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Global Acrylic Acid Industry Report: by Application; Country Overview; Value Chain Analysis; Production Process; Trade Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model; Key Supplier Analysis, 2022-2027

Acrylic Acid Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global Acrylic Acid market reached a value of about 6.60 million tons in 2021. The industry is projected to grow at a CAGR of around 4.7% in the forecast period of 2022-2027 to reach a value of USD 20.19 billion by 2027.

The global Acrylic Acid industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing demand for acrylic acid for superabsorbent polymers and the broad adoption of acrylic-based goods in emerging economies such as Asia Pacific is driving the acrylic acid market.  In the industry report, the critical demand indicator is the highest category spender by region—the Asia Pacific and China.

Industry Definition and Segmentation

Acrylic acid is a chemical molecule, a white liquid with a strong unpleasant odour. It is an essential unsaturated carboxylic acid, with a vinyl group immediately linked to the carboxylic acid terminal. The Acrylic Acid industry report comprises segments by application (Acrylate Esters, SAP, Others) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

North America, Europe, Asia Pacific, Middle East & Africa, and South America Regions are Driving the Growth of the Industry

Acrylic acid is the world's largest market in Asia Pacific. The area controls a significant portion of the market and is the world's largest producer. Its most significant and fastest-growing market in the area is China. Due to rising investments in the building and infrastructure sectors, China's demand for adhesives, paints, and coatings is also rising. Furthermore, China is one of the world's largest buyers of personal hygiene goods. As a result, the market for acrylic acid, which is used to make personal care products, is expected to grow.

Acrylic acid is utilised in the production of SAP, owing to its ability to absorb and retain water which is primarily employed in the production of diapers and sanitary pads for women. As a result, they're suitable for water-absorbing applications, including newborn diapers, adult incontinence pads, absorbent medical dressings, and controlled-release medications. Feminine hygiene products like Tampons, sanitary napkins, menstruation cups, and vaginal health items account for a large portion of the superabsorbent polymers industry. In collaboration with various non-profit organisations (NGOs), governments in a variety of nations are launching campaigns to raise awareness of feminine hygiene among women, particularly in emerging economies. As a result, the market for acrylic acid is projected to be fueled by rising sales of sanitary napkins. Overall, rising hygiene awareness among all demographic groups is likely to encourage superabsorbent polymers (diapers, pads, and sanitary napkins), thereby increasing acrylic acid used throughout the forecast period. Acrylic acid is used as a starting ingredient for superabsorbent polymers, then combined with sodium hydroxide to generate polyacrylic acid. In the future, increased demand for bio-based polymers in healthcare applications is projected to provide a potential opportunity for the market.

However, the rising environmental concerns and strict government regulations on acrylic acid usage have been introduced in places such as North America and Europe, which acts as a significant restricting factor for the acrylic acid market's growth.

Best Procurement Practices

The global acrylic acid industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global acrylic acid regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Chemical-grade propylene (C.G.) is blended with steam and air before being supplied into a two-step oxidation reaction system. The two steps are the oxidation of propylene to acrolein to acrylic acid. Both processes are carried out in tubular reactors with fixed beds. Exothermic processes generate heat, which is utilised to create steam. The reaction system's effluent is directed to a quench tower, where the produced acrylic acid is absorbed in water. The remaining gas collected at the top of the quench tower is partially burned, with the remainder returned to the first-step reactor. For product recovery, the aqueous solution is supplied to downstream units. The quench solution is passed into an extractor, where the acrylic acid is extracted using a solvent in a liquid-liquid extraction process. To recover a two-phase overheads stream, the top section of the extractor, which contains the acrylic acid, is passed to a solvent-recovery column. The organic phase, which contains the solvent, is removed from the two-phase stream, and returned to the extractor. The aqueous phase is combined with the raffinate from the extraction process and fed to a raffinate stripper to reduce solvent losses. The bottom product of the solvent-recovery column is fed to the crude acrylic-acid column, which produces a concentrated acrylic acid stream as the bottom product. The crude acrylic acid column delivers the concentrated acrylic acid stream to the product column in the purification area. As the above product in this column, ester-grade acrylic acid is produced. The bottoms of the columns are transferred to a dedimerizer, which returns the dimer impurity generated during the process to acrylic acid. Finally, the dedimerizer's output is sent to the bottom stripper column, where the heavy ends are separated and discarded.

