Report ID: SQMIG15A2457
Report ID:
SQMIG15A2457 |
Region:
Global |
Published Date: November, 2024
Pages:
174
|
Tables:
94 |
Figures:
71
Asia-Pacific recorded the highest overall revenue share of 40.0% in 2023. Factors include industrialization and urbanization alongside booming disposable incomes of the growing middle class in the region, contributing to its superior position. The demand for products based on acrylic acid in the region increases because the construction, automotive, and personal care industries are booming in China, India, and Japan. Growing urban infrastructure and more consumer goods, paints, coatings, and adhesives are driving growth in the regional acrylic acid industry. Steady growth in the usage of SAPs in personal hygiene products also helps in acrylic acid regional growth.
North America is estimated to remain the largest market through the forecast period, with growing expansion at a CAGR of 3.6% from 2024 to 2031. The strong rise of important end-use sectors such as personal care, automotive, and construction primarily accounts for the increase. Large enterprises are based in North America, where the production base of acrylic acid and its derivatives is established. New applications of acrylic acid that are bio-based are also supported by strong R&D ecosystems in the United States and Canada. The market trend is expedited further due to the demands of high-performance coatings, adhesives, and superabsorbents in personal care products.
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Report ID: SQMIG15A2457