Acrylic acid is an unsaturated monocarboxylic acid which is commonly used in the production of superabsorbent polymers (SAPs). SAPs have the ability to absorb and retain large amounts of liquid relative to their own mass. They are primarily used in personal care absorbent products such as diapers, adult incontinence products and feminine hygiene items. The global demand for such personal care products is increasing significantly with rising awareness about hygiene among consumers worldwide. This growing demand is directly influencing the growth of the acrylic acid market.
The global Acrylic Acid Market is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing adoption in Super Absorbent Polymers (SAPs) remains the major driver for the growth of the acrylic acid market. SAPs are primarily used as absorbents in personal care absorbent products such as diapers, adult incontinence products and feminine hygiene items. According to the World Bank data, approximately 70% of the world’s population lives in regions where over 65% of people are under 35 years of age. This implies rising population of young adults and children worldwide which translates to higher demand for personal care absorbent products using SAPs. Further, increasing awareness about hygiene and sanitation is also fueling the sales of such products globally. All these factors are expected to significantly drive the demand for acrylic acid in the production of SAPs during the forecast period.
SWOT Analysis
Strength: Acrylic acid is widely used in the production of superabsorbent polymers which find applications in baby diapers and adult incontinence products. It is an essential raw material for various end-use industries.
Weakness: Volatility in crude oil prices affects the overall production cost of acrylic acid. Stringent environmental regulations regarding its production and disposal may restrict market growth.
Opportunity: Rising demand for water-based acrylic coatings from the construction industry provides new opportunities. Increasing application of acrylic acid in the production of polyacrylates boosts the market.
Threats: Presence of substitutes like methacrylic acid poses competition. Fluctuations in raw material prices pose threat to market growth.
Key Takeaways
The Global Acrylic Acid Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America dominated the global acrylic acid market and accounted for around 30% of the global revenue in 2023. Asia Pacific exhibited fastest growth and is estimated to surpass North America by 2028 due to rising construction activities and growing population in countries like China and India.
Key players operating in the acrylic acid market are Abbott, BD, Cardinal Health, Johnson & Johnson, Medtronic, 3M, Steris, Teleflex. These companies focus on improving production efficiency and capacities to meet the rising demand for acrylic acid from end-use industries like construction and personal care.
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