetate is expected to bring bright market opportunities over the forecast period. Moreover, growing demand from water treatment application is again expected to augment market growth.

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Acrylic Acid Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 12.0 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 4.8% 2030 Value Projection: US$ 19.2 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Derivatives: Methyl Acrylate, Butyl Acrylate, Ethyl Acrylate, 2-Ethylhexyl Acrylate, Glacial Acrylic Acid, Super Absorbent Polymers
  • By Applications: Paints and Coatings, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, Other Applications
Companies covered:

Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua

Growth Drivers:
  • Growing application of super absorbent polymers
  • Increasing demand for acrylic acid from chemical synthesis
Restraints & Challenges:
  • Health hazard associated with the acrylic acid
  • Stagnant growth of the baby diaper market across developed region such as North America and Europe

Global Acrylic Acid Market Trends:

Strong growth of ceramic industry is one of the major trend observed for acrylic acid market. According to the Coherent Market Insights analysis, the global ceramics industry is segmented by tiles, sanitaryware, tableware, and technical ceramics. Among these, the ceramic tiles segment holds over 70% demand share in the Asia-Pacific region. In the Asia-Pacific region, India is the second-largest producer of ceramic tiles, accounting for around 7% of the production share across the globe.

Increasing launch of superabsorbent polymer (SAP) with super-fast-drying absorption property is a growing trend in the global acrylic acid market. For instance, in October 2020, Nippon Shokubai Co. Ltd developed a superabsorbent polymer (SAP) with super-fast-drying absorption property.

Global Acrylic Acid Market Restraints:

Health hazard associated with the acrylic acid is expected to restrict the market growth. According to the National Fire Protection Association, acrylic acid has a hazardous rating of health – 3, flammability - 2, and reactivity - 2.

Stagnant growth of the baby diaper market across developed region such as North America and Europe is again expected to hinder the market growth over the forecast period.

Figure 2. Global Acrylic Acid Market Value Share (%), By Application, 2021

Acrylic Acid  | Coherent Market Insights

Global Acrylic Acid Market Segmentation:

The global acrylic acid market report is segmented into derivatives, applications, and geography

Based on derivatives, the market is segmented into Methyl Acrylate, Butyl Acrylate, Ethyl Acrylate, 2-Ethylhexyl Acrylate, Glacial Acrylic Acid, and Super Absorbent Polymers. Out of which, Methyl Acrylate is expected to dominate the global market over the forecast period and this is attributed to the fact that it readily reacts with a wide variety of in organic and organic compounds. It is highly useful chemical intermediate in various production of processes.

Butyl Acrylate segment is also expected to witness significant growth in the near future and this is owing to the growing use of the butyl acrylate in the production of homopolymers and copolymers for water-based industrial and architectural paints.

Based on applications, the market is segmented into Paints and Coatings, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, and Other Applications. Out of which, Paints and Coatings is expected to dominate the global market over the forecast period and this is attributed to the

Sanitary Products segment is also expected to witness significant growth in the near future owing to the growing personal care and hygiene industry.

Global Acrylic Acid Market: Key Developments

In April 2021, Sartomer Europe raised the pricing of oligomers and monomers, including a wide range of important raw materials such as acrylic acid, Epoxies, TPG, DPG, BDO, HDO, isocyanates, TMP, and methacrylates monomers.

In August 2021, BASF and SINOPEC decided to expand their Verbund site operated by BASF-YPC Co. Ltd, a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market. The tert-butyl acrylate plant will be an extension to the downstream using acrylic acid and isobutene of the existing Verbund as feedstock.

In August 2021, SINOPEC and BASF decided to expand their Verbund site operated by BASF-YPC Co. Ltd, a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market. The tert-butyl acrylate plant will be an extension to the downstream using acrylic acid and isobutene of the existing Verbund as feedstock.

Global Acrylic Acid Market: Key Companies Insights

The global acrylic acid market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global acrylic acid market are Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua

*Definition: Acrylic Acids are present in the air in the gas phase, and may contribute to the formation of photo-chemical smog. Acrylic Acids are also miscible with many chemicals. Acrylic Acids have been identified in trace amounts in commercial grade propionic acid and in the rumen fluid of sheep. They are also reported to occur naturally in marine algae. Acrylic Acids are used in the manufacture of paperboard and food-contact paper. They are also used in the manufacture of plastics and paint formulations.

Often called 2-proenoic acid, acrylic acid is a volatile liquid that is flammable and corrosive. It is used in the manufacture of plastics and food-contact paper, and also in coatings and paint formulations. Acrylic acid is miscible with alcohols and chloroform, and it has a corrosive odor. Acrylic acid is a major irritant to eyes, skin, and the respiratory tract. Acrylic acid is also corrosive to metals and to tissue. It is a Class II flammable liquid.

Market Dynamics:

Increasing demand for adhesives, sealants, and surface coatings is driving the growth of the acrylic acid market. In addition, increasing investments in the construction sector are also expected to accelerate the market growth. Moreover, growing demand for paints and coating is again expected to propel acrylic acid market growth. Furthermore, growing demand for bio-based polymers is further projected to augment acrylic acid market growth.

On the other hand, health hazards associated with the acrylic acid is expected to hinder the market growth.

Key features of the study:

  • This report provides in-depth analysis of the global acrylic acid market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global acrylic acid market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global acrylic acid market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global acrylic acid market

Detailed Segmentation:

  • Global Acrylic Acid Market, By Derivatives
    • Methyl Acrylate
    • Butyl Acrylate
    • Ethyl Acrylate
    • 2-Ethylhexyl Acrylate
    • Glacial Acrylic Acid
    • Super Absorbent Polymers
  • Global Acrylic Acid Market, By Applications
    • Paints and Coatings
    • Adhesives and Sealants
    • Surfactants
    • Sanitary Products
    • Textiles
    • Other Applications
  • Global Acrylic Acid Market, By Geography
    • Asia-Pacific
    • North America
    • Europe
    • South America
    • Middle-East & Africa
  • Company Profiles
    • Arkema
    • BASF SE
    • China Petroleum & Chemical Corporation (SINOPEC)
    • Dow
    • Formosa Plastic Corporation
    • LG Chem
    • Merck KGaA
    • Mitsubishi Chemical Corporation
    • NIPPON SHOKUBAI CO. LTD
    • Sasol
    • Shanghai Huayi Acrylic Acid Co. Ltd
    • Satellite Chemical Co. Ltd
    • Wanhua

Frequently Asked Questions

The global acrylic acid market size is estimated to be valued at US$ 12.0 Billion in 2021 and is expected to exhibit a CAGR of 4.8% between 2022 and 2030.
Growing application of super absorbent polymers and increasing demand for acrylic acid from chemical synthesis are fuelling the market.
The Paints & Coatings segment is the leading component segment in the market.
Health hazard associated with the acrylic acid are the major factors restraining market.
Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua

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