LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global acrylic acid derivatives market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
The rapid expansion of SAPs in the agricultural sector is a key trend which is expected to impact the market over the forecast period. Unforeseen drought conditions, increased soil salinity, overuse of fertilizers and chemicals, and the improper irrigation is few of the major challenges faced by the agricultural sector. SAPs, also known as hydrogel; absorbent gels; or super soakers, are highly used in the agricultural sector, farming, and horticultural applications majorly owing to its water uptake potential.
This hygroscopic material absorbs water by osmosis and forms granules in the soil, which then swells to form a clear gel. SAPs used in the agricultural sector prevents excess evaporation, water loss, and soil moisture leaching thereby protecting the nutrient fertility of the soil as well as the quality of crop yields. Hence, owing to benefits of SAPs in agricultural sector, the global acrylic acid derivatives market is expected to witness a good growth momentum during the forecast period.
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In this report, Technavio analysts highlight the increased demand for acrylic acid derivatives in surface coating applications as a key factor contributing to the growth of the global acrylic acid derivatives market:
Increased demand for acrylic acid derivatives in surface coating applications
Surface coating is the largest application segment of the global acrylic acid derivatives market. Acrylic esters are highly used as binders in water-borne coating applications. There is a greater growth opportunity for the growth of the global acrylic acid derivatives market globally with the rapid replacement of water-borne coating over solvent-borne coatings.
According to a senior analyst at Technavio for specialty chemicals research, “Limited volatile organic compound emission is one of the major factors for the increased consumption of acrylic acid derivatives in insulation and industrial coating applications.”
The restriction in the use of products containing VOC and harmful constituents by Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) can further increase the consumption rate of acrylic coatings in industrial coating and insulation applications. These coatings are in high demand in regions such as APAC and North America owing to the rapid development in the construction, automobile, and aviation industry.
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Global acrylic acid derivatives market segmentation
This market research report segments the global acrylic acid derivatives market by product type (acrylic ester, acrylic polymer, and others) and key regions (the Americas, APAC, and EMEA).
Of the three major product segments, the acrylic esters segment held the largest market share in 2017, accounting for nearly 54% of the market. However, the market share for this application is expected to decrease nearly 1% by 2022. The fastest growing application is the acrylic polymer segment, which is expected to increase its market share by around 1% by 2022.
APAC was the leading region for the global acrylic acid derivatives market in 2017, accounting for a market share of more than 38%, followed by the Americas and EMEA. APAC is the only region which is expected to exhibit an increase in its market share over the forecast period.
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