The global acrylic acid market is experiencing robust growth, driven by its pivotal role in industries such as construction, personal care, textiles, and automotive. Valued at approximately USD 13.66 billion in 2023, the market is projected to expand at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2030.

Key Applications Fueling Market Demand

Acrylic acid serves as a fundamental raw material in various applications:

  • Acrylate Esters: Accounting for over 56% of the market share, acrylate esters are integral to the production of paints, coatings, adhesives, and textiles. Their versatility enhances film formation, adhesion, and durability, making them essential in automotive and construction sectors.

  • Glacial Acrylic Acid (GAA): GAA is crucial in manufacturing superabsorbent polymers (SAPs), predominantly used in personal hygiene products like diapers and sanitary napkins. The rising global population and increased awareness of hygiene are propelling the demand for SAPs.

Regional Dynamics

  • Asia Pacific: Dominating the global market, the Asia Pacific region accounted for approximately 50% of the acrylic acid market value in 2022. China leads as the largest producer and consumer, with India emerging as a significant player due to rapid industrialization and infrastructure development.

  • North America: Expected to maintain a substantial market share, North America benefits from a strong presence of acrylic acid manufacturers and robust demand from end-use industries.

Market Drivers

  • Infrastructure Development: Initiatives like urbanization and large-scale construction projects, including housing and commercial real estate, are accelerating the demand for construction materials, thereby increasing the need for acrylic acid-based products.

  • Consumer Goods Sector: The expansion of the personal care industry, particularly in emerging economies, is boosting the demand for superabsorbent polymers derived from acrylic acid.

  • Technological Advancements: Innovations in production technologies are enhancing the efficiency of acrylic acid manufacturing processes, reducing costs, and meeting the growing demand. Moreover, automation and digitalization are expected to streamline operations, creating new growth opportunities.

Challenges and Sustainability Trends

Despite the growth prospects, the acrylic acid market faces challenges such as raw material price volatility, environmental concerns, and regulatory pressures. Acrylic acid production relies on petrochemical feedstocks, which are subject to fluctuating prices and potential disruptions in supply chains. In addition, the environmental impact of conventional acrylic acid production methods has sparked regulatory scrutiny, pushing the industry toward cleaner alternatives.

In response, there is a shift toward bio-based acrylic acid production using renewable resources like glycerol, aligning with sustainability goals and compliance with environmental standards. Companies are investing in research and development to explore more eco-friendly manufacturing processes and reduce their carbon footprint.

Conclusion

The acrylic acid market is poised for significant growth, driven by its essential applications across various industries and regions. While challenges persist, the industry's focus on technological advancements and sustainable practices positions it well for continued expansion in the coming years. As demand rises, particularly in the construction, personal care, and automotive sectors, acrylic acid will remain a critical component of global industrial production.