Glacial Acrylic Acid Market to Reach Valuation US$ 2,607.67 Million by 2021 Due to Wide Range of Applications During COVID-19 Pandemic - The Insight Partners
NEW YORK, Sept. 21, 2021 /PRNewswire/ -- According to new research study on "Glacial Acrylic Acid Market to 2028 – Global Analysis and Forecast – by Application, and Geography," the market is projected to grow from US$ 2,607.67 million in 2021 to US$ 3,351.24 million by 2028; it is expected to grow at a CAGR of 3.6% during 2021–2028.
Glacial acrylic acid is an unsaturated carboxylic acid comonomer. 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.
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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. The disruptions in the value chain have restricted the supply of raw material, which, in turn, is hindering the growth of the market and affecting the development of the end-use industries. However, as the economies are planning to revive their operations, the demand for glacial acrylic acid is expected to rise globally in the coming months. 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.
Technological Advancements in Glacial Acrylic Acid
Technological advancements are the key trend in the glacial acrylic acid market. Through effective research and development activities along with the rise in investments by emerging and innovative players, a paradigm shift has been observed in the technology associated with the market. For example, in 2018, Mitsubishi Chemical Corporation announced an agreement with Indian Oil Corporation Limited over the licensing of MCC's proprietary technology for manufacturing acrylic acid and acrylic acid ester. Indian Oil Corporation Limited selected MCC's technology to manufacture acrylic acid (an annual capacity of 90,000 tons) and butyl acrylate (a yearly capacity of 150,000 tons) in Dumad, India. The proprietary technology is a combination of tools, processes, or systems of interrelated connections, which belongs to a company or an individual, thereby providing a competitive advantage to the owners of proprietary technologies. With technological advancements, the manufacturers have identified the great potential for deploying glacial acrylic acid in various applications. Also, they have significantly aligned their marketing strategies toward advanced product development along with complying with the trend of environmental consciousness amongst consumers, which is expected to propel the growth of the glacial acrylic acid market in the global scenario in coming years.
Glacial Acrylic Acid Market: Segmental Overview
Glacial (distilled) acrylic acid is utilized in superabsorbent polymers (SAP), 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. Manufacturers are offering glacial acrylic acid, which finds extensive applications in nappies products. For instance, BASF PETRONAS Chemicals Sdn. Bhd. offers glacial acrylic acid for disposable diapers. Further, glacial acrylic acid offered by Tasnee is an unsaturated carboxylic acid available in clear colorless liquid with a characteristic acrid odor. The acid is miscible with water, alcohol, and ethers. It is utilized for polymer preparation and as a chemical intermediate. Glacial acrylic acid finds applications such as nappies. The nappies segment is expected to generate the largest demand for glacial acrylic acid during the forecast period.
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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
- BASF PETRONAS Chemicals Sdn. Bhd
These market players are highly focused on developing high-quality and innovative products. For example, in 2019, BASF SE and Adani Group ("Adani") signed a Memorandum of Understanding (MoU) on the eve of the Vibrant Gujarat Global Summit 2019 to evaluate a joint investment in the acrylics value chain.
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Report Spotlights
- Progressive industry trends in the global glacial acrylic acid market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the global glacial acrylic acid market from 2019 to 2028
- Estimation of the demand for glacial acrylic acid across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and the demand for glacial acrylic acid
- Market trends and outlook coupled with factors driving and restraining the growth of the glacial acrylic acid market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the global glacial acrylic acid market growth
- Glacial acrylic acid market size at various nodes of the market
- Detailed overview and segmentation of the global glacial acrylic acid market as well as its dynamics in the industry
- Glacial acrylic acid market size in various regions with promising growth opportunitie
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