The global acrylic acid market size is expected to experience considerable growth in the forthcoming years. This is attributable to the growing number of child births and the rising personal care segment that is likely to boost the adoption of advanced acrylic acid across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Acrylic Acid Market Size, Share & Industry Analysis, By Type (Crude Acrylic Acid, Glacial Acrylic Acid), By Derivative (Acrylate esters, Poly acrylic acids), By Application (Acrylate esters, Glacial acrylic acid) Others and Regional Forecasts, 2023-2030.”
COVID-19 Effect: Reduced Industrial Operations Affecting Market Growth
The lockdown announced by the government agencies has led to reduced industrial activities leading to supply disruption. Moreover, limited availability of workforce and decreased demand is hampering the growth prospects of several industries. However, the situation post-pandemic is likely to favor the market growth with the resumption of industrial operations by implying the stringent regulations set by the government to contain the spread of the novel coronavirus.
Acrylic acid is primarily a colorless organic liquid that is highly volatile and flammable. It is used in the production of resins and acrylic esters that are extensively adopted in adhesives and coatings. Owing to their water absorbent properties, they are used in several chemical applications.
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What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth between 2019 and 2026.
DRIVING FACTORS
Increasing Number of Child Births to Favor Growth
According to the data by UNICEF, an estimated 392,078 babies were born on 1 January 2020 across the globe. The increasing number of child births is expected to boost the adoption of baby diapers that consist of acrylic acid due to its water absorbent nature. Moreover, high disposable income and growing social media influence is driving the demand for personal care segment among the millennials. According to a survey by AlixPartners, millennials prefer organic personal care products with optimum environment standards. This is expected to contribute to the global acrylic acid market growth in the forthcoming years.
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REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Awareness Regarding Feminine Hygiene Products to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global acrylic acid market during the forecast period. This is attributable to the increasing awareness regarding feminine hygiene products that propel the demand for sanitary napkins consisting of advanced acrylic acid.
On the other hand, North America is expected to hold the second position backed by the presence of several acrylic acid manufacturers in the region.
COMPETITIVE LANDSCAPE
Merger and Acquisition between Eminent Companies to Intensify Industry Competition
The global market for acrylic acid is consolidated by the presence of major companies focusing on acquiring other small companies to expand their acrylic acid portfolio and further maintain a stronghold. Moreover, the adoption of strategies such as collaboration, partnership, and facility expansion by other key players will bode well for the growth of the market in the forthcoming years.
List of the Companies Profiled in the Global Market for Acrylic Acid:
- BASF SE
- Dow Chemical Company
- Arkema
- American Acryl LLP
- LG Chem
- Formosa Plastics
- Saudi Acrylic Acid
- NIPPON SHOKUBAI CO., LTD.
- Evonik Industries
- Zhejiang Satellite Petrochemical Co., Ltd
- Wanhua Group
- Jiangsu sanmu group Co, Ltd.
- Shanghai Huayi Acrylic Acid Co., Ltd.
- Others
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Industry Development:
- September 2019– Arkema SA, a global manufacturer of specialty chemicals, secured a partner stake in Taixing Sunke Chemicals, the China-based acrylic acid manufacturer. This is expected to strengthen Arkema’s position in China and further boost its sales revenue.
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