PUBLISHER: Allied Market Research | PRODUCT CODE: 1179811
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179811
The glacial acrylic acid market attained $2.4 billion in 2021 and is projected to reach $3.5 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
Glacial acrylic acid (GAA) is an unsaturated monocarboxylic acid for use in syntheses and in the production of polymers. It produces a vinyl compound and a carboxylic acid in reaction. It easily goes through addition and polymerization processes. It can be used as a carboxylic acid to produce acrylic esters, acrylamide, N-substituted acrylamides, and acrylic chloride by common methods. Glacial acrylic acids are widely used in the nappies, adult & feminine hygiene, detergents, adhesives, coatings, & sealants, water treatment, and others. In addition, an increase in the use of nappies in the personal care industry is anticipated to boost the growth of the market for glacial acrylic acids, as GAA is used in the production of nappies, waste-treatment chemicals, and some medical products.
Moreover, acrylic acid homopolymers and copolymers with a large concentration of acrylic acid have a glassy texture and are frequently soluble in water. It consists of a wide range of applications in several end-use industries as they can be applied in a variety of ways, such as thickeners, dispersing agents, flocculants, protective colloids for stabilizing emulsions and polymer dispersions, wetting agents, coatings, and textile finishes, in both their free acids and ammonium and alkali salt forms.; these factors are expected to augment the demand for glacial acrylic acids during the forecast period.
However, there are some disadvantages associated with glacial acrylic acids such as fluctuation of prices in raw materials such as propylene, ethylene, and others. These factors are expected to restrain the glacial acrylic acids demand across various end-use sectors; thus, hampering the growth of the glacial acrylic acid market.
On the contrary, China is anticipated to be a potential market and the fastest growing market in the near future for the coatings industry in Asia-Pacific. The United Nations estimates that the world population has likely surpassed 8.6 billion people because of rapid urbanization, which has significantly increased the size of the industrial sector. For instance, according to a report published by the American Coating Association, architectural coatings are the largest segment in the paint and coating market, which accounts for more than 50% of the market share in terms of the total volume produced by the industry annually. Thus, the growth of the coating industry is expected to directly fuel the glacial acrylic acid market demand over the forecast period.
The global glacial acrylic acid market is segmented into application and region. Depending on the application, the market is classified into nappies, adult & feminine hygiene, detergents, adhesives, coatings & sealants, water treatment, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global glacial acrylic acid market Arkema, BASF SE, BASF PETRONAS Chemicals Sdn. Bhd., Dow Inc, Formosa Plastics Corporation, U.S.A, Hexion Inc., LG Chem, Mitsubishi Chemical Holdings Corporation, Nippon Shokubai Co Ltd, Novomer Inc, Sanmu Group, and Shandong kaitai petrochemical Co., Ltd.
Other players operating in the market are Cargill, Incorporated, Novozymes, and Sasol.
IMPACT OF COVID-19 ON THE GLOBAL GLACIAL ACRYLIC ACID MARKET
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By Application
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