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According to the new market research report “Super Absorbent Polymers (SAP) Market by Type (Sodium Polyacrylate, Polyacrylate/Polyacrylamide, Copolymers), Application (Personal Hygiene, Agriculture, Medical, Industrial, Packaging, Construction, Oil & Gas), Region – Global Forecast to 2024″, The super absorbent polymers market is projected to grow from USD 9.0 billion in 2019 to USD 12.9 billion by 2024 at a CAGR of 7.4% during the forecast period. The growth of this market is driven by the growing population, increasing demand for fluffless diapers, and usage of SAP in agriculture applications.
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MarketsandMarkets projects that the global super absorbent polymers market will grow from USD 9.0 billion in 2019 to USD 12.9 billion in 2024, at a CAGR of 7.4% during the forecast period. Growth of the global population, increasing demand for fluffless diapers, and focus on effective irrigation management are the key drivers for the market
Investments are made for the development of super absorbent polymers based on renewable materials. These investments are expected to create new avenues for the global SAP market. This move is to provide a suitable alternative to petrochemical-based polymers such as sodium polyacrylate, which is currently used in the absorbent core of disposable diapers, among many other personal hygiene products. These products are thus non-biodegradable and account for a large share of landfills globally. Investments are also made for the development of such products, driving innovation in the industry. For Instance, in 2017, Ecovia Renewables Inc. (US) made research grants for the development of biopolymer materials for use in diapers. These products provide an excellent opportunity for the growth of the SAP market during the forecast period.
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Super absorbent polymers play an important role in diapers and hygiene industry as the product manufacturers use super absorbent polymers as the solidification medium in the products. Acrylic Acid is the main raw material for the super absorbent polymer products.
The leading players in the super absorbent polymers market are Nippon Shokubai (Japan), BASF (Germany), Evonik (Germany), Sumitomo (Japan), LG Chem (South Korea), SDP Global (Japan), Formosa (Taiwan), Yixing Danson (China), Satellite Science & Technology Co., Ltd. (China), and Kao Corporation (Japan). These players adopted acquisitions, new product launches, and agreements as the key growth strategies between 2014 and 2019, which helped them increase their capacities and cater to the widening customer base.
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BASF(Germany) is a chemical company that has a strong global presence with 347 production sites in more than 80 countries. The company is focusing on providing sustainable solutions as it believes that sustainability will serve as a start point for new business opportunities, and it is the key to long-term success. Its R&D capabilities are quite unique in the chemical industry, which enables the company to strengthen its position in the industry further. BASF’s super absorbents business is capitalizing its growth by focusing on investment and expansion. In line with the strategy, the company has strategically expanded its manufacturing capabilities and has made an investment in R&D activities. This would enhance the SAP business of the company.
Evonik(Germany) has been focusing on its three strategic focus areas-portfolio, innovation, and corporate culture-to achieve profitable growth and to enhance its competitive position in the global market. The company has approximately 2,780 R&D employees, and it also spent around USD 540 million on R&D activities in 2018. This shows that the company is strongly focusing on R&D activities, which enabled it to offer innovative solutions for the customers. These factors have helped the company witness a high annual revenue growth in the past few years. In the super absorbent polymer business, the company has focused on R&D to develop technologies to meet customer requirements. As a result of these efforts, the company has launched newer products in recent years. The company has also established research centers to enhance its R&D capabilities.
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