Acrylic acid is the versatile monomer that is capable to be polymerized into complex molecular arrangement. Propane is oxidized to produce acrylic acid whereas acrylic and meth acrylic acid produce acrylic polymers. Multiple monomer chains form poly acrylate which are copolymerized to achieve desired properties. Acrylic acid forms the basis of acrylic esters with wide range of applications such as coatings, textiles, diapers, plastic additives, adhesives and sealants.Paints and Coating Industry influences market
Tremendous growth has been seen in paints & coatings industry especially in East Asia and South Asia owing to rapid increase in industrial construction activities. Developing countries including India and China are investing generously in infrastructure development; increasing demand of paints and coatings, thereby boosting global acrylic acid market. Textile industry is also a major contributor in the market. Acrylic acid and its derivatives such as methacrylate exhibit attributes including excellent stability, resistance and strength for which they are in demand in end use industries including automotive industry.
Global acrylic acid market was assessed to be around US$19,700Mn by 2019 end and is expected to grow at moderate CAGR of ?5% for the forecast period 2019 – 2029. An intelligence report titled, “Global market Study on Acrylic Acid: Growth of Coatings Industry – Key influencer” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository
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Chemical companies gain edge
Acrylic acid benefits agriculture industry with its non-polluting and water absorbing quality. Reduction in price, impressive product portfolio and long shelf life are other acrylic acid advantages that aid chemical companies to gain edge in market. Acrylic acid has penetrated in medical industry and is used in manufacturing of various components including cuvettes, tubing connectors, test kits, fluid silos and syringes. Health care sector and medical industry add to the global acrylic acid industry growth.
Manufacturers are expanding their market presence by increasing production and collaborating. BASF SE launched a joint venture with Petronas that aims to increase butyl acrylate and acrylic acid production in Kuantan, Malaysia. Other prominent stake holders in global acrylic acid market include Mitsubishi Chemical Holdings Corporation, Dow Chemicals, Arkema, LG Chem, Evonic Industries AG, NIPPON SHOKUBAI CO. and Formosa Plastic Corp.
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Global acrylic acid market: Report Synopsis
Quantitative and qualitative assessment exhort intelligence and overarching report on the Global acrylic acid market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Global acrylic acid market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on acrylic acid.