Increasing demand for superabsorbent polymers and extensive adoption of acrylic based products in various industries to drive the global acrylic acid market through 2024. According to a report released at TechSci Research, “Global Acrylic Acid Market By Derivative Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” the global acrylic acid market size is anticipated to reach over $ 21 billion by 2024, exhibiting growth at a CAGR of around 5% during the forecast period.
The Important Elements of the Global Acrylic Acid Market
Acrylic acid is used for synthesizing acrylate esters which find applications in various industrial processes including paper treatment, plastic additives, and textiles, among others. However, strict environmental regulations and volatile prices of raw materials may act as a challenge to the growth of the market.
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The global acrylic acid market has been segmented based on derivative type, application, and region. In terms of application, the market is categorized into surface coatings, adhesives & sealants, diapers, plastic additives, water treatment, thickeners, and dispersants, among others. Surface coating is one of the major applications of acrylic acid. This is due to the increasing demand for coating in industry verticals such as automotive, paper, and aerospace, among others. Acrylic acid also finds application in the manufacturing of sanitary pads and diapers.
Markedly, growing lifespan and decreasing birth rates have led to a rise in the aging population across the globe which is anticipated to increase the demand for adult diapers, consequently positively influencing the growth of the market.
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“Regionally, the global acrylic acid market has been segmented as North America, South America, Europe, Asia-Pacific, and Middle East and Africa. Among these, Asia-Pacific is anticipated to account for the largest market share on account of increasing population in economies such as China, and India, among others, and growing consumption of acrylic acid in adhesives, surface coatings, and diapers in the region,” stated Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Acrylic Acid Market By Derivative Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global acrylic acid market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers to make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global acrylic acid market.
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