Acrylic acid is an organic compound with tart or acrid smell characteristic. It is mainly used as a feedstock in the production of acrylate esters. Acrylate esters have a broad spectrum of application in plastic additives, textiles, sealants, adhesives, and surface coatings. Industries develop and implement commercialized processes for producing acrylic acid from petrochemicals. Manufacturers are using bio-based techniques to produce acrylic acid from renewable sources, such as, glycerol, and sugar, because of stringent regulations. Renewable feedstock shows cost competitive outcomes as compared to petrochemical routes.
Soaring demand for superabsorbent polymers and widespread adoption of acrylic-based products in emerging economies, such as Asia-Pacific, are the factors that drive the acrylic acid market. Stringent government regulations are imposed on the use of acrylic acid because of environmental concerns in regions such as North America and Europe, which acts as a major restraint for the growth of this market. Commercialization of bio-based acrylic acid and saturated demand for poly (methyl methacrylate) or PMMA resins in various industries is likely to present varied opportunities for the growth of this market. Hence, the producers of acrylic acid focus on R&D to find bio-based sources for the production of acrylic acid.
The acrylic acid market by derivative type is segmented into acrylic esters, acrylic polymers, and other derivatives. Acrylic polymers were the major type in 2015, and may continue to lead the market till 2022. These are widely used for coatings, binders, gun turrets, bomber noses, aircraft canopies, and in cosmetic industry among others. Acrylic polymers are popular for their stability, superior technology, and chemical purity because of which they are used in applications where there is a need for resistance to aging & weathering, transparency, and color stability.
Acrylic acid end-user market is segmented into diapers, surface coatings, adhesives and sealants, plastic additive industry, water treatment industry, textiles, surfactants, and others. Currently, acrylic acid is majorly consumed in manufacturing diapers. The diaper segment is the fastest growing segment, growing at a CAGR of 7.7% during the forecast period, and is expected to dominate the global acrylic acid market till 2022.
The acrylic acid market is segmented by geography into North America, Europe, Asia-Pacific, and LAMEA. In 2015, Asia-Pacific was the largest revenue-generating region, and it is likely to dominate the revenue streams up to 2022. LAMEA is the fastest growing region, growing at a CAGR of 7.4% during the forecast period. The region has a lucrative market for the production of crude acrylic acid owing to the presence of the worlds largest petrochemicals plays.
The key strategies adopted by the companies to expand in the acrylic acid market are expansions, joint ventures, and product launches. A strategic analysis of the companies reveals that most of the companies concentrate on product launch and expansion. These strategies resulted in the advancement of technology and diversification of the products in untapped areas. This led to diversification of their business in industries such as surfactants, surface coatings, adhesives, sealants, plastics additives, among others. Key companies profiled in the report include Dow Chemical Company, BASF SE, Arkema SA, Lubrizol Corporation, LG Chem LTD., Evonik Industries Ag, SIBUR, Myriant Corporation, SunVic Chemical Holdings Limited, and Hexion Inc.