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| Acrylic Acid Market |
The global Acrylic Acid Market is estimated to be valued at US$ 12.0 billion in 2021 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic acid is a colorless liquid with a pungent odor, and it is primarily
used in the production of superabsorbent polymers (SAP). These SAPs have the
ability to absorb and retain large amounts of liquid, making them ideal for use
in baby diapers, adult incontinence products, and feminine care products. The
growing population, rising awareness about hygiene, and increasing disposable
income are driving the demand for such products, thereby fueling the growth of the
acrylic acid market.
Market Key Trends:
One key trend in the acrylic acid market is the rising demand for eco-friendly
and sustainable products. With increasing environmental concerns, manufacturers
are focusing on developing bio-based acrylic acid and SAPs. These bio-based
products are derived from renewable sources such as sugars and vegetable oils,
reducing the carbon footprint and dependency on fossil-fuels. This trend aligns
with the growing demand for sustainable products from consumers and the implementation
of strict environmental regulations by governments worldwide.
In addition, the acrylic acid market is witnessing a shift towards the Asia
Pacific region. The region has a large population base, rising disposable
income, and growing industrialization, which is driving the demand for acrylic
acid and its derivatives. Furthermore, favorable government policies,
investments in infrastructure development, and increasing consumer awareness
about personal hygiene are contributing to the market growth in this region.
Overall, the acrylic acid market is anticipated to witness high growth due to
the increasing demand for superabsorbent polymers and the shift towards
eco-friendly products. The Asia Pacific region is expected to dominate the
market during the forecast
PEST Analysis:
Political: The political factors in the acrylic acid market include regulations
and policies implemented by government bodies regarding safety standards,
environmental protection, and trade barriers. For instance, stringent regulations
on emissions and waste disposal may increase production costs and restrict
market growth. Additionally, trade disputes and tariffs between countries can
affect the import and export of raw materials and finished products.
Economic: Economic factors influencing the acrylic acid market include GDP
growth, inflation rates, exchange rates, and disposable income. A steady
economic growth indicates increased consumer spending power, leading to higher
demand for acrylic acid in various industries such as textiles, adhesives, and
coatings. However, fluctuations in exchange rates can impact the cost of raw
materials and affect profit margins.
Social: The social factors include changing consumer preferences and lifestyle
trends. Increased awareness about eco-friendly products and sustainability may
drive the demand for bio-based acrylic acid. Furthermore, the growing
population and urbanization contribute to the demand for construction and
automobile industries, driving the need for acrylic acid in adhesive and
coating applications.
Technological: Technological factors in the acrylic acid market include
advancements in production processes, research and development activities, and
innovation. Improved manufacturing techniques, such as bio-based or renewable
production methods, can enhance the sustainability of acrylic acid production.
Additionally, technological advancements in end-user industries like textiles
and automotive can influence the demand for acrylic acid-based products.
Key Takeaways:
The global Acrylic
Acid Market Share is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period,
from 2022 to 2030. This growth can be attributed to various factors such as the
increasing demand for acrylic acid in industries like textiles, adhesives, and
coatings. Additionally, the rising focus on eco-friendly and sustainable
products is expected to drive the demand for bio-based acrylic acid.
In terms of regional analysis, Asia Pacific is projected to be the
fastest-growing and dominating region in the acrylic acid market. This can be
attributed to factors like urbanization, industrialization, and increasing
disposable income in countries like China and India. These countries have a
vast consumer base, which drives the demand for acrylic acid-based products in
various applications.
Key players operating in the acrylic acid market include Arkema, BASF SE, China
Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic
Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON
SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite
Chemical Co. Ltd, and Wanhua. These key players contribute to market growth
through their technological advancements, research and development activities,
and strategic collaborations to expand their market presence.
Read More,
https://www.pressreleasebulletin.com/acrylic-acid-market-growing-size-share-analysis-growth/
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