Technavio, a tech-focused market research firm, has published a new report on the global acrylic acid and its derivatives market, which is expected to experience a significant growth with a CAGR of more than 6% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global acrylic acid and its derivatives market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global acrylic acid and its derivatives market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global acrylic acid and its derivatives market for 2015 (market share %)
|
APAC |
33.02% |
|
North America |
30.97% |
|
Europe |
30.01% |
|
ROW |
6.00% |
Source: Technavio
The top three revenue contributing region segments are discussed below:
Acrylic acid and its derivatives market in APAC
In 2015, APAC accounted for around 33% share of the global acrylic acid and its derivatives market. The population growth corresponds to a commensurate demand for housing and supporting infrastructure and APAC has about 62% of the world’s population. The region is a hub for investments because the significant growth rates displayed by several end-use industries and various factors contribute to the demand growth in the market of APAC.
According to Ajay Adhikari, a lead analyst at Technavio, specializing in research on specialty chemicals, “About 40% of the global infrastructural spending is contributed by the emerging economies of APAC such as China, India, and Indonesia, which is the foremost factor responsible for the market growth in APAC. The five key sectors that are driving the expenditure on infrastructural development in the region are utilities, mining, manufacturing, transport, and social spending.”
India and China are the prominent countries in the region and are characterized by growing urbanization, rising disposable incomes, and much more which create the scenario for infrastructural expansion and will drive the consumption of paints and coatings, which require acrylic acid derivatives for manufacturing.
Acrylic acid and its derivatives market in North America
The demand for acrylic acid and its derivatives in North America is mainly driven by the automotive, construction, aviation, and marine applications segments. The housing market has shown steady growth in Canada and the US, with lower house prices and lower lending rates with moderate economic growth, is creating the demand for acrylic acid and its derivatives in the construction sector during the forecast period. Spa and wellness centers and retail shops are further expected to augment the acrylic acid and its derivatives market in North America. The oil and gas exploration industry is another important contributor to the demand in the region. The rapid development of oil and shale gas reserves in the region is increasing the demand for industrial coatings used for protection against corrosion and wear in exploration and drilling.
Acrylic acid and its derivatives market in Europe
In Europe, the demand for acrylic acid and its derivatives is driven by the automotive and construction industries. The region consists of a mix of a small number of high-growth markets and many moderate to tepid growth markets. Europe is a mature market regarding consumption of paints and coatings. The use of sophisticated coating technologies and the presence of global vendors such as BASF, AkzoNobel, Dow Chemical, DuPont, and Sacal characterize the market. The decorative coatings segment accounts for a larger portion of the demand for acrylic paints due to the presence of many automotive manufacturers. The region is a leading exporter of cars and commercial vehicles, so the automotive industry in the region remains a major consumer of acrylic paints and coatings. The market is expected to grow due to the high performance of acrylic acid in extreme temperatures, enhanced service life (in automotive, construction, and oil and gas applications), and corrosion-resistance.
The top leading vendors operating in the global acrylic acid and its derivatives market are:
- Arkema
- BASF
- Evonik Industries
- Mitsubishi Chemical Holdings
- Nippon Shokubai
A more detailed analysis is available in the Technavio report titled, ‘Global Acrylic Acid and Its Derivatives Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Propylene Market 2016-2020
- Global Protective Coatings Market 2016-2020
- Acrylic Surface Coating Market: Global Trends and Insights 2015-2019
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