Acrylic acid is an organic compound that is majorly used as a raw material in the production of esters and acrylate polymers. It finds applications in coatings, adhesives, sanitary products, and superabsorbent polymers. Acrylic acid-based polymers and resins are widely used in architectural and industrial coatings owing to their properties like adhesion, gloss, durability, and flexibility. Growing demand for acrylic coatings from various end-use industries like construction, automotive, and machinery is expected to drive the growth of the acrylic acid market.

The global acrylic acid market is estimated to be valued at US$ 13.18 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing demand for acrylic coatings from the construction industry for applications such as roof coating, flooring, and paints is expected to boost the growth of the acrylic acid market over the forecast period. The construction industry has been witnessing steady growth over the past few years owing to rapid urbanization and industrialization in emerging countries. According to the World Bank, the global construction output is projected to increase by 85% to $15.5 trillion worldwide by 2030. Rising residential and non-residential construction activities are thus expected to propel the demand for acrylic acid in the coming years.

Furthermore, superior properties of acrylic acid such as flexibility, transparency, and stain resistance have increased its preference over other coating polymers. It helps in forming tough, glossy, and weather-resistant coatings. Growing consumption of acrylic coatings in industries such as automotive, machinery, and furniture is anticipated to further spur the market growth. However, volatility in crude oil prices leading to fluctuations in raw material costs is expected to hamper the market expansion.

Segment Analysis
Acrylic Acid Market is segmented into four major sub segments based on applications - Superabsorbent Polymers, Adhesives, Coating, Polyacrylic Acid. The Superabsorbent Polymers sub segment dominates the market and holds around 55% market share in 2023. Superabsorbent polymers are increasingly used in baby diapers and feminine hygiene products due to their ability to absorb large amounts of liquids quickly. This sub segment is expected to remain the dominating segment during the forecast period.

PEST Analysis
Political: The regulations around use of chemicals is increasing globally. Some regions have banned use of certain toxic chemicals in Acrylic Acid production which can impact supplies.
Economic: The global economic growth especially in developing regions is supporting growth of end use industries like construction, automotive etc driving demand for Acrylic Acid. Volatility in raw material prices can impact producers.
Social: Rising health awareness and growing focus on sustainability is increasing demand for eco friendly products. Superabsorbent polymers used in diapers help reduce landfill waste.
Technological: Research is ongoing to develop more efficient production techniques to reduce costs and impact on environment. New applications are also being explored in water treatment and healthcare industries.

Key Takeaways
The Global Acrylic Acid Market Size is expected to witness high growth during the forecast period of 2023-2030 supported by rising applications in superabsorbent polymers, adhesives and coatings industries.
Regional analysis: The Asia Pacific acrylic acid market accounted for around 45% of the global market share in 2023 and is expected to continue leading during the forecast period. This is attributed to large production capacities in China and India as well as presence of leading superabsorbent polymer producers supplying the region. Countries like China, India and Japan are major producers and consumers of acrylic acid.
Key players operating in the acrylic acid market are Abbott, BD, Cardinal Health, Johnson & Johnson, Medtronic, 3M, Steris, Teleflex. Nippon Shokubai is a leading producer with production facilities in Asia Pacific and Europe supplying superabsorbent polymers. Dow Chemicals is another major producer with global production sites.

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