ACRYLIC ACID MARKET ANALYSIS

Regional Analysis

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North America currently dominates the global acrylic acid market and is expected to remain the leading regional market over the forecast period. It is expected to hold 37.5% of the market share in 2024. The region has a strong presence of raw material suppliers and acrylic acid manufacturers. The U.S., in particular, is home to some of the largest companies in the acrylic acid industry such as Dow Chemicals and Arkema. The favorable business environment and easy availability of feedstock have been driving factors for industry players to focus on capacity additions. For example, during 2020-2021, Dow Chemicals increased acrylic acid production capacity at its Texas, U.S. facility. Additionally, the region benefits from robust demand from end-use industries like coatings, sealants, and adhesives where acrylic acid based products find significant usage.

The Asia Pacific region is poised to be the fastest growing market for acrylic acid during this decade. Rapid industrialization and infrastructure development are driving the consumption of downstream products in countries such as China and India. Both nations have emerged as global manufacturing hubs which is increasing the demand for acrylic acid in applications like superabsorbent polymers, paints, and construction chemicals. Local producers are expanding their capacity to cater to the growing needs of domestic industries. For instance, during 2021-2022, Shanghai Huayi Group commissioned a new plant in China to boost acrylic acid production. Further, trade dynamics also favor regional growth as Asian countries are increasingly becoming net importers of acrylic acid to address the supply-demand gap. As living standards rise, end-use sectors like consumer goods would push the demand upwards in the Asia Pacific acrylic acid market.