Medical Device Coatings are fastest growing segment fueling growth of the Acrylic Acid Market

 

Acrylic Acid Market

The global Acrylic Acid Market is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Acrylic acid and its esters find wide application in various industries such as paints & coatings, adhesives & sealants, plastic additives, textiles, personal care and water treatment. It is used to manufacture superabsorbent polymers which are primarily used in baby diapers, adult incontinence products, and hygiene products.

 

Market key trends:

One of the major trends gaining traction in the acrylic acid market is its usage in medical device coatings. Acrylic acid polymers are increasingly being used to coat medical devices like catheters, implants, and prosthetics. These coatings help reduce friction between the device and tissues, prevent infections, and impart other useful properties. They provide anti-thrombogenic, anti-microbial and anti-inflammatory properties. The growing healthcare expenditures and rising number of surgical procedures are expected to drive the demand for medical device coatings incorporating acrylic acid polymers during the forecast period.

Segment Analysis

The acrylic acid market is segmented by derivative, application, and region. Based on derivative, it is segmented into acrylate ester, glacial acrylic acid, and others. Acrylate ester dominates the market and accounts for around 70% share owing to its wide application in surface coatings, adhesives & sealants and plastic additives industries.

 

Key Takeaways

The Global Acrylic Acid Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from end-use industries such as automotive, building and construction.

 

Regional analysis

Asia Pacific dominates the global acrylic acid market and is expected to maintain its leading position over the forecast period due to growing demand from countries such as China, Japan, and India. China accounts for over 50% of the global acrylic acid consumption due to rampant growth in plastic, textile, hygiene, and diaper manufacturing industries.

 

Key players

Key players operating in the acrylic acid market are Arkema, BASF SE, China Petroleum & Chemical Corporation , Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. Arkema and BASF captured over 30% of the global market share owing to their expansive production facilities and strong distribution network across major countries.

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https://www.dailyprbulletin.com/acrylic-acid-market-size-share-growth-outlook-2023/

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