InsightAce Analytic Pvt. Ltd. has released a market assessment report on the global glacial acrylic acid market, projecting a significant growth trajectory, with estimations indicating a value exceeding USD 3.6 million by 2034 and a CAGR of 3.3% during the forecast period.
Glacial acrylic acid (GAA) plays a pivotal role as a key raw material in the synthesis of polymeric and methacrylate esters, alongside various chemical intermediates. Its versatile nature allows for the creation of intricate molecular structures through crosslinking processes, making it a crucial component in polymer synthesis. Traditionally sourced from propane oxidation, the market is witnessing a shift towards bio-based production methods utilizing lactic acid.
The market for glacial acrylic acid is buoyed by stringent environmental regulations mandating the treatment of industrial effluents before discharge into marine ecosystems. This regulatory landscape is fostering the adoption of biopolymers and indirectly fueling the growth of the acrylic acid market. Furthermore, urbanization trends and governmental initiatives aimed at enhancing water treatment infrastructure are anticipated to drive demand for acrylic acid, particularly in wastewater treatment applications.
Prominent players in the glacial acrylic acid market include industry giants like Arkema, BASF SE, Dow Inc, Evonik Industries, Exxon Mobil Corporation, and others. These key market players are instrumental in shaping the industry landscape through their innovative products and strategic initiatives.
The market dynamics of the glacial acrylic acid sector are predominantly driven by factors such as the rising demand for protective coatings, adhesives, and sealants, alongside its increasing utilization in the personal care industry for products like nappies, adult and feminine hygiene items. The market is witnessing a surge in demand for personal care products leveraging GAA due to its microencapsulation and superabsorbent properties, propelling market expansion.
Challenges facing the glacial acrylic acid market include volatility in propylene prices, depleting petroleum reserves, and raw material availability fluctuations. Limited awareness and slower adoption in certain developing regions also impede market penetration. Moreover, the storage requirements for GAA due to its propensity to form permanent dimers necessitate controlled short-term storage at specific temperatures, incurring significant costs.
Regional trends indicate North America’s dominance in the GAA market, driven by increased demand from polymer, paint, and coatings industries. The Asia Pacific region is poised for accelerated growth, fueled by rising consumption in key sectors like chemicals, water treatment, household cleaning products, and personal hygiene. Notably, China stands out as a significant consumer in the personal care segment, positioning itself as a global leader in hygiene and grooming product demand, creating lucrative opportunities for GAA producers.
Recent developments in the market include Wanhua’s significant investment in constructing a chemical plant in China and BASF SE and SINOPEC’s joint venture expansion in Nanjing, China, catering to the growing market demands.
Segmentation of the glacial acrylic acid market based on applications includes nappies, adult and feminine hygiene products, detergents, adhesives, coatings, sealants, water treatment, and others. Geographically, the market is segmented into regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, each presenting unique opportunities for market growth and expansion.
InsightAce Analytic Pvt. Ltd. is a renowned market research and consulting firm facilitating informed decision-making for clients by providing qualitative and quantitative market intelligence solutions. Their expertise lies in offering syndicated and custom market intelligence reports with in-depth analysis and key market insights, enabling businesses to gain a competitive edge in a dynamic market environment.
