The global acrylic acid market is projected to experience a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031, reaching an estimated value of USD 20.10 billion by 2031.
This growth is primarily driven by rapid urbanization and industrialization worldwide, leading to increased demand for superabsorbent polymers (SAPs) used in products like diapers and sanitary napkins.
Acrylic acid serves as a key raw material in the production of SAPs, which are essential components in personal hygiene products. The rising global population and heightened awareness of personal hygiene have significantly boosted the consumption of these products, thereby propelling the demand for acrylic acid. Additionally, the construction and automotive industries are contributing to market expansion due to the extensive use of acrylic acid in paints, coatings, adhesives, and sealants.
Regionally, Asia-Pacific is anticipated to dominate the acrylic acid market during the forecast period. This is attributed to substantial demand from countries such as China, India, and Japan. China, in particular, stands as the largest consumer in the region, with its demand expected to rise in the coming years. Investments in the construction and infrastructure sectors are further fueling the need for adhesives, paints, and coatings, thereby augmenting the market growth in this area.
However, the market faces challenges due to the health hazards associated with acrylic acid exposure, including skin irritation and respiratory issues. These concerns have led to stringent regulations governing its use, potentially hindering market growth. In response, there is a growing focus on developing bio-based acrylic acid derivatives, which offer sustainable and environmentally friendly alternatives, presenting new opportunities for industry participants.
