The Acrylic Acid Market is being driven by Increased demand for acrylic acid derivatives in surface coating applications
The Acrylic Acid Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3132.2 million. The acrylic acid market has witnessed significant growth in the production of bio-based derivatives due to increasing concerns over raw material constraints, health concerns, and environmental risks associated with petrochemical-based alternatives. Leading industry players have responded with innovative solutions, producing acrylic acid from biomass through the oxydehydration process. This method converts crude glycerol into acrolein using UV light and a photocatalyst, which is then dehydrated and oxidized to form acrylic acid. These bio-based derivatives have gained widespread usage in various commercial and consumer applications, including acrylic paints, coatings, adhesives, sealants, textiles, detergents, and hygiene products. This technological advancement offers a sustainable and eco-friendly alternative to traditional acrylic acid production methods.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 3132.2 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
4.23 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), China, US, Japan, Germany, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Acrylic Acid serves as a crucial building block for various industries, including Polymers and Plastics, Synthetic Rubbers, Textiles, and Surface Coatings. Its derivatives, such as Acrylic Esters and Acrylic Polymers, find applications in Polymer Formulations for Paints and Coatings, Lighting Fixtures, Glazing, Electronic Displays, Surfactants, Adhesives & Sealants, Architectural Coatings, OEM Finishes, Automobiles, and Special-Purpose Coatings. Furthermore, Acrylic Acid Monomer is used in Food Processing, Pharmaceuticals, Cosmetics, Coatings, Adhesives, Papermaking, and Rubber production, as well as in Cement industries.
The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals used in the production of various industries' wide-ranging products. These include fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, coatings, and more. According to Technavio, the market size is determined by the consolidated revenue of manufacturers dealing in these high-value-added chemicals. Factors fueling the market's expansion include the increasing preference for specialty adhesives and sealants, driven by their growing demand. Additionally, trends such as green chemistry, sustainable chemical production, and the use of renewable feedstocks and chemical reaction technologies are shaping the market landscape. Key sectors benefiting from this growth include superabsorbent polymers, oilfield chemicals, water treatment solutions, plastic additives, textile finishing agents, biobased chemicals, waterborne coatings, high-performance additives, superabsorbent products, automotive chemical solutions, raw material suppliers, industrial cleaning agents, cosmetic formulations, and specialty chemicals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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