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The global market for acrylic acid witnessed a strong growth over the recent few years owing to enhanced demand from the adhesives and sealants industry. As per Transparency Market Research, the global acrylic market is poised to grow at a positive CAGR of 6.5% between 2012 and 2018.
Acrylic acid has a multitude of applications across industries such as construction. It is also increasingly used in the manufacture of plastics, floor polish, latex products, and paint formulations, among others. The demand for these items will increase with the development of economies around the world. This will in turn boost demand from the global acrylic acid market. However, on the flip side, the growth prospects of the market will be hampered by fluctuating raw material prices. Propylene is the most commonly used raw material in the manufacture of acrylic acid. Volatile prices of propylene will impact the profit registered by acrylic acid manufacturers negatively. Reports suggest that the prices of propylene reached US$1800/ton in 2011, and are projected to increase further due to the rise in crude oil prices and uneven supply of the same. Stringent regulations imposed in North America and Europe will also adversely affect the growth of the acrylic acid market.
The key derivatives of acrylic acid are glacial acrylic acid, acrylic esters, cyanopolyacrylate, and ammonium polyacrylate. In 2012 almost 51% of the total acrylic acid consumed worldwide was used for producing acrylate esters. However, the acrylate esters market is projected to register the slowest rate of growth over the forecast period. Glacial acrylic acid emerged as the second largest market segment in 2012. It is mainly used in the manufacture of superabsorbent polymers, which in turn is used for manufacturing training pants, feminine hygiene products, and baby and adult diapers. Poly acrylic is also one of the most important application segments for glacial acrylic acid, and is mainly used in mineral processing and water treatment.
The global market for acrylic acid was dominated by Asia Pacific in 2012. The region accounted for 40% of the global demand. Asia Pacific is expected to remain the fastest growing region over the forecast period as well. It is expected to grow at a 6% CAGR between 2012 and 2018. Rapid development of construction activities in emerging economies such as India, South Korea, and China will propel the acrylic acid market in the region. The leading manufacturers profiled by the report include Dow Chemical, Nikkon Shokubai, BASF SE, Formosa Plastics, StoHass Monomer, Rohm and Haas, and Arkema SA.
