LONDON, Sept. 7, 2016 /PRNewswire/ -- The global polyacrylamide market is expected to reach USD 8.61 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for the product in water treatment application is expected to be a key factor driving the industry growth. Increasing population and uncertain rainfall patterns in Asia Pacific is expected to drive demand for water treatment chemicals, which is likely to open new avenues for the industry over the next eight years.
Growing application scope of the product in oil & gas industry to enhance the oil recovery is expected to propel demand over the projected period. Polyacrylamide is used as a reinforcing agent in papermaking industry which works as both, dry strengthening agent and wet strengthening agent. In addition, rising demand for the product in the cosmetics industry as stabilizers, foam builders, binders, film formers, antistatic agents and hair fixatives is likely to propel demand.
Polyacrylamide market is characterized by backward integration by polyacrylamide manufacturers to maximize profit margins. The manufacturers are likely to face challenges owing to the environmental issues related to the product and high raw materials prices. The productis highly volatile in nature, which is a key concern for manufacturers, which is expected to lower the production volumes. However, increasing end-use demand from mining and paper making industry is expected to drive demand for the product over the projected period.
Further key findings from the report suggest:
Anionic polyacrylamide polymers are likely to witness the fastest growth of CAGR of over 7.9% from 2016 to 2024 owing to their wide application scope in industrial waste water treatment, coal washing, and mining industries. Furthermore, superior properties of anionic polyacrylamide which include adsorption mechanism of the molecules on the Nano-zirconia surface and high compatibility are expected to offer a competitive edge for the compound over its counterparts.
Europe market was valued over USD 650 million in 2015 and is likely to witness significant growth owing to the upcoming research analysis and the technological innovations on hydrogels which have become very popular in the field of medical sciences.
Water treatment was the largest application for polyacrylamide and is expected to grow at a CAGR of over 7.8% from 2016 to 2024. Growing demand for waste water treatment in various end-use industries including the textile, paper & pulp, dairy, metal cutting and the chemical is expected to drive demand over the projected period.
Companies are focused on increasing their footprint within the industry through constant product innovation. The technological advancements in the product field such as the production of polyacrylamide gel and powders from the aqueous solution are expected to open new avenues in the field of medical sciences.
Key participants include SNF Group (France), Kemira (Finland), Ashland Inc. (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Beijing Heng- Chemical Group Co., Ltd., Shandong Zibo East Polymer Co., Ltd., Shandong Shuiheng Chemical Co., Ltd. and together accounting for over 50.0% of the global market share in 2015.
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