Acrylic Acid Industry Size, Share, Demand & Growth by 2032
The rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market over the analysis period. According to a recent study by Future Market Insights, the acrylic acid industry is expected to reach US$ 22.6 Billion by 2032, up from US$ 14.6 Billion in 2022, expanding at a CAGR of 4.5%.
Acrylic acid-based polymers
have replaced conventionally used materials in major end-use industries, such
as automotive, building and construction, electronics, and others. Acrylic
acid-based elastomers such as AEM (Ethylene Acrylic Elastomers), are used as an
alternative to synthetic rubber in various applications, such as an automotive
gasket, hoses, and others.
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In addition, owing to the
improved properties of AEM, such as strength, and resistance, among others,
there is an increasing demand for acrylic acid from the polymer industry during
the forecast period. Additionally, the rise in demand for methacrylate-based
polymers for the manufacturing of lighting fixtures, glazing, automotive rear
lights, and electronic displays has witnessed significant growth, which in
turn, represents prominent growth in the acrylic acid market.
Key Takeaways from the Market Study
- The global acrylic acid market was valued
at US$ 14.6 Billion by 2022-end
- The US to account for the highest value share
of US$ 7.8 Billion of global market demand for acrylic acid in
2032
- From 2015 to 2021, acrylic acid demand expanded
at a CAGR of 5.2%
- By Product, the acrylate esters category
constitutes the bulk of the Acrylic Acid Market with a CAGR of 4.6%.
“Increasing
demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application, is one
of the major factors that is anticipated to propel the industry growth over the
forecast period,” remarks an
FMI analyst.
Competitive Landscape
Players in the global
acrylic acid market focus on expanding their global reach through various
strategies, such as; partnerships, collaborations, and partnerships. The
players are also making a significant investment in R&D to add innovations
to their products which would help them in strengthening their position in the
global market.
Some recent developments
among the key players are:
- 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.
- In October 2020, Arkema successfully
started a its new 90,000-ton acrylic acid reactor at its Clear Lake site
in Texas to attract consumers from paints, super-absorbents,
water treatment, and adhesives markets in North America.
- In August 2018, BASF PETRONAS Chemicals
announced the expansion of the production capacities of its acrylic acid
and butyl acrylate plants in Kuantan, Malaysia.
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from commodity, bulk,
specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified,
recipient of the Stevie Award, and a member of the Greater New York Chamber of
Commerce) offers profound insights into the driving factors that are boosting
demand in the market. FMI stands as the leading global provider of market
intelligence, advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals
markets. With a vast team of over 400 analysts worldwide, FMI provides global,
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more than 110 countries.
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