Polyacrylic acid is a crucial raw material for various fast-growing sectors such as automotive, construction, and personal care industries. It is used as a raw material for manufacturing paints & coatings, adhesives, scale inhibitors, and others. As the above mentioned industrial activities expand, demand for polyacrylic acid increases, driving the growth of the polyacrylic acid market.
WILMINGTON, Del., April 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Polyacrylic Acid Market by Type (Synthetic and Bio-Based), Application (Thickeners, Dispersant, Scale Inhibitor, Emulsifiers, Binders, and Others), and End-use Industry (Construction, Paints & Coatings, Pulp & Paper, Adhesives & Sealants, Water Treatment, Pharmaceuticals, Cosmetics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "polyacrylic acid market" was valued at $4.0 billion in 2022, and is estimated to reach $6.7 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.
Prime Determinants of Polyacrylic Acid Market Growth
The polyacrylic acid market has experienced growth due to several factors such as industrial growth, rise in construction activities, and infrastructure development. However, fluctuating raw material prices hinder market growth to some extent. Moreover, the rise in the adoption of sustainable practices offers remunerative opportunities for expanding the polyacrylic acid market.
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Report coverage & details:
Report Coverage
| Details
|
Forecast Period
| 2023-2032
|
Base Year
| 2022
|
Market Size In 2022
| $4.0 Billion
|
Market Size In 2032
| $6.7 Billion
|
CAGR
| 5.4 %
|
No. Of Pages In Report
| 265
|
Segments Covered
| Type, Application, End-Use Industry, And Region.
|
Region Scope
| North America, Europe, Asia-Pacific, And LAMEA
|
Country Scope
| U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa.
|
Drivers
| Industrial Growth Construction And Infrastructure Development
|
Opportunity
| Rise In Adoption Of Sustainable Practices
|
Restraint
| fluctuating Raw Material Prices |
The bio-based segment is expected to grow faster throughout the forecast period.
By type, the synthetic segment held the highest market share in 2022, accounting for more than four-fifths of the Polyacrylic acid market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in the geriatric population, childbirths, water quality concerns, and technological advancements in developing countries are driving demand for adult diapers due to polyacrylic acid's superabsorbent properties. The synthetic polyacrylic acid market is also promising. However, the bio-based segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. The demand for sustainable products is driving industries to prioritize sustainability, with bio-based polyacrylic acid, derived from renewable resources, experiencing growth. The increase in the demand for bio-friendly chemicals from consumers is expected to positively impact the market growth. The circular economy and emerging economies with environmental concerns also present opportunities for market development.
The scale inhibitor segment is expected to lead the trail by 2032
By application, the scale inhibitor segment held the highest market share in 2022, accounting for nearly one-fourth of the Polyacrylic acid market revenue, and is estimated to dominate during the forecast period. Industrialization drives demand for water treatment solutions in sectors like power generation, chemical manufacturing, and oil and gas. Environmental regulations, water scarcity concerns, industry expansion, and technological advancements drive market growth. Infrastructure development projects, collaborations, and awareness about scale deposition's effects increase demand for polyacrylic acid scale inhibitors.
However, the thickeners segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032. The growing demand for cosmetics and personal care products has increased the demand for polyacrylic acid as a thickener. The global cosmetics and personal care industry, valued at $518.6 billion and projected to double by 2030, presents significant opportunities for the polyacrylic acid market. The eco-friendly nature of polyacrylic acid aligns with the industry's emphasis on natural and organic formulations. The thriving e-commerce landscape and industry commitment to innovation contribute to the positive outlook for polyacrylic acid.
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The cosmetics treatment segment dominates the market throughout the forecast period.
By end-use industry, the water treatment segment held the highest market share in 2022, accounting for nearly one-fourth of the Polyacrylic acid market revenue, and is estimated to dominate during the forecast period. Industrialization, urbanization, and population growth are increasing water pollution, necessitating the use of polyacrylic acid for efficient water treatment. This polymer, with water-absorbing and water-retaining properties, can improve efficiency. The adoption of advanced water treatment chemicals, such as polyacrylic acid, is expected to increase due to stringent environmental regulations and technological advancements. This market presents promising opportunities for polyacrylic acid.
However, cosmetics segment is projected to manifest highest CAGR of 6.80% from 2023 to 2032. The Indian cosmetics industry is growing due to rising disposable income, changing lifestyles, and personal grooming awareness. This growth is driving demand for sustainable ingredients like polyacrylic acid, which enhances texture and stability. The expanding middle-class population is spending on premium products, creating opportunities for manufacturers to develop customized formulations. Collaborations with cosmetic manufacturers are also possible. Regulatory compliance is crucial for polyacrylic acid suppliers.
The Asia-Pacific dominates the market throughout the forecast period.
By region, the Asia-Pacific segment held the highest market share in 2022, accounting for more than half of the Polyacrylic acid (PAA) market revenue, and is estimated to dominate the market during the forecast period. In Asia-Pacific, the demand for PAA is driven by rapid industrialization, urbanization, and an increase in focus on environmental sustainability. Several countries in the region, including China, Japan, South Korea, and India, have significant manufacturing capacity of PAA and consumption of PAA across various industries. In addition, advancements in technology and the development of eco-friendly formulations are expected to further boost the adoption of PAA in Asia-Pacific.
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Leading Market Players: -
- Acuro Organics Limited
- Evonik Industries AG
- Sumitomo Seika Chemicals
- Dow
- Maxwell Additives Pvt, Ltd
- Nippon Shokubai Co. Ltd
- Ashland Inc.
- Lubrizol Corporation
- BASF SE
- Arkema
The report provides a detailed analysis of these key players in the polyacrylic acid market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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