New York, Aug. 11, 2020 (GLOBE NEWSWIRE) -- The Global Acrylic Acid Market is forecast to reach USD 20.19 Billion by 2027, according to a new report by Reports and Data. Rising demand in the personal care market for superabsorbent polymers is expected to fuel growth over the projected period. Expanding use is also likely to shape the market in the manufacturing of surfactants, surface coatings, and adhesives & sealants. The rising demand for glacial acrylic acid (GAA) in the manufacture of superabsorbent polymers (SAP) is projected to be a primary factor influencing the market growth. Increasing SAP reach in niche segments involving adult incontinence, water treatment additives, and radiation treated coatings is anticipated to play an important role in the market growth in emerging economies in the Asia Pacific and Central & South America.
The driving forces for growth are rising demand for superabsorbent polymers, widespread acceptance of acrylic-based products in developing nations like the Asia Pacific, and increasing industrial sectors such as adhesives and sealants. Industries are designing and selling petrochemical technologies for manufacturing it. Instead of globally growing oil prices, producers use bio-based methods to generate this unsaturated carboxylic acid and acrylates from natural materials such as glycerol, sugar, and other things. Renewable feedstock provides favorable cost outcomes for competing with petrochemical routes.
Owing to growing environmental issues in regions such as North America and Europe, stringent regulatory controls are placed on the use of this organic compound to preserve the atmosphere and discourage occupational exposure. Its development is limited because of the possible restrictions. The manufacturers focus on research and development to discover the bio-based roots to boost market growth.
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COVID-19 Impact Analysis:
Demand around the organic chemicals sector will register a slump in development, although the need for certain chemicals that find end-user implementations in healthcare and food is rising. Additionally, China, the world's leading manufacturer of chemicals, reported a massive decline in production in the first quarter of 2020 along the course of the COVID-19 pandemic. This has contributed to an imbalance in the economics of supply-demand, causing suppliers and consumers everywhere to try and negotiate supply contracts.
Further key findings from the report suggest
- Acrylate esters were the primary products consumed in 2019, with an overall market share of 48.62%. Increasing demand for derivative products such as ethyl acrylate, butyl acrylate, and 2-EHA is supposed to propel product growth in paints, coatings, and fabrics.
- Personal care goods formed the leading end-use sector and constituted 30% of the overall value of the market in 2019. Rising demand from adult incontinence goods is projected to push this category over the forecast period attributed to the increasing geriatric population base in Europe and Japan, coupled with the rising population of baby boomers in the U.S.
- North America and Europe have established markets, which have a heavy emphasis on the production of bio-based acrylic acid. Corporations like Novozymes, Cargill, BASF, and OPX Bio have successfully implemented pilot-scale bio-based components and are moving on to commercial ventures.
- The APAC region is projected to intensify with an estimated 5.6% CAGR; due to the booming adhesive and sealant industry, the demand in emerging nations such as China and India is rising. The government has taken measures to help the manufacturing strategies that have contributed to the country's rapid sector development, which will have a direct effect on regional growth.
- Key participants include Formosa Plastics Co., Jiangsu Jurong Chemical Co. Ltd., Zhejiang Chemical, Shenyang Chemical Co. Ltd., LG Chemical, Mitsubishi Chemical, Dow Chemical Co., CNPC, BASF, and Arkema, among others.
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For the purpose of this report, Reports and Data has segmented the Global Acrylic Acid market on the basis of product, acrylic polymer, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Acrylate Esters
- Glacial Acrylic Acid
- Others
Acrylic Polymer Outlook (Revenue, USD Billion; 2017-2027)
- Crylic Elastomers
- Super Absorbent Polymers
- Water Treatment Polymers
Application Outlook (Revenue, USD Billion; 2017-2027)
- Surfactants
- Organic Chemicals
- Adhesives & Sealants
- Textiles
- Water Treatment
- Personal Care Products
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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