Acrylic Acid Market to Experience Strong Growth through 2029
The adhesives and sealants segment is anticipated to be a major factor in driving demand for acrylic acid and its derivatives.
The global acrylic acid market is expected to be valued at around $19.7 billion by the end of 2019, according to a recent report from Persistence Market Research. The market is estimated to see a healthy CAGR of approximately 5% through the next decade.
Applications of acrylic acid and its derivatives, such as methacrylate, as an adhesive are growing in automotive and other end-use industries due to properties such as excellent stability, strength, and resistance. The adhesives and sealants segment is therefore anticipated to be a major factor in driving demand for acrylic acid and its derivatives (e.g., esters) through 2029. Stringent regulations regarding the manufacture of lightweight vehicles have also increased the use of advanced adhesive materials, which results in growth for the acrylic acid market.
The paints and coatings industry has witnessed robust growth across the globe, especially in South Asia and East Asia, due to increasing industrial and construction activities. The governments of developing countries such as China and India are also investing in improving infrastructure, which is a major factor driving the demand for paints and coatings, resulting in increasing demand for acrylic acid from the paints and coating industry. In addition, the use of acrylic acid for coatings in textiles is propelling demand for acrylic acid in the textile industry.
Global manufacturers of acrylic acid and its derivatives are entering into long-term supply contracts with major end users, such as PMMA manufacturers, paints and coatings industries, and adhesives manufacturers. Manufacturers are also entering into direct supply contracts with end users, such as electronics manufacturers, major construction companies, and automotive OEMs, which result in creating a positive impact on the acrylic acid market. Manufacturers are also entering into partnerships with local distributors, especially in the developing countries of Asia-Pacific, which are solely dependent on the import of these chemicals.
Additional details are available at www.persistencemarketresearch.com.