BASF SE (Germany) and Arkema (France) are Leading Players in the Acrylic Acid Market.
Northbrook, IL 60062 -- (SBWIRE) -- 11/06/2023 -- The report "Acrylic Acid Market by Derivative (Methyl, Ethyl, Butyl, 2-EH, SAP, Water Treatment), Acrylic Ester/Polymer Application (Surface coating, Adhesive & Sealant, Plastic additive, Textile, Detergent Diaper & Training Pad), & Region - Global Forecast to 2028", is approximated to be USD 11.7 billion in 2023, and it is projected to reach USD 13.8 billion by 2028, at a CAGR of 3.3%.
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The Acrylic acid market is experiencing significant growth driven by factors such as the growing applications of superabsorbent polymers, the increasing application in chemical synthesis etc. However, environmental concerns and health hazards associated with acrylic acid pose a significant restraint for the market. On the other hand, commercial production of bio-based acrylic acid and increasing demand in emerging economies presents opportunities for businesses operating in the acrylic acid sector. The fluctuations in raw material prices and Improper waste disposal of end products is a challenge for the market.
By derivative, acrylic acid esters dominated the market in 2022.
Due to the numerous uses and extensive utility across numerous industries, acrylic esters hold a commanding position in the acrylic acid industry. These esters, which offer excellent qualities including stickiness, weather resistance, and flexibility, are crucial components in the creation of adhesives, coatings, fabrics, and plastic additives, among other products. Acrylic esters are a key option among other acrylic derivatives due to their capacity to improve the performance and properties of finished goods.
North America accounted for the second largest market share of the acrylic acid Market in 2022.
North America holds the second-largest market share in the acrylic acid market. North America holds the second-largest market share in the acrylic acid market due to its well-established industrial base, robust research and development capabilities, and the widespread adoption of acrylic acid and its derivatives across various industries. The region's strong focus on technological innovation, coupled with the presence of major manufacturers and end-users, contributes to its significant market share. Additionally, the growing demand for acrylic-based products, including paints, coatings, adhesives, and superabsorbent polymers, further fuels the market's expansion in North America.
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The acrylic acid market comprises major players such as BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan), and others are covered in the acrylic acid market.
BASF SE, headquartered in Ludwigshafen, Germany, is a global chemical company renowned for its diverse portfolio of products and solutions across numerous industries. With a history spanning over a century, BASF is a leading player in the chemical sector, offering a wide array of chemicals, plastics, performance products, agricultural solutions, and more. The company's commitment to innovation, sustainability, and collaborative partnerships has solidified its position as a key contributor to advancements in various sectors around the world. The company operates its business majorly through six segments: Chemicals, Materials, Surface Technologies, Industrial solutions, Nutrition & Care, and Agricultural Solutions.
Arkema, is a major international chemical company based in France, specializing in the production of a wide range of chemicals, materials, and advanced solutions. With a focus on innovation, sustainability, and customer-centricity, Arkema serves diverse industries including coatings, adhesives, construction, automotive, electronics, and more. The company operates globally through four business segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates.
Nippon Shokubai Co., Ltd. is a prominent Japanese chemical company that engages in the production of a variety of chemicals, including acrylic acid, superabsorbent polymers (SAP), and ethylene oxide. Renowned for its dedication to sustainable practices and responsible manufacturing. The company's diverse range of products finds applications in sectors such as hygiene products, coatings, adhesives, and more, making a significant impact in various industries worldwide.
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