Often used as a pigment dispersant, acrylic acids are a class of organic compounds that contain the chemical formula CH2=CHCO2H. Acrylic Acids are found in many products including cosmetics, paints, adhesives, paper, plastics, rubber and rubber-like materials. Acrylic acids are flammable, volatile, corrosive and are incompatible with strong alkalis, strong bases and strong oxidizers. In addition to its flammability, acrylic acids are known to cause respiratory irritation. Inhalation may result in shortness of breath, cough, lung edema, and skin sensitization.
Market Statistics:
The Global Acrylic Acid Market is estimated to account for US$ 12.0 Bn in terms of value by the end of 2021.
Global Acrylic Acid Market: Drivers
Growing demand from end-user industries such as adhesives and sealants industry, water treatment polymers industry, surface coatings industry, textiles industry, plastic additives industry, and other end users is driving growth of the market. Moreover, increasing demand for acrylic acid from emerging market is again projected to augment market growth.
Global Acrylic Acid Market: Opportunities
The bio-based acrylic is produced from renewable resources and has the potential to open new growth opportunities for manufacturers. Manufacturers are implementing bio-based techniques to produce unsaturated carboxylic acid and acrylic acids. Several companies such as Novozymes, OPX Bio, and Cargill have successfully implemented bio-based components in their manufacturing processes. Increasing awareness about the harmful effects of the synthetic materials has pushed the chemical industry to adopt sustainable solutions for the production of acrylic acid. In addition, the rising oil prices are contributing to the increase in the demand for renewable raw materials.
Global Acrylic Acid Market: Restraints
Issues associated with the commercialization of bio-based acrylic acid is expected to hamper the market growth over the forecast period.
Global Acrylic Acid Market- Impact of Coronavirus (Covid-19) Pandemic:
With the slowdown in the economic growth the acrylic acid industry has suffered a lot and confronting hardships in working their office in this pandemic circumstance. Besides, a portion of the organizations have briefly closed down while others are battling to proceed with their activities. The market is expected to rise at a significant rate over the forecast period.
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https://www.coherentmarketinsights.com/market-insight/acrylic-acid-market-5412
Key Takeaways:
The global acrylic acid market was valued at US$ 12.0 Bn in 2021 and is forecast to reach a value of US$ 19.2 Bn by 2030 at a CAGR of 4.8% between 2022 and 2030.
Paints & Coatings segment held dominant position in the global acrylic acid market in 2021, accounting for 25% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Acrylic Acid Market Trends:
Increasing consumer spending on clothing and accessories due to rising disposable income is a growing trend. According to the UK Fashion and Textile Association, the country’s consumers spend almost EUR 45 billion on clothing and textiles, which has been steadily rising over the last decade. Online retail sales for textiles, clothing, and footwear increased to 31% in 2020. Nearly 34,045 businesses were operating in the UK fashion and textile sector in 2020 across retail, wholesale, and manufacturing. The UK exported EUR 8.9 billion of fashion and textiles in 2020, down from EUR 9.7 billion in 2019, and imported EUR 27.7 billion, up from EUR 25.9 billion in 2019.
Growing popularity of automotive coatings is expected to shape the market growth positively in the near future. For instance, in January 2022, PPG Industries announced plans to invest more than USD 10 million (EUR 9 million) to expand the production of original automotive equipment manufacturer (OEM) coatings at its site in Weingarten, Germany. The expansion is expected to be complete in Q2 2022, in addition to its existing facility, with a capacity to produce more than 5,000 ton of waterborne basecoats per year.
Global Acrylic Acid Market: Competitive Landscape
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
Global Acrylic Acid Market: Recent Developments
In September 2020, LG Chem announced that the company has planned to build additional acrylic acid purification units to increase the capacity of its complex in Yeosu, South Korea, to 160,000 tons of high-purity acrylic acid annually. LG Chem contacted Sulzer Ltd to deliver the required acrylic-acid crystallization equipment.
