The Asia Pacific polyacrylic acid market was valued at US$ 859.58 million in 2023 and is expected to reach US$ 1,219.77 million by 2031; it is estimated to register a CAGR of 4.5% from 2023 to 2031.
Development of Bio-Based and Sustainable Products Boosts Asia Pacific Polyacrylic Acid Market
Different sustainable and bio-based products are used to replace products that create harmful impacts on the environment. There is a growing interest in the development and use of bio-based acrylic acid and polyacrylic acid across various industries. In October 2023, GS Caltex and LG Chem signed an MoU for a joint biodegradable business. Under the MoU, GS Caltex and LG Chem will discuss possible joint businesses utilizing 3HP. 3HP, made with plant-derived materials through microbial fermentation, is a versatile platform chemical that can produce bio acrylic acid for diapers, adhesives, coatings, and carbon fibers. In 2019, LG Chem announced a partnership with ADM to create acrylic acid from corn. Låkril Technologies revealed its plans to open a pilot plant by the end of 2024. The company catalytically converts biobased lactates such as methyl lactate, ethyl lactate, and lactic acid into acrylic acid. In 2020, Cargill licensed technology from Procter & Gamble that converts lactic acid into acrylic acid. At the end of year 2020, Cargill announced it was working with Axens and IFPEN to scale up the technology. Further, Interreg VlaNed project GREENER aims to develop polymers with the same properties as water-soluble polymer polyacrylic acid, but with the advantage that they will be bio-based and biodegradable. Thus, various developments in bio-based and sustainable products are expected to emerge as major trends in the Asia Pacific polyacrylic acid market during the forecast period.
Asia Pacific Polyacrylic Acid Market Overview
In China, one significant driver is the country's rapid industrialization and urbanization, leading to increased demand for various industrial applications such as water treatment, paints & coatings, adhesives, and textiles. Polyacrylic acid's versatility makes it a preferred choice in these industries due to its ability to function as a thickening agent, water absorbent, and dispersant. According to the World Bank Data, the urban population share in China rose by 1.1 percentage points (+1.76 %) from 2021 to 2022. Furthermore, the escalating environmental concerns in China have propelled the demand for polyacrylic acid-based products in water treatment applications. The polymer's effectiveness in water purification processes, including wastewater treatment and sludge dewatering, has garnered significant attention from industries and municipalities.
Asia Pacific Polyacrylic Acid Market Revenue and Forecast to 2031 (US$ Million)
Asia Pacific Polyacrylic Acid Market Segmentation
The Asia Pacific polyacrylic acid market is categorized into form, application, end-use industry, and country.
By form, the Asia Pacific polyacrylic acid market is segmented into powder and liquid. The liquid segment held a larger share of the Asia Pacific polyacrylic acid market share in 2023.
In terms of application, the Asia Pacific polyacrylic acid market is segmented into dispersing agent, anti-scaling agent, thickeners, emulsifiers, ion-exchanger, and others. The anti-scaling agents segment held the largest share of the Asia Pacific polyacrylic acid market share in 2023.
Based on end-use industry, the Asia Pacific polyacrylic acid market is segmented into water treatment, personal care & cosmetics, detergents & cleaners, leather & textiles, pulp & paper, paints & coatings, ceramics, and others. The water treatment segment held the largest share of the Asia Pacific polyacrylic acid market share in 2023.
Based on country, the Asia Pacific polyacrylic acid market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China segment held the largest share of Asia Pacific polyacrylic acid market in 2023.
Arkema SA; Ashland Inc; BASF SE; Evonik Industries AG; Nippon Shokubai Co Ltd; Shandong ThFine Chemical Co., Ltd; Sumitomo Seika Chemicals Co Ltd; The Dow Chemical Co; and The Lubrizol Corp are some of the leading companies operating in the Asia Pacific polyacrylic acid market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 859.58 Million |
| Market Size by 2031 | US$ 1,219.77 Million |
| CAGR (2023 - 2031) | 4.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Form
|
| Regions and Countries Covered |
Asia Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Polyacrylic Acid Market is valued at US$ 859.58 Million in 2023, it is projected to reach US$ 1,219.77 Million by 2031.
As per our report Asia Pacific Polyacrylic Acid Market, the market size is valued at US$ 859.58 Million in 2023, projecting it to reach US$ 1,219.77 Million by 2031. This translates to a CAGR of approximately 4.5% during the forecast period.
The Asia Pacific Polyacrylic Acid Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Polyacrylic Acid Market report:
The Asia Pacific Polyacrylic Acid Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Polyacrylic Acid Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Polyacrylic Acid Market value chain can benefit from the information contained in a comprehensive market report.
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