According to a new report
"Global Acrylic Acid Market (Derivatives Types, End Users and Geography) -
Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 -
2020", the global acrylic acid market is forecast to reach $18.8 billion
by 2020 from $11.0 billion in 2013, registering a CAGR of 7.6% during the
forecast period (2014 - 2020). The global consumption of acrylic acid would
reach 8,169 kilo tons by 2020. Acrylic acid as precursor for various chemicals
processes and as an intermediary for industrial processes such as surface
coating, paper treatment, plastic additives, and textiles; has witnessed a
surge in demand over past few years. The factors fueling the demand of acrylic
acid market are growth in demand for superabsorbent polymers, growing usage of
acrylic-based products in emerging economies and further development in the
industries such as adhesives and sealants. Stringent government regulations pertaining
to the environmental safety & human health and volatile prices of the raw
materials are restricting the growth of the market globally. Production of
acrylic acid largely depends on fossil fuel resources; therefore, due to the
rising price of crude oil globally, manufacturers are now focusing on
developing and commercializing renewable acrylic acid.
Recently, BASF, Novozymes,
and Cargill jointly developed 3-hydroxypropionic acid (3-HP), a raw material
for bio-based acrylic acid, in pilot scale. On the other hand, OPX
Biotechnologies is aiming to commercialize bio acrylic acid by 2017 with its
partner Dow Chemicals. Metabolix has successfully developed bio-based acrylic
acid using FAST (fast-acting, selective thermolysis) technique in laboratory
setting. Such and other developments will provide a platform for the future
growth of acrylic acid globally due to its cost advantage, efficiency and its
eco-friendly product outcomes.
The acrylic acid market is
studied based on derivatives types, end users and geography. Among acrylic
esters, acrylic polymers and other derivatives; acrylic esters segment leads
the global market both in terms of volume as it is widely used as raw materials
for producing adhesives, water-based paints, synthetic rubbers and synthetic
resins. Acrylic polymers is the fastest growing segment in the derivative types
market due to its broad spectrum of applications in industries such as surface
coatings, surfactants, diapers and cosmetics.
Diapers segment is the
largest consumer of acrylic acid in form of superabsorbent polymers and
accounts for over 1/4th of the market revenue. Surface coating, adhesives &
sealants and plastic additive are other top three major consumers of acrylic
acid. Water treatment, textiles, and surfactants are among other end use
segments. Surfactants would be fastest growing end use segment during the
forecast period. Geographically, Asia Pacific holds the largest share of
revenue and would continue to dominate the global acrylic acid market through
2020. LAMEA is projected to hold fastest growth potential, growing at a CAGR of
9.3% during the forecast period. North America and Europe will have steady
growth during the forecast period due to saturation in end use segments.
Competitive analysis
revealed that product launch has been adopted as leading growth strategy
followed by joint venture and agreement for business expansion. However, in
recent, joint developments and collaborations has grown Companies profiled in
the report include BASF SE, Dow Chemical Company, Arkema SA, LG Chem LTD., The
Lubrozol Corporation, Evonik Industries Ag, Myriant Corporation, SIBUR,
Momentive Specialty Chemicals, and SunVic Chemical Holdings Limited.
For more information see – http://mrr.cm/Z7e
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