PUNE, India – A recent market study by Persistence Market Research on the global acrylic acid market includes global industry analysis for 2014 to 2018 and forecast for 2019 to 2029. According to the study, the global acrylic acid market is expected to be valued at approximately $19,700 million in terms of value by the end of 2019, and is estimated to see a healthy compound annual growth rate of approximately 5% through the next decade.
The paints and coatings industry has witnessed robust growth across the globe. There has been a significant rise in the demand for paints and coatings across various regions, especially in South Asia and East Asia, due to rapid industrial growth and increasing construction activities. Governments of developing countries such as China and India are also investing in improving infrastructure, which is a major factor driving the demand for paints and coatings, resulting in increased demand for acrylic acid. Additionally, the use of acrylic acid for coatings in textiles is also propelling demand for acrylic acid from the textile industry.
The application of acrylic acid and its derivatives, such as methacrylate, as an adhesive is growing in automotive and other end-use industries due to properties such as stability, strength and resistance. Thus, the adhesives and sealants segment is anticipated to be a major factor driving demand for acrylic acid and its derivatives over the forecast period. Stringent regulations in the manufacturing of lightweight vehicles have also increased the use of advanced adhesive materials, which will drive the acrylic acid market.
Other factors that will impact the market for acrylic acid, according to the report, include the increasing demand for super-absorbent polymers in products such as baby diapers and feminine hygiene products, and the use of acrylic acid in agricultural applications.
According to the report, global manufacturers of acrylic acid and its derivatives are entering into long-term supply contracts with major end users, such as paints and coatings suppliers and adhesives manufacturers. Manufacturers are also entering into direct supply contracts with end users, such as electronics manufacturers, major construction companies and automotive OEMs, which can create a positive impact on the market. The study also reports that manufacturers are entering into partnerships with local distributors in the developing countries of Asia Pacific.
For additional information about the report, visit https://www.persistencemarketresearch.com/market-research/acrylic-acid-market.asp.