The acrylic acid market is experiencing significant fluctuations across various regions due to a complex interplay of supply and demand dynamics, influenced by downstream market demand, raw material prices, and geopolitical factors. In the fourth quarter of 2023, the global acrylic acid market exhibited divergent trend, with certain regions witnessing a bullish market while others faced downward pressure on prices. The driving force behind the acrylic acid market's dynamics primarily stems from its extensive application range, notably in the production of superabsorbent polymers, adhesives, and paints and coatings. These applications are integral to various sectors including personal care, construction, and automotive industries, which continue to demonstrate robust demand. Additionally, the cost of propylene, a key raw material in the production of acrylic acid, significantly influences the market. Regions experiencing tight supply conditions and rising propylene prices saw an uptick in acrylic acid prices, whereas regions with balanced to high supply levels and sluggish demand faced price declines.

The global acrylic acid market size reached US$ 14.3 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 21.6 Billion, at a projected CAGR of 4.70% during 2023-2032. In North America the acrylic acid market observed a bullish trend in the last quarter of 2023, primarily propelled by strong demand from downstream industries such as paints and coatings. This heightened demand led to decreased supply levels and insufficient inventories, prompting suppliers to increase their quotations to enhance profit margins. Concurrently, the prices of propylene, a crucial raw material for acrylic acid production, experienced a rise, further exacerbating the upward pressure on acrylic acid prices. This scenario was evidenced by the significant price hikes in both the FD-Texas and CFR-Manzanillo markets, underlined by a 6.74% and 6.02% increase in prices, respectively. The depreciation of the Mexican Peso against the US Dollar added another layer of complexity, contributing to the price escalation in Mexico. Despite the absence of plant shutdowns, the combination of strong demand, limited supply, and higher production costs led to a bullish market trend in North America, reflecting a broader pattern of regional economic activities and global raw material price movements impacting the acrylic acid market dynamics.

In contrast, the APAC and MEA regions exhibited a bearish trend during the same period, attributed to a balance between supply and demand alongside sufficient inventory levels. In the APAC region acrylic acid prices declined due to hampered supply chains and an imbalanced supply-demand scenario, further impacted by major plant shutdowns such as the one by China National Offshore Oil Corporation. This led to a notable decrease in acrylic acid production capacity, contributing to a negative price correlation compared to both the previous quarter and the same quarter of the previous year. Similarly, in the MEA region, particularly Saudi Arabia, weak demand from downstream industries and an oversupply of acrylic acid and propylene led to significant price declines. The absence of plant shutdowns did little to stabilize prices, with the market witnessing a dramatic decrease compared to both the previous quarter and the same quarter of the previous year

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