BASF SE Dow Chemical Company, Arkema, NIPPON SHOKUBAI CO., LTD., LG chemicals. Shenyang Chemical Co Ltd., and Mitsubishi Chemical are some of the prominent players at the forefront of competition in the Global Acrylic Acid Market and are profiled in MRFR Analysis.
Acrylic Acid Market – Market Overview
Acrylic Acid, a specialty petrochemical which is produced from propylene, a by-product of ethylene and gasoline production. Growing demand of acrylic acid in personal care industry is expected to drive the market growth. Acrylic Acid possesses different properties such as low temperature and good weather ability which enables its usage in numerous applications like surface coatings, sealants & adhesive, agriculture, plastic sheets and diapers among others. Globally, the market for Acrylic Acid is growing at a CAGR of 5.14% during forecasted period.
On basis of type segment, superabsorbent polymers hold the market share of 19% in 2015. Superabsorbent polymer is mainly acrylic acid based polymer which are capable of absorbing more than 10 times of their own weight. The use of superabsorbent polymers revolutionized the diaper industry. Diaper market accounted for the largest market share registering CAGR of 5.85% during the forecasted period. Thus, rising demand of diapers, adult incontinence products and feminine hygiene products in personal care industry is likely to propel the Acrylic Acid Market. Additionally, superabsorbent polymers are widely used in agriculture sector as well specifically in irrigation. Rising government investments in agriculture activity especially in emerging economies is anticipated to drive the acrylic acid market growth. Acrylic acid when reacted with alcohols gives commodity acrylates. Thus, increasing consumption of commodity acrylates in paints and coatings industry is also expected to boost the market demand. Moreover, acrylic acid is widely used in construction industry such as in the form of protective coatings and weathering resistance.
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Asia Pacific is the largest and the fastest growing industry for acrylic acid. Countries like China, India, Thailand and Indonesia are expected to grow at rapid pace due to increased spending on R&D facility along with economic development. Robust industry growth and extensive demand of acrylic acid in surface coatings and diapers is driving the regional market growth. Favourable government regulations and growing agriculture expenditure in China and India is anticipated to drive the market growth. China is one of the major construction industry in Asia Pacific. Rising infrastructural development especially for tourism and easy trading activities is likely to boost the acrylic acid market. China accounted for the largest market share of 58.00% in 2014, with a market value of USD 2,635.5 Million and is projected to grow at the highest CAGR of 5.53% during the forecast period. With upcoming infrastructural projects such as railway tracks, metro rails as well as new wind energy farms, the country is set to witness a strong growth in the adhesives industry over the next five years. The manufacturing sector in India is still growing and adhesive industry’s growth is directly aligned with the country’s manufacturing growth. North America and European regions are facing huge competition from emerging markets. Rising production of acrylic acid owing to growing personal care demand and presence of significant players is driving the Europe acrylic acid market.
Acrylic Acid Market – Competitive Analysis
Acrylic Acid Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. Majority of the company participants in the acrylic acid market has adopted the strategy named acquisition, agreement, collaboration, expansion, investment, partnership, product launch, and regulations. As the propylene price are increasing and the supply is diminishing rapidly, companies are trying to collaborate with propylene raw material suppliers and innovating new product such as bio acrylic acid in order to avoid raw material hassles. With advanced technology and innovative products offerings, manufactures are maintaining sustainable profits across the value chain. Major companies are extending their market share through expansion and agreement with distributors to meet the global demand.
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Industry/ Innovation/ Related News:
January 2017 –Arkema is expanding its production facility in North America at clear lake Texas site. This expanded facility cost USD 90 million with all modern facilities and latest technology. This production facility is replaced with two 45 kt/ year with a single 90 kt/ year. This facility is expected to be completed by mid-2019. The total production capacity will reach to 270 kt/ year. These all will facilitate the company’s profit to meet the demand of domestic as well as neighbouring countries market.
December 2017 –Evonik and Dow Chemical Company (Dow) are ending the joint venture of StoHass. The two companies are taking steps to optimize the acrylic acid production. This joint venture between Stockhausen (a predecessor of Evonik) and Rohm & Haas (a wholly-owned subsidiary of Dow) runs production sites at Germany and U.S. The new corporate strategy will help the company to pursue better position in respective market.
December 2017 – LG Chem Ltd. had announced on expanding production capacity of acrylic acid and superabsorbent polymer at southwestern city of Yeosu by first half of 2019. The company is investing USD 278.3 million. The crude acrylic acid capacity will increase from 180,000 ton/ year to 700,000 ton/ year. This would benefit the company to meet customer requirement and attain a sustainable market share.
June 2015 – BASF SE expands its production plant to camacari, brazil. The company invested of more than euro 500 million. The investment will strengthen the position in growing south America market.
May 2015- NIPPON SHOKUBAI CO., LTD.SE.The plan is to build superabsorbent polymer (SAP) plant with 100,000 metric ton/ year and acrylic acid (AA) plant with 100,000 ton/year. In Europe, NIPPON SHOKUBAI expects the steady demand of SAP especially in Central and Eastern Europe. NIPPON SHOKUBAI will ensure more stable supply after the investment of not only SAP but also its main raw material, AA.With this new plant at NSE.
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