Acrylic Acid Market To Generate Revenue Worth $14.9 Billion by 2030

The global acrylic acid market revenue is expected to generate USD 14.9 billion by 2030, advancing at a CAGR of 3.2% during 2024–2030. This can be ascribed to the increasing demand for paints and coatings and superabsorbent polymers, the surging use of polymers in manufacturing lighting fixtures, glazing, and electronic displays, and the rising consumption of surfactants, surface coatings, and adhesives & sealants.

Increasing Demand for Acrylic Esters

For the production of acrylate esters, such as methyl acrylate, butyl acrylate, ethyl acrylate, 2-ethylhexyl acrylate, and superabsorbent polymer, acrylic acid is a major component. These are widely used in the paints and coatings industry like OEM finishes for automobiles, architectural coatings, and other products, including special-purpose coatings. Their demand is also rising due to economic growth, surging automotive production, and increasing construction activities.

Moreover, manufacturers of acrylic acid are involved in the production of glacial acrylic acid, which is the main feedstock material used in the manufacturing of superabsorbent polymers. With the growing population, the demand for superabsorbent polymers is rising, as they are widely used for the manufacturing of hygiene products like baby diapers, adult incontinence pads, and absorbent medical dressings.

Paints and Coatings Industry Generates a Lucrative Demand

Polymers based on acrylic acid have substituted conventionally used materials (synthetic rubber) in many industries like paints and coating, building and construction, automotive, electronics, adhesives and sealants, plastic additives, surfactants, and others. One example of an acrylic acid-based elastomer is ethylene acrylic elastomers. These acrylic acid esters have multiple benefits like durability, weather resistance, and excellent adhesion, which make them a desired choice for various surface coatings. They also provide corrosion protection, instruct gloss, and color retention, which make them the material of choice.

In the paints and coatings industry, acrylic acid and its esters serve as binders and film-forming agents, which provide UV resistance and make them an appropriate choice to be used in industrial and marine coatings. Thus, due to these factors, demand of this category is increasing.

Moreover, acrylic esters are widely used in the water treatment industry. As acrylic acid is a versatile monomer that can be polymerized to complex molecular arrangements, it is often polymerized to form polyacrylic acid (PAA). Another polymer derived from acrylic acid is polyacrylamide, which is used as flocculants and coagulants in water treatment processes by removing impurities from water via sedimentation and the use of filters.

Asia-Pacific Is the Largest Regional Market

Globally, APAC is the largest market for acrylic acid. This is due to the high demand in countries like China, Japan, and India; and the surging industrialization and urbanization that have led to the increasing use of coatings, adhesives, and superabsorbent polymers (SAP) in several growing end-use industries in the region.

Moreover, the North American market holds the second-largest revenue share. This is due to its vast automotive industry that requires acrylic acid-based adhesives and coatings for new vehicles and repairing old ones. Along with the increase in the geriatric population in the region, the demand for adult incontinence products is rising, leading to the surging need for superabsorbent polymers.

Some of the major players operating in the acrylic acid market are Arkema S.A., BASF SE, The Dow Chemical Co., Nippon Shokubai Co. Ltd., LG Chem Ltd., Mitsubishi Chemical Group Corporation, The Lubrizol Corporation, Formosa Plastic Group, Sasol Limited, and Merck KGaA.