India Acrylic Acid Market Top 5 Importing Countries and Market Competition (HHI) Analysis
India`s acrylic acid import market in 2024 continued to see significant contributions from top exporting countries such as Indonesia, China, South Korea, Malaysia, and Russia. The market concentration, as measured by the Herfindahl-Hirschman Index (HHI), remained high, indicating a competitive landscape. The compound annual growth rate (CAGR) from 2020 to 2024 stood at a healthy 7.8%, with a modest growth rate of 0.27% from 2023 to 2024. These trends suggest a steady and stable growth trajectory for acrylic acid imports in India.
India Acrylic acid Market Synopsis
India Acrylic acid market is estimated to grow at a CAGR of 7.7% during the forecast period. The major factors influencing the demand for acrylic acid in India are rising population, increasing disposable income, and rapid urbanization. India is also witnessing an increase in investments from foreign companies due to its strong economic growth rate and large domestic market size. Moreover, government initiatives such as Make in India campaign have encouraged many multinationals to invest in manufacturing units within the country which has further increased the production capacity of industrial chemicals including acrylic acid across various industries leading to higher demand for it.
Market Drivers
The key drivers driving the growth of acrylic acid industry include improvement of infrastructure development on account of government efforts; increasing use of paint & coatings products based on acrylates; surging textile industry owing to booming apparel sector and growing automotive industry resulting into high suitability as coating material among others. However, certain environmental regulations imposed by India Government pertaining hazardous nature associated with this chemical along with availability of substitutes like polyvinyl acetate (PVA) can affect its overall market penetration negativelyin the coming years.
Challenges of the Market
The Indiaacrylic acid market is facing several challenges. The first challenge is the availability of raw materials for producing acrylic acid, as there are limited resources available in India. Another major challenge faced by the industry is rising energy costs due to increasing demand from end-use markets such as paints and coatings and adhesives & sealants, which require more energy to produce their finished products. Additionally, fluctuating import duties on imported raw material and volatile exchange rates also pose a problem for India manufacturers since they have to bear higher costs when importing raw materials from abroad. Furthermore, stringent environmental regulations present another hurdle for producers in terms of meeting compliance standards while still maintaining profitability margins. Finally, competition from other low-cost countries like China has made it difficult for India manufacturers to compete in the global marketplace.
Key Players in the Market
Some major players operating within IndiaAcrylic Acid Market are Kansai Paint Co Ltd., BASF SE , Dow Chemical Company , PPG Industries Inc , DSM Nv AkzoNobel NV , Daikin America Inc., LG Chemicals Ltd., Mitsui Chemicals Inc.
Key Highlights of the Report:
- India Acrylic acid Market Outlook
- Market Size of India Acrylic acid Market, 2024
- Forecast of India Acrylic acid Market, 2031
- Historical Data and Forecast of India Acrylic acid Revenues & Volume for the Period 2021-2031
- India Acrylic acid Market Trend Evolution
- India Acrylic acid Market Drivers and Challenges
- India Acrylic acid Price Trends
- India Acrylic acid Porter's Five Forces
- India Acrylic acid Industry Life Cycle
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Product for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Acrylate Esters for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Glacial Acrylic Acid for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Others for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By End-users for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Surfactants and Surface Coatings for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Organic Chemicals for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Water Filtration for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Adhesives and Sealants for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Textiles for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Water Treatment for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Personal Care Products for the Period 2021-2031
- Historical Data and Forecast of India Acrylic acid Market Revenues & Volume By Others for the Period 2021-2031
- India Acrylic acid Import Export Trade Statistics
- Market Opportunity Assessment By Product
- Market Opportunity Assessment By End-users
- India Acrylic acid Top Companies Market Share
- India Acrylic acid Competitive Benchmarking By Technical and Operational Parameters
- India Acrylic acid Company Profiles
- India Acrylic acid Key Strategic Recommendations