Substantial Demand for Acrylic Acid in Automotive, Further Driving the Procurement of Acrylic Acid

The acrylic acid market is being driven by the transition from solvent-based coatings and water-borne coatings. REACH, and EPA regulations restricting the use of VOCs are propelling the industry growth. The acrylic acid market in surface coatings application is driven by rising industrialisation and burgeoning automotive industry in Asia-developing Pacific countries. Rising demand for superabsorbent polymers and broad adoption of acrylic-based goods in emerging economies such as Asia-Pacific is driving the acrylic acid market. Acrylic acid-based elastomers, such as AEM (Ethylene Acrylic Elastomers), is utilised as a synthetic rubber substitute in various applications, including automobile gaskets, hoses, and more. The polymer sector will want more acrylic acid over the projection period because of the increased features of AEM, such as strength and resistance, among others. Furthermore, the demand for methacrylate-based polymers in the manufacture of lighting fixtures, glazing, vehicle rear lights, and electronic displays has increased significantly, indicating that the acrylic acid industry has grown significantly.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Acrylic Acid Industry Report

  • Nippon Shokubai CO., LTD. 
  • Arkema S.A. 
  • The Dow Chemical Company 
  • L.G. Chem

Market Landscape

The Acrylic Acid Market's primary tactics are technology launches, acquisitions, and R&D efforts. The rising demand for poly (methyl methacrylate) or PMMA resins in different sectors and the commercialisation of bio-based acrylic acid are likely to provide a lot of potential prospects for this market. As a result, acrylic acid manufacturers concentrate on R&D to identify bio-based sources of acrylic acid.

Key Initiatives by Companies

  • In August 2021, BASF and SINOPEC decided to expand its Verbund facility in Nanjing, China, which is run by BASF-YPC Co., Ltd., a 50-50 joint venture between the two businesses. It comprises the development of various downstream chemical factories and the construction of a new tert-butyl acrylate factory to cater to the booming Chinese market.

1.    Executive Summary
2.    Global Acrylic Acid Market Snapshot

    2.1.    Acrylic Acid Market Outlook
    2.2.    Acrylic Acid Industry Analysis by Application
        2.2.1.    Acrylate Esters
        2.2.2.    SAP
        2.2.3.    Others
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
        2.3.4.    China
        2.3.5.    LATAM
3.    Impact of Recent Events 
4.    Acrylic Acid Value Chain Analysis 
5.    Acrylic Acid Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Acrylic Acid Cost Structure
9.    Acrylic Acid Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Acrylic Acid Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Feedstock Market Analysis 
    13.1.    Market Overview
    13.2.    Price Analysis 
14.    Industry Best Practices
    14.1.    Sourcing Strategy
    14.2.    Procurement Model
    14.3.    Contract Structure
    14.4.    Negotiation Levers
    14.5.    Pricing Model
    14.6.    Key Factors Influencing the Quotation 
15.    Key Supplier Analysis
    15.1.    BASF SE
    15.2.    Nippon Shokubai CO., LTD.
    15.3.    Arkema S.A.
    15.4.    The Dow Chemical Company
    15.5.    LG Chem

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Key Questions Answered in the Report

The global acrylic acid market size was valued at 6.60 million tons in 2021.

As per the application provided, the Acrylate Esters segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for personal care products is one of the essential drivers of the market growth.

BASF, Nippon Shokubai, Arkema, Dow Chemicals and L.G. Chem are some of the key companies in the market.

The industry's Asia Pacific and China regions hold a significant market share.

Analyst Review

The global acrylic acid market attained a value of 6.60 million tons in 2021, driven by the extensive use of personal care products like diapers and sanitary napkins owing to its superabsorbent qualities. Furthermore, its application in the automotive sector furthers the market's growth. Aided by the government policies and increased R&D initiatives by manufacturers, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.7%. The market is projected to reach a value of USD 20.19 billion by 2027.

Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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