According to the new market research report "Acrylic Polymer Market for Cleaning Application by Type(Water-borne & Solvent-borne), Application(Laundry & Detergent, Dish Washing, Industrial & Institutional, Hard Surface Cleaning) & Region(APAC, North America, Europe, RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to grow from USD 580 million in 2021 to USD 709 million by 2026, at a CAGR of 4.1%. The water-borne accounted for the largest market share of 93.8% in 2020, in terms of value. Laundry & Detergent is estimated to be the largest application of acrylic polymer market for cleaning application during the forecast period, followed by dish washing in terms of volume. With the increasing population, increasing per-capita income, changing lifestyle, and increasing usage of washing machines across the globe, the demand for laundry detergent is growing, which is subsequently driving the acrylic polymer market for cleaning application. Moreover, increasing demand for liquid dish washing products in hotels, restaurants and food retails, and household applications further supports the growth of the acrylic polymer market.
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Due to the COVID-19 pandemic, there is growing awareness about hygiene and cleanliness in public places, and governments have issued guidelines to take the utmost precaution to avoid the spread of the virus. Thus, the demand for cleaning products in industrial and institutional places has increased significantly across the globe, which in turn supports the growth of the acrylic polymer market for cleaning application. However, due to fluctuating crude oil prices and increasing raw material prices across the globe, the market growth may be restricted in the upcoming years.
Water-borne is the largest segment by type in the acrylic polymer market for cleaning application.
Based on type, the water-borne acrylic polymer segment is estimated to account for the larger share of the overall market. The major factor driving this segment is the high solubility, dispersion in cleaning products, and increasing demand for sustainable products. It also helps to improve the cleaning products performance and efficacy rate, owing to which it is prevalently used in Europe and North America. However, the cost of water-borne is high compared to solvent-borne.
Laundry & Detergent is the largest segment by application in the acrylic polymer market for cleaning application.
The laundry & detergent segment is estimated to account for the largest share of the overall acrylic polymer market for cleaning application in 2020, closely followed by the dish washing segment. With the increasing population, increasing per-capita income, changing lifestyle, and increasing usage of washing machines across the globe, the demand for laundry detergent is growing, which is subsequently driving the acrylic polymer market for cleaning application. Moreover, increasing demand for liquid dish washing products in hotels, restaurants and food retails, and household applications further supports the growth of the acrylic polymer market.
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North America is estimated to be the largest market for acrylic polymer market for cleaning application.
North America accounted for the largest share of the acrylic polymer market for cleaning application in 2020, followed by Europe. In Europe and North America, stringent regulations and increasing demand for sustainable laundry & detergents and other cleaning products have supported the growth of the acrylic polymer market for cleaning application in the regions.
Acrylic Polymer Market Key Players
The leading players in the acrylic polymer market for cleaning application are Dow Inc. (US), BASF SE (Germany), Toagosei Co., Ltd. (Japan), Sumitomo Seika Chemicals Co., Ltd. (Japan), Arkema (France), Nippon Shokubai Co. Ltd. (Japan), Ashland Global Holdings, Inc. (US), and others.
Dow Inc., Dow Inc. serves as the holding company for The Dow Chemical Company (TDCC) and its consolidated subsidiaries. Dow Inc. operates through three main business segments; packaging & specialty plastics; industrial intermediates & infrastructure; and performance materials & coatings. Under the performance materials & coatings segment, the company offers acrylic polymer for cleaning application under the trademarks DURAPLUS, ACUSOL, and RHOPLEX.
BASF SE, BASF is among the leading chemical companies in the world. The company operates through various business segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions segments. The company has six Verbund sites, 241 additional production sites in more than 90 countries, and three global research divisions in Europe, Asia Pacific, and North America. The company offers acrylic acid, acrylic monomers, and acrylic polymer products under the petrochemical sub-segment, a part of the chemical division. The company has an acrylic acid production capacity of 1,510 kilotons. The company offers products under the "Sokalan" brand name.