Acrylic acid market estimated to be US$13.2 bln by 2020

21-Mar-16

The global acrylic acid market size is estimated to grow to US$13.2 bln by 2020, at a CAGR of 5.2%, as per Markets and Markets. The market is driven by increasing demand for acrylic acid in emerging markets and high demand from the surface coatings, diapers, and adult incontinence application segments. Among all the regions, Asia-Pacific is projected to witness strong growth in the next five years. Growth in this region can be attributed to high demand from emerging markets such as China and India. Surface coatings are one of the major applications of acrylic acid. Acrylic acid when reacted with alcohols, such as methanol, ethanol, and oxo alcohols like n-butanol and 2-ethylhexanol, gives the commodity acrylates. These commodity acrylates are widely used in the paints and coatings industry in waterborne coatings. As the governments are restricting the use of VOCs, solvent-based coatings are being replaced by water borne coatings, which is driving the demand growth of acrylic esters. SAP is another major application of acrylic acid which is used in the manufacture of diapers and female sanitary pads, which have a huge demand in the emerging markets of Asia-Pacific. Increasing lifespan and declining birth rates in some regions have led to increase in the global aging population. This would increase the demand for adult diapers, leading to an increase in the demand for SAP, mainly in the matured economies such as North America, Western Europe, and Asia-Pacific (Japan). In 2015, Asia-Pacific is estimated to account for the largest market share in terms of volume. Robust demand in Asia-Pacific and increasing consumption for acrylic acid in surface coatings, adhesives, and diapers shall be the major driving factors for the global market during the forecast period. China is one of the leading consumers of acrylic acid worldwide with increased demand from various end-use applications.