The acrylic acid market size is expected to reach about 7,029 kiloton in 2022 and the market is projected to register a CAGR of over 5% during the forecast period (2022-2027). The market was negatively impacted by COVID-19.
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However, in 2021, the demand for laundry care products increased due to the increased awareness and consciousness regarding personal hygiene and clean surroundings. Acrylic acid is used in the production of liquid laundry detergent, thereby stimulating the demand for the acrylic acid market.
Over the short term, the rising applications of acrylic acid-based super absorbent polymers and the increasing usage in chemical synthesis, are the factors expected to drive the market’s growth.
Health hazards associated with acrylic acid may hinder the growth of the market.
The rising demand for bio-based polymers in healthcare applications is likely to act as an opportunity for market growth in the future.
The Asia-Pacific accounted for the largest market share, and it is likely to dominate the market during the forecast period.
Key Market Trends
Increasing Usage in Paints and Coatings Application
Acrylic acid is increasingly being used to make acrylate esters, which are used in a variety of applications, including paints and coatings.
Acrylics are utilized in architectural coatings, finishes for products for original equipment manufacturers, including automotive (OEM) and refinishes, and special-purpose coatings.
Acrylic powder coatings have been introduced as clear coats on car bodies. Although it is an ideal solution for many applications, curing is achieved at a high temperature in an oven and is therefore not universally applicable (e.g., painting of wood and plastics).
Architectural coatings are meant to protect and decorate the surface features. These are used to coat buildings and homes. Most are designated for specific uses, such as roof coatings, wall paints, or deck finishes. No matter their use, each architectural coating must provide certain decorative, durable, and protective functions. ?
Most homeowners prefer to use the color of their choice for the living room and bedroom walls. Acrylic paints are the preferred choice as they offer a wide variety of choices in terms of color and shade. A vast majority of ceilings are painted flat white so that they may reflect the majority of the ambient light in the room, to make the resident feel that the room is spacious and relaxed. Basement masonry walls can often weep water.
The construction industry in the Asia-Pacific region represents the largest and fastest-growing market, accounting for a major share of the global construction market. The developing countries in the region majorly focus on the construction sector, which actively adds to the GDP of the countries. China is in the midst of a construction mega-boom. According to the National Bureau of Statistics of China, the construction industry valued at around CNY 7,244.47 billion in 2020. ?
In the automotive sector, paints and coatings are used in interior and exterior parts of the vehicle to add a pleasant appeal. They are also used for metallic parts and plastic components of both interior and exterior types. ? Automotive coatings are used as protection against sunlight, material corrosiveness, and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand. ?In 2021, various governments around the world eased the lockdowns and travel regulations, and the automotive industry resumed its operations. In 2021, automobile production reached 80.154 million units, increasing by 3% from the same period in 2020 but decreasing by 13% compared to the same period in 2019.
Overall, the demand for acrylic acid is expected to witness moderate to high growth in the region after the initial recovery period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific dominated the market due to the high demand from countries like China, India, and Japan.
China is the largest consumer of acrylic acid in the Asia-Pacific region, and its demand is expected to grow further in the coming years due to several factors. The demand for adhesives, paints, and coatings in China is also increasing at a strong rate due to the growing investments in the construction and infrastructure sectors.
Additionally, China is one of the major consumers of personal hygiene products globally. The country’s demand for personal hygiene products is attributed to a large infant population and an increasing disposable income, leading to an increase in personal and hygiene care spending. Thus, this factor is anticipated to boost the market for acrylic acid.
China is known for its Industrialization and manufacturing sector, where paints and coatings are widely required. Some of the major sectors where paints and coatings are used in the country are Automotive, Industrial, and construction sectors, among others. China accounts for more than one-fourth of the global coatings market. According to the China National Coatings Industry Association, the industry has been registering a growth of 7% in recent years, this will drive the acrylic acid market in coatings application.
Nearly 10,000 coatings manufacturers are located in China. Most leading global coating manufacturers, such as Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BAF SE, and Axalta Coatings, have their manufacturing base in China. Paints and coatings companies have been increasingly growing investments in the country. This is likely to fuel the market for acrylic acid used to manufacture automotive paints and coatings.
Some of the key players operating in the paints and coatings business in India are Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India. Recently, various companies have announced their capacity expansions, which is likely to boost the demand for acrylic acid from paints and coatings formulations in the country.
In India, the lack of menstrual hygiene has always been a challenge. As of April 2021, according to UNESCO and Whisper, 23 million girls drop out of school due to a lack of menstrual hygiene and awareness. Out of a total of ~40 crore menstruating women in India, less than 20% use sanitary pads. In urban areas, this number only goes up to 52%.
Hence, owing to these factors, China is likely to dominate the acrylic acid market during the forecast period.
The acrylic acid market is consolidated in nature. Some of the major players in the market include BASF SE, Arkema, Nippon Shokubai Co., Ltd, LG Chem, and Shanghai Huayi Acrylic Acid Co. Ltd., among others (not in any particular order).
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