The acrylic acid market is an essential component of the global chemicals sector, widely used in the production of superabsorbent polymers, coatings, paints, adhesives, sealants, textiles, and a variety of other industrial applications. Acrylic acid, a key monomer, plays a crucial role in the manufacture of these products due to its versatility, availability, and chemical properties. As industries across the globe evolve, the demand for acrylic acid continues to rise, making it a critical player in the chemical production market.

Market Overview and Outlook

The global Acrylic Acid Market Size reached a volume of approximately 8.44 million metric tons (MMT) in 2024, with a forecasted Compound Annual Growth Rate (CAGR) of 5.10% from 2025 to 2034. By the end of the forecast period, the market is expected to reach around 13.88 MMT in volume. This steady growth reflects a strong demand in various sectors, driven by the widespread`X use of acrylic acid in producing key industrial products.

Acrylic acid is synthesized through the hydration of propylene, primarily obtained from petroleum refining, making it closely tied to the global petrochemical industry. Its production processes include oxidation and catalytic methods, which have evolved over time to ensure improved yields and reduced environmental impact.

Key Benefits of Acrylic Acid

1. Versatility in Applications: Acrylic acid is a versatile compound that finds use in various industries, including construction, personal care, automotive, textiles, and agriculture. Its widespread application allows manufacturers to create innovative products that meet diverse consumer needs.

2. High Demand for Superabsorbent Polymers (SAP): Superabsorbent polymers, often used in diapers, adult incontinence products, and feminine hygiene products, are one of the largest consumers of acrylic acid. With the growth in the global population and increased awareness of hygiene, demand for these polymers is expected to remain robust.

3. Sustainability and Low Environmental Impact: Acrylic acid manufacturers have shifted focus toward sustainable practices in the production process. This shift involves utilizing renewable feedstocks, improving the energy efficiency of production plants, and reducing carbon emissions, which is beneficial to the environment and contributes to a greener future.

4. Improved Performance Characteristics: Acrylic acid-based products often exhibit superior performance in various applications. For example, in coatings and adhesives, they provide excellent durability, flexibility, and resistance to harsh environmental conditions.

Driving Factors of the Acrylic Acid Market

1. Growing Demand for Superabsorbent Polymers: The increase in birth rates, aging populations, and rising hygiene awareness are driving the demand for superabsorbent polymers (SAPs), which are heavily reliant on acrylic acid. As the global population increases, especially in emerging economies, demand for sanitary products is expected to soar, thus boosting the acrylic acid market.

2. Expanding Construction and Paint Industries: The construction and paint industries are other major consumers of acrylic acid. Acrylic-based paints and coatings are highly sought after due to their excellent weather resistance, UV stability, and water repellency. The booming construction sector in both developed and emerging economies is fueling the demand for acrylic acid in these applications.

3. Growing Demand in the Textile Industry: Acrylic acid is also gaining traction in the textile industry, where it is used to create softening agents, dyes, and fabric finishes. The growing demand for stylish, comfortable, and long-lasting fabrics is expected to drive this segment.

4. Increased Application in Agriculture: Acrylic acid derivatives are increasingly used in agriculture to create water-soluble polymers that improve the efficiency of irrigation systems. These polymers help retain water in soil and increase crop yield, contributing to the growth of the acrylic acid market.

5. Technological Advancements in Production: Continuous improvements in the production process, such as the development of more efficient catalysts and energy-saving technologies, are making acrylic acid production more economical. This is further driving market expansion, especially in regions where raw materials are abundant and production costs are relatively low.

COVID-19 Impact on the Acrylic Acid Market

The global COVID-19 pandemic had significant ramifications for many industries, including the acrylic acid market. The immediate impacts of COVID-19 were felt in the form of production shutdowns, disruptions in supply chains, and reduced demand in some sectors. For instance, the automotive and construction sectors were temporarily halted, which directly affected the demand for acrylic acid in paints and coatings.

However, certain segments, such as personal care and hygiene products, saw an uptick in demand due to the growing need for disinfectants, sanitizers, and sanitary products. This helped offset the negative effects in some areas of the market. Additionally, the pandemic accelerated the shift toward e-commerce, increasing demand for packaging materials, further benefitting the acrylic acid market.

As economies gradually recover, the acrylic acid market is expected to rebound with a stronger focus on sustainability, technology-driven production, and demand for hygiene products, leading to more stable growth in the long term.

