San Francisco, CA -- (SBWIRE) -- 01/07/2020 -- The global acrylic acid market will witness a high demand for paints and coatings over the forecast period of 2018 and 2028 owing to a massive surge in construction volumes expected over the coming 10 years. By 2030, it is believed that volumes would see a hike of 85%, generating value worth USD 15.5 trillion. Besides, 57% of this growth will be accounted for by the countries – China, India, and the United States. Used massively in adhesives, coatings, and paints, acrylic acids will thus see a rise in demand over the forecast period.

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Beside, here, it is important to point out to the fact that this massive rise in construction is a result of growing population which will see addition of 2 billion people in the next three decades which is quite a remarkable rise from the 7.7 billion currently. It will take the total to 9.7 billion in 2050. This means an increase in demand for houses, commercial complexes, and recreational spaces.

Thus, owing to this tremendous contribution by the segment under discussion, the market will chart a significant growth rate, compounded annually, and it will raise the worth of the global acrylic acid market notably.

Region-wise, it is predicted that Asia Pacific will ruffle too many feathers in the market circles, owing to a strong CAGR (Compound Annual Growth Rate) it is set to chart over the forecast period. The strength is largely owed to rising demand for sanitary and personal care products and high construction volumes. Besides, countries like China and India are witnessing impressive demand for coatings, and adhesives. This would translate to great opportunities arising in the region.

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Another significant factor contributing to this growth is demand for personal care and sanitary products. As world sees more and more people in the geriatric age bracket, it sees more and more demand for these products. Besides, countries like India are directing efforts at improving menstrual health, pushing demand for related products. Besides, in a number of developing nations, there are activists and celebrities endorsing proper hygiene products to fight the menace of infections and disease these regions face due to lack of awareness. It is also worthy of noting here that some 500 million women across the world are not given access to proper menstrual hygiene facilities and amenities. Some 23 million women drop out of school every year in India. Thus, this push to improve the situation is positively contributing to growth in the global acrylic acid market.

However, owing to a number of strong players flanking the regional marketscape, North America and Europe will dominate the overall market. Besides, owing to a rapidly ageing population, the two regions will also witness rapid growth in acrylic acid market as demand for adult incontinence products increase. As per a recent study, in the age group of 65 and above, one in every four people would mark their presence by 2050. The global ratio would be one in every six in the period stated.

Of late, one of the very significant partnerships that the world noted has been that of BASF SE, the German-based market giant, and Sinopec Yangzi Petrochemical, a China-based Company. It deeply strengthens the market position of both players and is expected to help BASF SE flex more muscles in terms of product diversity.

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The global acrylic acid market is fragmented owing to a large number of players, regional and otherwise. Besides, the competition is fierce. Some of the most remarkable players present on the landscape of global acrylic acid market are The Dow Chemical Company, Mitsubishi Chemical Corporation, Nippon Shokubai Co. Ltd., China Petroleum and Chemical Corporation, BASF SE, LG Chem Ltd.

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