The global acrylic acid market is anticipated to grow at a considerable CAGR of 5.1% during the forecast period (2024-2031). Engineering plastics usage in developing countries such as China has increased significantly in recent years as a result of rising urbanization and the replacement of numerous metals in various applications by suitable engineering plastics. Engineering plastics are also used in the automotive industry to reduce the mass of the parts, while also providing more design flexibility than metal. According to OICA, about 25.23 million vehicles were produced in China in 2020, compared to 25.75 million vehicles produced in 2019, indicating a 2% decline in growth rate, resulting in lower demand for engineering plastics.
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Rising acquisitions, product approval, collaborations among the major players in the market also propel the growth of the market. For instance, in October 2019, Arkema successfully started its new 90,000-ton acrylic acid reactor at its Clear Lake site in Texas to attract consumers from paints, superabsorbents, water treatment, and adhesives markets in North America. Equipped with the latest production technologies, this new reactor replaces two decommissioned reactors of 45,000 tons each. Clear Lake is now one of the most competitive acrylic acid sites in the United States, owing to a $90 million investment. The Group will be able to support the expansion of its North American clients in industries including adhesives, superabsorbents, paints, polymers, and coatings, for water treatment and increased oil and gas recovery with this new capacity. Additionally, this expansion reinforces Arkema’s position as the region’s second-largest producer of acrylic acid.
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Market Coverage
- Segment Covered-
o By Type
o By End-Use
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- BASF SE, Nippon Shokubai Co.,Ltd., The Dow Chemical Company, Arkema Group, and LG Chem, Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Acrylic acid Market Report Segment
By Type
- Acrylate Esters
- Glacial Acrylic Acid
- Others
By End-Use
- Surfactants
- Organic Chemicals
- Adhesives & Sealants
- Textiles
- Water Treatment
- Others (Personal Care Products)
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