The global acrylic acid market is approximated to be USD 11.7 billion in 2023, and it is projected to reach USD 13.8 billion by 2028 at a CAGR of 3.3%. Acrylic acid is an organic compound known for its versatility and widespread industrial applications. It is a colorless liquid with a characteristic acrid odor and is used as a key precursor in the production of various polymers, including superabsorbent polymers used in diapers, adhesives, coatings, textiles, and more. Acrylic acid’s reactivity and ability to polymerize make it a valuable ingredient in the creation of a range of materials essential to everyday life and various industries.
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The demand for acrylic acid is furnished by global players manufacturing for various end-use sectors. Some of the leading companies involved in the manufacturing of acrylic acid are BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan). These companies, along with other regional companies, cater to the demand for acrylic acid products globally.
BASF SE, headquartered in Ludwigshafen, Germany, is a global chemical company renowned for its diverse portfolio of products and solutions across numerous industries. With a history spanning over a century, BASF is a leading player in the chemical sector, offering a wide array of chemicals, plastics, performance products, agricultural solutions, and more. The company’s commitment to innovation, sustainability, and collaborative partnerships has solidified its position as a key contributor to advancements in various sectors around the world. The company operates its business majorly through six segments: Chemicals, Materials, Surface Technologies, Industrial solutions, Nutrition & Care, and Agricultural Solutions.
Arkema, is a major international chemical company based in France, specializing in the production of a wide range of chemicals, materials, and advanced solutions. With a focus on innovation, sustainability, and customer-centricity, Arkema serves diverse industries including coatings, adhesives, construction, automotive, electronics, and more. The company operates globally through four business segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates.
Nippon Shokubai Co., Ltd. is a prominent Japanese chemical company that engages in the production of a variety of chemicals, including acrylic acid, superabsorbent polymers (SAP), and ethylene oxide. Renowned for its dedication to sustainable practices and responsible manufacturing. The company’s diverse range of products finds applications in sectors such as hygiene products, coatings, adhesives, and more, making a significant impact in various industries worldwide.
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Other companies have initiated the following developments:
- In October 2019, ADNOC (Abu Dhabi National Oil Company), Adani, BASF, and Borealis signed an MoU for a chemical complex in Mundra, Gujarat, India. This was focused to provide infrastructure to provide raw materials for the acrylics value chain and polypropylene production.
- In April 2022, BASF and Sinopec initiated the expansion of their joint venture site, BASF-YPC Co., Ltd., in Nanjing. This expansion encompasses the construction of additional capacities for several downstream chemical facilities and a new tert-butyl acrylate plant.
- In July 2022, Arkema, announced its intention to acquire Polimeros Especiales, a prominent producer of emulsion resins based in Mexico. This strategic acquisition was done to enhance Arkema’s presence in the fast-growing market for solvent-free waterborne acrylic resins.
- In May 2023, Nippon Shokubai Co., Ltd. announced the inauguration of its new acrylic acid facility in Cilegon, Banten, Indonesia.
- In August 2021, LG Chem entered into a strategic partnership with Veolia R&E, aiming to ensure a consistent supply of chemically recycled MMA (methyl methacrylate).
- In September 2019, Archer Daniels Midland (ADM) and LG Chem collaborated to develop biobased acrylic acid, utilizing corn processed by ADM.
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