Acrylic Acid Market Expected to Reach $18.8 Billion by 2020
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.