Restraining Factors of the Acrylic Acid Market

1. Price Volatility of Raw Materials: Acrylic acid is primarily derived from propylene, a byproduct of petroleum refining. Fluctuations in crude oil prices and supply chain disruptions can affect the overall cost of production. This price volatility poses a challenge to manufacturers who rely heavily on stable feedstock prices.

2. Environmental Concerns: Despite advancements in eco-friendly production methods, the acrylic acid manufacturing process can still have a significant environmental impact, particularly regarding emissions and water usage. Increased scrutiny from regulatory authorities and environmental groups may impose restrictions on production, impacting market growth.

3. Competition from Substitutes: The acrylic acid market faces stiff competition from alternative materials, including those derived from renewable sources. For example, bio-based acrylic acid, made from renewable feedstocks such as sugars, is gaining attention as a more sustainable alternative. This competition may limit the growth potential of traditional acrylic acid producers.

Market Segmentation and Regional Insights

1. By Application:

   • Superabsorbent Polymers (SAP): The largest application segment, primarily used in diapers, adult incontinence products, and feminine hygiene products.
   • Paints and Coatings: Acrylic acid-based paints are favored for their durability, water resistance, and UV stability.
   • Adhesives and Sealants: Acrylic acid is used in pressure-sensitive adhesives for various applications, including packaging, automotive, and construction.
   • Textiles and Fabrics: Acrylic acid is employed in the textile industry for fabric finishes and softeners.
   • Others: This includes uses in water treatment, agriculture, and oil recovery.

2. By Region:

   • North America: The region holds a significant market share due to high demand in industries like automotive, construction, and healthcare. The U.S. is the largest consumer of acrylic acid in this region.
   • Europe: The European market is driven by the presence of established industrial bases and demand for high-performance coatings, paints, and hygiene products.
   • Asia Pacific: The largest and fastest-growing market for acrylic acid, driven by rapid industrialization, growing populations, and increasing demand for consumer goods. China and India are key contributors to the market in this region.
   • Latin America: While still a developing market, Latin America is witnessing steady growth due to expanding urbanization, the demand for construction materials, and increasing agricultural needs.
   • Middle East and Africa: The market is expected to see growth, particularly in the construction sector, with major players investing in regional production capabilities.

Key Industry Developments and Trends

• Bio-Based Acrylic Acid: The increasing focus on sustainability is driving the development of bio-based acrylic acid. This trend aligns with the global movement toward renewable feedstocks and reducing the carbon footprint of industrial products.
• Technological Advancements: Innovations in production methods are enhancing the efficiency of acrylic acid production. These advancements aim to reduce energy consumption, lower emissions, and improve yields, helping manufacturers meet growing demand while adhering to environmental regulations.
• Strategic Partnerships and Mergers: Leading players in the acrylic acid market are engaging in strategic partnerships, mergers, and acquisitions to expand their market share and strengthen their presence in emerging markets. These collaborations are crucial for tapping into new applications and geographies.

Top Key Players in the Acrylic Acid Market

• BASF SE

• Nippon Shokubai Co. Ltd. 

• The Dow Chemical Company

• Arkema Group

• LG Chem. Ltd. 

• Shanghai Huayi Acrylic Acid Co., Ltd

• Evonik Industries AG

• Mitsubishi Chemical Corporation

• SIBUR International GmbH

• Satellite Chemical Co.,Ltd.

• Wanhua Petrochemical (Yantai) Co., Ltd.

• Toagosei Co., Ltd

• China Petroleum & Chemical Corporation

• Others

Opportunities and Challenges

Opportunities:

• Growing Demand in Emerging Economies: The expanding middle class in emerging economies presents vast opportunities for acrylic acid manufacturers, particularly in sectors such as textiles, construction, and hygiene.
• Increasing Focus on Green Products: As sustainability becomes more important, the market for bio-based acrylic acid is expected to grow, offering new opportunities for manufacturers to cater to eco-conscious consumers.

Challenges:

• Rising Raw Material Prices: The volatility in the prices of crude oil and propylene could pose a challenge for acrylic acid producers, affecting profitability and pricing strategies.
• Regulatory Constraints: The implementation of stringent environmental regulations could impose operational challenges on manufacturers, leading to higher compliance costs.