The Asia Pacific Acrylic Acid Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 2,933.9 kilo tonnes, showcasing a growth of 3.9% (2019-2022).
The acrylic acid market has grown substantially, driven by its versatile applications across various industries. Acrylic acid, a key building block in the production of polymers and specialty chemicals, is a vital component in the manufacturing landscape, finding application in sectors ranging from adhesives and sealants to coatings, textiles, and superabsorbent polymers. The adoption of acrylic acid has surged, propelled by its unique properties and the ever-expanding array of applications. One of the primary factors contributing to its widespread adoption is its remarkable versatility.
In addition, it serves as a precursor to various acrylic esters and polymers, offering a broad spectrum of materials that cater to the diverse needs of industries. In recent years, the demand for acrylic acid has been notably driven by the robust growth in end-use industries such as adhesives, coatings, textiles, and personal care products. The adhesive industry, in particular, has seen a surge in acrylic-based formulations due to their excellent bonding properties, durability, and resistance to environmental factors. Additionally, the coatings industry has embraced acrylic acid for its contribution to high-performance coatings, providing enhanced weatherability and corrosion resistance.
The Government of India established the Jal Shakti Ministry in May 2019, consolidating all water-related agencies into a single ministry to ensure that the populace of India has access to potable water. The Jal Shakti Ministry initiated the Jal Jeevan Mission shortly after its inception; its objective is to supply piped potable water to 146 million households across 700,000 villages by 2024. A budget of $51 billion was allocated by the mission for states to achieve 100 percent residential water connection coverage by 2024, up from 18.33 percent in 2019. Thus, rising textile and water treatment sectors in the Asia Pacific will help expand the regional market.
The China market dominated the Asia Pacific Acrylic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,954.4 million by 2030. The Japan market is experiencing a CAGR of 4% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 5.3% during (2023 - 2030).
Based on End-user, the market is segmented into Diapers, Surface Coatings Industry, Adhesives & Sealants Industry, Plastic Additives Industry, Water Treatment Industry, Textiles Industry, Surfactants Industry, and Others. Based on Derivative Type, the market is segmented into Acrylic Esters, Acrylic Polymer, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Acrylic Acid Market is Predict to reach $14.8 Billion by 2030, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, Arkema S.A., BASF SE, The Dow Chemical Company, Evonik Industries AG (RAG-Stiftung), LG Chem Ltd. (LG Corporation), Formosa Plastics Group, Sasol Limited, Nippon Shokubai Co., Ltd., and Merck KGaA.
By End-user (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Derivative Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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