Super absorbent polymers market to grow at CAGR of 5.8% from 2015 to 2022
The global super absorbent polymers market growing at CAGR of 5.8%, increasing demand for the personal care and hygiene products such as adult incontinence products, female sanitary napkins and baby diapers is expected to support market growth until 20122, as per Grand View Research, Inc.
In 2014, the super absorbent polymers market was worth US$7 bln. Baby diapers are the largest application segment for global super absorbent polymers market. The market is expected to grow significantly on account of factors such as increasing demand of baby diapers over the forecast period. Super absorbent polymers are cross-linked homo polymers which possess the ability to retain and absorb massive amount of liquid compared to their weight.
Industries other than personal care & hygiene are increasingly adopting super absorbent polymers. This is expected to benefit the global industry over the forecast period. Increasing disposable income levels in the developing nations have led to greater demand for the personal care and hygiene products such as adult incontinence products, female sanitary napkins and baby diapers. Such a tendency is expected to aid the global super absorbent polymers market.
Baby diapers accounted for the largest application segment with a market share of over 70% in 2014. Increase in global demand for baby diapers, particularly in the emerging nations such as China, India and Brazil is projected to be the major driving factor for dominance of the segment. Applications in agriculture segment are projected to witness the highest growth rate, at an estimated CAGR of 6.6% from 2015 to 2022. Super absorbent polymers are utilized for water preservation in agricultural applications, predominantly in regions with water shortage. These polymers also intensify crop yield, improve water usage efficiency and develop improved soil properties. Such factors are forecasted to drive the demand for global industry over the forecast period.
Europe accounted for over 30% of the global super absorbent polymers in 2014 and is expected to continue this governance over the forecast period. However, emerging economies such as Latin America and Asia Pacific are supposed to witness a sharp growth rate over the next seven years. Countries such as India, Brazil and China are expected to lead their regional markets on account of growing awareness, increasing population and rising disposable income levels.
Global super absorbent polymers market is amalgamated with few companies leading the market and is characterized by high threat of new entrants. Major industry participants include BASF SE, Evonik Industries AG and Nippon Shokubai. These companies have taken numerous tactical initiatives with the purpose to enhance their product portfolios, production capability and increase their market share.
Other companies such as Sumitomo Seika Chemicals Co. Ltd., LG Chemical Co., SDP Global Co. Ltd., Songwon Industrial Co. Ltd., Yixing Danson Technology, Formosa Plastics Corporation and KAO Corporation are taking ardent steps to gain competitive advantage, increase their product line and increase their percentage revenue share.