Glacial Acrylic Acid Market Expected to Reach $3.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Glacial Acrylic Acid Market," The glacial acrylic acid market was valued at $2.4 billion in 2021 and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.

Glacial Acrylic Acid (GAA) is the simplest carboxylic acid, which serves as a precursor for a variety of different acrylates, acrylic polymers, and copolymers. The key applications of GAA include adhesives, detergents, leather treatment, acrylic resin manufacturing, paints & coatings, personal care, construction, nappies, adult and feminine hygiene, water treatment, and other applications. It is also known as propenoic acid. GAA rapidly copolymerizes with ethylene, vinyl acetate, styrene, butadiene, acrylonitrile, maleic acid esters, vinyl chloride, and vinylidene chloride as well as acrylic and methacrylic esters.

The major factor fueling the growth of global market demand is its increasing use in disposable diapers or baby diapers as well as in detergent polymers, which are widely utilized in the production of washing powder. Since glacial acrylic acid is used as crucial material in the manufacturing process of the superabsorbent polymer (SAP), which is used to make diapers and detergents. These factors are driving the growth of the glacial acrylic acid market

Moreover, the expansion of the coatings industry such as industrial coating, architectural coating, and leather coatings acts as a driving factor for the global glacial acrylic acid market. Since, are used primarily in ornamental and masonry coatings, industrial coatings, and a variety of other products, including adhesives, leather coatings, tablet coatings, carpet backing compounds, and papers. Also, GAA is also employed as a co-monomer with acrylamide in anionic polyacrylamide and the production of hydroxy acrylates for use in industrial coating formulations. Glacial acrylic acids are also known as water-based acrylic acids.

This is expected to increase demand in the coatings industry for glacial acrylic acid. In addition, GAA is utilized as a raw ingredient in the manufacturing of acrylate esters, which are used to make resin, adhesives, surface coatings, paper casings, and dispersions. The demand for the product is thus anticipated to be fueled by the expansion of the worldwide coatings market in the near future.

Furthermore, the global glacial acrylic acid market has seen an increase in organic growth strategies including capacity expansion, mergers, and acquisitions, which is further expected to continue throughout the forecast period. TIER-1 and TIER-2 producers of glacial acrylic acid operating in the markets of North America, Asia-Pacific, and Europe, are all experiencing underlying growth. As a result, it is creating a lucrative opportunity for the growth of the global glacial acrylic market in the upcoming future.

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 are 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.

Key findings of the study

• Based on application, the adhesives, coatings, and sealants segment is expected to grow at a CAGR of 2.9%, in terms of revenue and hold a dominant share of 32.5% in the GAA market.
• Region wise, Asia-Pacific garnered a share of 54.0% in 2021 in terms of revenue and is expected to grow at a CAGR of 4.2% during the forecast period.

IMPACT OF COVID-19 ON THE GLOBAL GLACIAL ACRYLIC ACID MARKET

• The glacial acrylic acid market has had a negative impact due to the wake of the COVID-19 pandemic, owing to disruptions in the supply chain for glacial acrylic acid products.
• Several glacial acrylic acid production companies have also reduced or stopped their operations due to the risk of infection among the employees while also supporting the government's goal of maintaining critical business activities such as healthcare, power generation, and food production.
• As a result, glacial acrylic acid demand and supply have been temporarily hindered during the COVID-19 period.
• Extended lockdowns in wealthy market economies and domestic societal estrangement have intensified the negative effect on emerging market economies.
• However, after the pandemic, as the demand will return to normal after the restrictions were lifted, participants in this market have explored measures to minimize the pandemic's impact on their business.