Pune, India, May 28, 2019 (GLOBE NEWSWIRE) -- Global Acrylic Acid Market is estimated to grow USD 18,315.3 Mn at 5.14% CAGR over the forecast period (2016- 2022), according to the latest research report published by Market Research Future (MRFR). The Global Acrylic Acid Market is mainly driven by the growing demand for Acrylic Acid products in the construction and paints and coatings industries.
Drivers:
The growing construction industry has emerged as a leading driver for the Global Acrylic Acid Market over the forecast period. Acrylic acid is a highly versatile raw material in the chemical industry and is used in the production of a number of products used in the construction industry. The key use of Acrylic Acid derivatives in the construction industry is as a weather resistant coating. Acrylic Acid can be made into highly weather-resistant coatings for the construction industry, which is likely to be a major driver for the Global Acrylic Acid Market over the forecast period.
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The growing demand for superabsorbent polymers developed from Acrylic Acid has emerged as a key driver for the Global Acrylic Acid Market over the last few years. Superabsorbent polymers are used in diapers and other applications where a relatively small volume of the absorbent material is required to absorb large quantities of the liquid. The growing global population and the growing awareness about diapers and the importance of sanitary care among urban parents is likely to drive the Global Acrylic Acid Market over the forecast period.
Restraints:
On the other hand, fluctuations in the cost of propylene, a key raw material in the production of Acrylic Acid, are likely to hamper the Acrylic Acid Market’s growth prospects over the forecast period. Propylene is derived from petroleum and reliant on the fluctuations in the oil and gas industry. In recent years, the price of propylene has gone up by nearly 30%, which has in turn driven up the prices of Acrylic Acid by an even higher margin of 50%. This is likely to be the key restraint against the Global Acrylic Acid Market over the forecast period.
Other applications for Acrylic Acid and products developed from Acrylic Acid include fire resistance materials, waterproofing, frost resistance, shrinkage reduction, surface curing, and coatings of various kinds. The development of biobased acrylic acid is likely to be a major trend in the Global Acrylic Acid Market over the forecast period, as it both provides an environmentally viable way of carrying on with the Acrylic Acid Industry and removes the reliance on propylene as a raw material. In February 2019, researchers at the University of Connecticut collaborated with ExxonMobil to develop a new manufacturing process for acrylic acid. The new process uses a manganese-oxygen catalyst and provides higher energy efficiency as well as a drastic reduction in the volume of toxic byproducts.
Browse the market data and information spread across 166 pages with 177 data tables and 34 figures of the report “Acrylic Acid Market Report - Forecast 2018-2022” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/acrylic-acid-market-2571
Segmentation:
The Global Acrylic Acid Market has been segmented based on Type, Application and Region.
By Type, the Global Acrylic Acid Market has been segmented into superabsorbent polymers, methyl acrylate, ethyl acrylate, water treatment polymers, 2-ethylhexyl acrylate, elastomers, butyl acrylate, and others. The superabsorbent polymers segment is expected to dominate the Global Acrylic Acid Market over the forecast period due to the growing demand for SAPs in diaper production. The growing demand for female hygiene products is also likely to drive the superabsorbent polymers segment over the forecast period.
Various applications of Acrylic Acid include surface coatings, adhesive & sealants, agriculture, plastic sheets, diapers, cement modifiers, and others. The diapers segment led the Global Acrylic Acid Market in 2015 due to the growing disposable income of urban parents, the increasing awareness about baby hygiene, and the increasing demand for effective diaper products.
Regional Analysis:
Asia Pacific (APAC) is the largest regional market for Acrylic Acid and is expected to reach a valuation of USD 6.5 billion by 2022. It is mainly driven by the growing construction industry in the region, which has driven the demand for various weather resistance coating products. The construction industry in emerging regions such as China, India, Japan, and South Korea has risen at a stable growth rate over the last few years and is likely to remain a leading contributor to the regional economy over the forecast period. The growing urbanization in Asia Pacific is thus likely to be a major driver for the Acrylic Acid Market in the region. The growing infant population in Asia Pacific is also likely to drive the demand for superabsorbent polymers made from Acrylic Acid, which is likely to be a major driver for the Global Acrylic Acid Market over the forecast period.
North America is likely to hold the second largest share in the Global Acrylic Acid Market over the assessment period due to the growing demand from the construction and baby products industry. North America could also play a leading role in the development of biobased Acrylic Acid over the forecast period. Europe, the Middle East, and Latin America are likely to hold relatively smaller shares in the Global Acrylic Acid Market over the forecast period.
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