Acrylic acid is an organic compound having characteristic tart or acrid smell. A large portion of acrylic acid is used as a feedstock for obtaining acrylate esters. Acrylate esters have a broad spectrum of application in paper treatment, plastic additives, textiles, sealants, adhesives, and surface coatings. Industries are developing and commercializing processes for producing acrylic acid from petrochemicals. Due to the rising price of oil globally, manufacturers are using bio-based techniques to produce acrylic acid and acrylates from renewable resources such as glycerol, sugar, etc. Renewable feedstock shows cost competitive outcomes as compared to petrochemical routes. The global acrylic acid market was valued at $11,006.6 million in 2013, and it is estimated to reach $18,824.0 million by 2020, growing at a CAGR of 7.6% during the forecast period (from 2014 to 2020). The global consumption of acrylic acid is anticipated to reach 8,169.0 kilo tons by 2020.
The factors that are driving the growth of the market are soaring demand for superabsorbent polymers, widespread adoption of acrylic-based products in emerging economies such as Asia Pacific and growing industries such as adhesives and sealants. Stringent government regulations are imposed on the use of acrylic acid due to increasing environmental concerns in regions such as North America, Europe, etc., to protect the environment and prevent occupational exposure of acrylic acid. Due to the potential restraints, the growth of the acrylic acid market is restricted. Producers of acrylic acid are focusing on research and development to find the bio-based roots for the production of acrylic acid. Moreover, commercialization of bio-based acrylic acid and saturated demand for PMMA resins in various industries would open doors for investors to invest in acrylic acid market; thus, creating lot of opportunities for the growth of acrylic acid market in the near future.