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. 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 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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Agriculture is projected to grow at the highest CAGR between 2019 and 2024. SAPs are used in agriculture for its water retention capabilities. SAP acts like a micro water reservoir and can absorb water from rainfall or excessive irrigation. It typically absorbs around 400-800 times water of its own weight and releases that water slowly upon the root demand through osmotic pressure difference. This prevents water loss in soil and results in improved growth rate. SAP can also help save water by reducing irrigation frequency, can act as a soil conditioner, and can help overcome drought conditions. The other important application areas of agricultural SAP can broadly be categorized into gardening, horticulture, forestry, lawns, playgrounds, and golf course. Over the past few years, SAP consumption in agriculture has been driven by increasing crop production from the developing nations. The growing population and increased demand for food in developing nations are the key factors driving the demand for SAP in the agriculture application.
APAC is projected to be the fastest-growing market for super absorbent polymers, globally. Growing population, increasing industrialization, economic development, and biodiversity are the key factors attributed to the growth of the SAP market in APAC. The demand for diapers is very high in APAC owing to its large population. Agriculture is one of the biggest sectors in the region. Availability of fresh water is a serious issue in the region due to increased environmental deterioration, high soil erosion, occasional flood, increase in pollution level, and others.
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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