PORTLAND - According to a new report by Allied Market Research, titled Global Acrylic Acid Market (Derivatives Types, End Users and Geography) - Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 – 2020, the global acrylic acid market is forecast to reach $18.8 billion by 2020 from $11.0 billion in 2013, registering a CAGR of 7.6 percent during the forecast period of 2014 to 2020. The global consumption of acrylic acid is projected to reach 8,169 kilo tons by 2020.
Acrylic acid as a precursor for various chemical processes and as an intermediary for industrial processes (such as surface coating, paper treatment, plastic additives and textiles) has witnessed a surge in demand over the past few years. Factors fueling demand in the acrylic acid market are growth in demand for superabsorbent polymers, the growing use of acrylic-based products in emerging economies, and further development in industries such as adhesives and sealants. Stringent government regulations pertaining to environmental safety and human health and volatile prices of raw materials are restricting growth of the market globally.
Production of acrylic acid largely depends on fossil fuel resources, and manufacturers are now focusing on developing and commercializing renewable acrylic acid. Recently, BASF, Novozymes, and Cargill jointly developed 3-hydroxypropionic acid (3-HP), a raw material for bio-based acrylic acid, in pilot scale. OPX Biotechnologies is aiming to commercialize bio-based acrylic acid by 2017 with its partner Dow Chemicals. Metabolix has successfully developed bio-based acrylic acid using the FAST (fast-acting, selective thermolysis) technique in a laboratory setting. These and other developments will provide a platform for the future growth of acrylic acid globally due to its cost advantage, efficiency and its eco-friendly product outcomes.
The acrylic acid market is studied based on derivatives types, end users and geography. Among acrylic esters, acrylic polymers and other derivatives, the acrylic esters segment leads the global market in terms of volume; it is widely used as raw materials for adhesives, water-based paints, synthetic rubbers and synthetic resins. The acrylic polymers segment is the fastest-growing segment in the derivative-types market due to its broad spectrum of applications in industries such as surface coatings, surfactants, diapers and cosmetics.
The diapers segment is the largest consumer of acrylic acid in the form of superabsorbent polymers and accounts for over one-fourth of market revenue. Surface coatings, adhesives and sealants, and plastic additives are the other top-three major consumers of acrylic acid. Water treatment, textiles and surfactants are among other end-use segments. Surfactants are expected to show the fastest growth during the forecast period.
Geographically, Asia-Pacific holds the largest share of revenue and is expected to continue to dominate the global acrylic acid market through 2020. North America and Europe will have steady growth during the forecast period due to saturation in end-use segments.
For additional information about the report, visit http://www.alliedmarketresearch.com/acrylic-acid-market.