DATE : 2014-08-19
A new study by Grand View Research Inc reveals that the global market for acrylic acid is projected to reach $22.78 bn by 2020. Over the next six years, it is anticipated that the growing adoption of super absorbent polymers in emerging economies, such as China, Brazil and India, will drive the market. It is also projected that the increasing demand for high strength materials with exceptional thermal resistance from the surface coating market will boost acrylic acid demand over the forecast period. The market participants will need to face several challenges such as volatile raw material prices and strict regulatory scenario in Europe and North America. The development of bio-based acrylic acid is being conducted by companies to overcome the challenges in the market. The largest product segment for the market was acrylate ester, which accounts for 2,864,500 tonnes of demand in 2013. Global demand for acrylic acid in 2013 was 5,584,200 tonnes. The demand is projected to reach 8,031,100 tonnes by 2020, growing at a CAGR of 5.4% from 2014 to 2020. The largest regional market for acrylic acid was Asia Pacific with demand of more than 2,500,000 tonnes in 2013. The region is also anticipated to have the fastest growth rate in demand at an estimated CAGR of 6.3% over the forecast period. The demand growth is caused by the presence of large acrylic adhesive industry and the increasing demand for super absorbent polymers in personal care products. The second largest acrylic acid product was glacial acrylic acid, with revenue of more than $6.61 bn in 2013. BASF, Dow Chemicals, Formosa Plastics, Arkema SA and Rohm and Haas accounted for less than 50% of the market in 2013.
SOURCE Icis News