(MENAFN- EIN Presswire) Glacial acrylic acid market to grow at a CAGR of 3.6% by 2028. Asia-Pacific accounted for the largest share of the global market during the forecast period.
NEW YORK, UNITED STATES, November 25, 2021 /EINPresswire.com / -- According to the latest market study on“Glacial Acrylic Acid Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application” the market was valued at US$ 2,607.67 million in 2021 and is projected to reach US$ 3,351.24 million by 2028.
Strategic Insights
Market Size Value in - US$ 2,607.67 Million in 2021
Market Size Value by - US$ 3,351.24 Million by 2028
Growth rate - CAGR of 3.6% from 2021-2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 159
No. Tables - 29
No. of Charts & Figures - 65
Historical data available - Yes
Segments covered - Application
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Glacial acrylic acid is an unsaturated carboxylic acid co-monomer. It readily copolymerizes with acrylic and methacrylic esters, ethylene, vinyl acetate, styrene, butadiene, acrylonitrile, vinyl chloride, maleic esters, and vinylidene chloride. Glacial acrylic acid is majorly used as a building block for the production of acid-functional and crosslinked acrylic copolymers and polyacrylic acids. The other name of glacial acrylic acid is 2-propenoic acid. Glacial acrylic acid offers notable advantages as a co-monomer in an extensive range of acrylic and vinyl acrylic polymer-based finishes, coatings, sealants, adhesives, inks, thickeners, flocculants, and lubricants, among others. Besides, GAA is used to make polymers utilized in applications ranging from medical hydrogels to superabsorbent polymers to detergents.
Increasing use of superabsorbent polymers in diapers and hygiene products is going to influence glacial acrylic acid market globally
Acrylic acid accounts for 80–85% of raw materials utilized in the production of superabsorbents (SAPs). The polymer is produced by aqueous solution polymerization of glacial acrylic acid with crosslinking monomer and an initiator. Superabsorbents are extensively used in diapers and hygienic products as they can absorb and retain large volumes of water and aqueous solutions. SAPs are primarily made from partially neutralized and lightly crosslinked polyacrylic acids and are the indispensable constituents in feminine hygiene, disposable diapers, as well as adult incontinence products. Approximately 77.5% of the global SAP is utilized in diapers, 9.5% in adult incontinence products, and 4% in feminine hygiene. SAPs are vital products in the acrylic acid value chain, and their water-absorbing attributes are increasing their demand in sanitary and hygiene products. Besides, regions such as Asia-Pacific, North America, and Europe experience highest growth rates of glacial acrylic acid. Furthermore, the key manufacturers are focusing on the production of acrylic acid and its derivative products, such as acrylates and superabsorbent polymers.
Impact of COVID-19 on Glacial Acrylic Acid Market:
The ongoing COVID-19 pandemic has drastically altered the status of the glacial acrylic acid market and has negatively impacted its growth. The outbreak has declined operational efficiency and interrupted the value chains, owing to the sudden closure of national and international boundaries, thereby creating revenue loss and damage. With the growing consciousness toward sustainability and diversification of application bases in post-pandemic times, the demand for glacial acrylic acid is expected to take huge leaps in the future. A survey by Global Water Leaders Group predicted that industrial water demand will fall by approximately 27% due to the outbreak. Further, the Global Water Leaders Group stated that water and wastewater utilities worldwide are expected to see revenue collection reductions of 15% on average due to the COVID-19 crisis. Thus, the water sector is anticipated to witness decline in the demand for water treatment chemicals, which would negatively impact the glacial acrylic acid market.
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Glacial Acrylic Acid Market: Application
Based on application, the global glacial acrylic acid market is segmented into nappies; adult & feminine hygiene; detergents; adhesives, coatings & sealants; water treatment; and others. The nappies segment held the largest share of the market during the forecast period. Glacial acrylic acid is utilized in superabsorbent polymers (SAPs) which are extensively used in disposable baby diapers. Superabsorbent polymers are cross-linked polyacrylates that absorb and retain over a hundred times their own weight in liquid. SAPs account for more than 30% of world acrylic acid consumption. Manufacturers are offering glacial acrylic acid, which finds extensive applications in nappies.
Glacial Acrylic Acid Market: Competitive Landscape and Key Developments
The Dow Chemical Company; Arkema; BASF SE; Sasol; Tasnee; HAITUNG CHEMICALS CO., LTD.; Mitsubishi Chemical Corporation; NIPPON SHOKUBAI CO., LTD.; Formosa Plastics Corporation; and BASF PETRONAS Chemicals Sdn. Bhd are among the well-established players operating in the global glacial acrylic acid market.
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