Global Acrylic Acid Market is anticipated to reach USD 22.55 billion by 2022. Acrylic acid is an organic compound having acrid smell or tart. A huge portion of this composite is used as a feedstock for obtaining acrylate esters. Acrylate esters have a spectrum of applications in plastic additives, paper treatment, adhesives, textiles, surface coatings, and sealants.
The factors that propel the growth of the acrylic acid industry include growing demand for acrylic acid in developing markets and high demand from the surface diapers, coatings, and adult incontinence application sectors. On the other hand, there are factors that may hamper the growth of the market including strict environmental rules and extremely volatile prices of raw material. Acrylic Acid Market is anticipated to grow at a significant CAGR of 5.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Acrylic Acid industry may be explored by product type, end users, and geography. The market may be explored by product type as Glacial Acrylic Acid, Acrylate Esters, and Others. The “Acrylate Esters” segment led the Acrylic Acid Market in 2015 and is anticipated to maintain its dominance by 2022.
The acrylic acid industry could be explored based on end users as Organic Chemicals, Surfactants, Textiles, Adhesives & Sealants, Personal Care Products, Water Treatment, and Others. The “Personal Care” segment led the market in 2015 and is anticipated to maintain its dominance by 2022 owing to rising demand for super absorbent polymers in these applications is anticipated to propel demand.
Some of the key players that fuel the growth of the acrylic acid industry comprise LG Chem LTD, BASF, SIBUR, CinVic Chemical Holdings Limited, Dow Chemical Company, Evonik Industries Ag, and Arekma SA. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.