According to a new report by Expert Market Research titled, ‘Global Acrylic Acid Market Report and Forecast 2020-2025’, the global acrylic acid market reached a volume of nearly 6.3 million metric tons in 2019. The industry is further expected to grow at a CAGR of 4.7% between 2020 and 2025 to reach a volume of almost 8.3 million metric tons by 2025.
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In the Asia Pacific, the demand for acrylic acid has witnessed an increase due to its use in the manufacturing of acrylic esters, superabsorbent polymers, and water treatment chemicals. In August 2018, BASF PETRONAS Chemicals Sdn. Bhd., a Malaysia-based joint venture between BASF (OTCMKTS: BASFY) and Petroliam Nasional Berhad (PETRONAS), announced its expansion of its production capacity of the acrylic acid and butyl acrylate plants in Kuantan, Malaysia. This step by the company is aimed at supporting the increased demand for acrylic monomers in the Asia Pacific, further enhancing its position in the global market. Earlier, in June 2015, BASF SE inaugurated the production complex for acrylic acid, butyl acrylate, and superabsorbent polymers in Camaçari, Brazil, looking at the growth prospects for the market in the Latin America region.
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Market Analysis by Applications:
- Acrylate Esters
- Super Absorbent Polymer (SAP)
Market Analysis by Regions:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Competitive Landscape & Supplier Analysis
- BASF SE
- NIPPON SHOKUBAI CO., LTD. (TYO: 4114)
- Dow Chemical Company
- Arkema SA (EPA: AKE)
- LG Chem, Ltd.
- Formosa Plastic Corporation
- Shanghai Huayi Acrylic Acid Co., Ltd
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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