The global acrylamide market size was valued at USD 3,743.9 million in 2023. The market is expected to grow from USD 3,902.7 million in 2024 to USD 5,539.8 million by 2032 at a CAGR of 4.5% during the forecast period.
Acrylamide, synthesized from acrylonitrile, is pivotal in polyacrylamide production for diverse applications: oil refining, paper stabilization, and water purification. Increasing demand for textiles and growth in the paper industry, especially in developing nations undergoing rapid urbanization, such as India, Indonesia, South Africa, Poland, and China, drives the expansion of market.
Key industries such as textiles and construction faced significant production delays and reduced sales due to global lockdowns and supply chain disruptions caused by the COVID-19 pandemic in 2020. This also impacted related sectors such as chemicals, including acrylamide, which saw decreased demand for the product during this period.
Fortune Business Insights™ provides this information in its research report, titled “Acrylamide Market, 2024-2032”.
Acrylamide Market Segmentation:
Water Treatment Segment Led owing to Advancements in Papermaking Technology
On the basis of end use industry, the market is fragmented into pulp & paper, oil & gas, mining, water & wastewater treatment, and others. The water treatment segment captured the key acrylamide market share in 2023. Continuous improvements in papermaking processes increase the use of polyacrylamide as a retention aid, bolstering paper quality in production, thereby supporting the growth of the segment.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The research report offers detailed insights into leading companies, end-use industries, quantitative data on volume and value, research methodologies, and competitive landscapes. Moreover, the report also highlights the key industry trends along with the impact of the COVID-19 pandemic on the market.
Drivers and Restraints:
Surging Demand for Crude Oil and Ongoing Exploration Initiatives to Fuel Market Growth
Increasing production capabilities in leading economies such as the U.S. and the UAE drive demand for acrylamide in enhanced oil recovery processes, where it is used to improve extraction efficiency from underground reservoirs. Moreover, growing ventures into unconventional oil and gas reserves, particularly in region such as the UAE, bolster the need for product in exploration and extraction activities, offering growth opportunities in the market.
However, product’s environmental persistence and potential groundwater contamination pose regulatory challenges and consumer preferences favouring eco-friendly alternatives, limiting acrylamide market growth.
To get to know more about the market, please visit: https://www.fortunebusinessinsights.com/acrylamide-market-110131
Regional Insights:
Asia Pacific Leads the Market Owing to Bolstered Industrial Water Treatment Requirements
Asia Pacific captures the key share of the market. The growth of leading economies such as India, Japan, and China fuels increased industrial water treatment needs, boosting the consumption of product in the region's water and wastewater treatment sector.
Ongoing advancements in enhanced oil recovery techniques in North America, supported by acrylamide's role in viscosity enhancement, further propels market growth in the region.
Competitive Landscape:
Industry Participants Focus on Product Launches to Meet Rising Market Demand
Leading companies such as Kemira, Black Rose Industries Ltd., Mitsui Chemicals, Inc., and SNF Group employ organic and inorganic strategies. These include product launches, capacity expansions, and vertical integration to cater to increasing market demands, shaping the competitive landscape through ongoing consolidation.
Key Industry Development:
June 2021- Kemira completed a USD 75 million expansion in Alabama for emulsion polymers and bioacrylamide monomers, aiming to accelerate sales growth beyond market norms.
List of Key Players Mentioned in the Report:
BASF SE (Germany)
Black Rose Industries Ltd. (India)
Jiangxi Changjiu Agrochemical Co. Ltd (China)
Kemira Oyj (Finland)
Mitsubishi Chemicals (Japan)
Mitsui Chemicals, Inc. (Japan)
NUOER GROUP (China)
SNF Group (France)
Solenis (U.S.)
Zhejiang Xinyong Biochemical Co., Ltd. (China)