Increased acceptance in agricultural applications owing to superior properties such as high water retention, better water usage efficiency and improved soil properties are expected to complement water scarce regional markets. Harmful health effects upon prolonged exposure to super absorbent polymers are anticipated to hinder market growth in the near future.
Further key findings from the report suggest:
- Global super absorbent polymers market demand was 2,071.7 kilo tons in 2014 and is expected to reach 3,170.4 kilo tons by 2022, growing at a CAGR of 5.8% from 2015 to 2022.
- Baby diaper was the leading application segment and accounted for over 70% of overall consumption in 2014. Increasing population coupled with increasing baby diaper manufacturing facilities on account of government support particularly in Asia Pacific is expected to drive this segment over the forecast period.
- Agricultural is projected to witness the highest growth rate of 5.9% from 2015 to 2022. Increasing penetration of SAP in agriculture industry on account of its suitable characteristics is expected to fuel this segment over the forecast period.
- Europe was the leading regional market with demand share estimated at 30.8% in 2014. Increasing geriatric population base in the region is expected to fuel SAP demand over the forecast period.
- Asia Pacific is expected to witness significant growth of 6% from 2015 to 2022. Increasing population in China and India coupled with growing geriatric population in Japan is expected to drive the regional market over the forecast period.
- Large multinational corporations accounted for a majority share of the global market in the recent past and are expected to continue this trend over the forecast period. Companies are taking several ardent measures to improve their product portfolio and increase their production capacity with an aim to cater to the growing demand. Key industry participants include BASF SE, LG Chemical Ltd., Formosa Plastics Corporation, SDP Global Co. Ltd., Evonik Industries AG, KAO Corporation, Nippon Shokubai Co. Ltd., KAO Corporation and Sumitomo Seika Chemicals Co. Ltd.