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Acrylic Acid Market Exclusive Report with Detailed Study Analysis
The global glacial acrylic acid market is estimated to reach over USD 3.6 million by 2034, exhibiting a CAGR of 3.3% during the forecast period.
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Glacial acrylic acid (GAA), a carboxylic acid compound, serves as a critical raw material in the production of polymeric and methacrylate esters, as well as various chemical intermediates. Due to its ability to be crosslinked into complex molecular structures, acrylic acid demonstrates substantial versatility in polymer synthesis. It is primarily produced through the oxidation of propane and, increasingly, through bio-based methods utilizing lactic acid.
The market for glacial acrylic acid is benefiting from stringent environmental regulations that mandate the treatment of industrial effluents before their discharge into marine environments. This regulatory framework is encouraging the adoption of biopolymers and indirectly supporting the growth of the acrylic acid market. Additionally, rising urbanization and government initiatives aimed at improving water treatment infrastructure are anticipated to further stimulate demand for acrylic acid, particularly in wastewater treatment applications.
List of Prominent Players in the Glacial Acrylic Acid Market:
• Arkema
• BASF SE
• Dow Inc
• Evonik Industries
• Exxon Mobil Corporation
• Formosa Plastics Corporation
• Hexion Inc.
• LG Chem
• Mitsubishi Chemical Holdings Corporation
• Myriant Corporation
• Nippon Shokubai Co Ltd
• Novomer Inc
• PJSC Sibur Holding
• Sanmu Group
• Shandong Kaitai Petrochemical Co., Ltd.
• Shanghai Huayi Acrylic Acid Co. Ltd
• Shell Chemicals
• SHOKUBAI CO. LTD
• SIBUR
• Taixing Jurong Chemical Co Ltd
• The Lubrizol Corporation
Market Dynamics:
Drivers-
The global glacial acrylic acid (GAA) market is witnessing strong growth, driven by the rising production of protective coatings, emulsifiers, adhesives, and sealants. GAA's extensive application as a chemical feedstock, along with its increasing adoption in the personal care sector due to its microencapsulation and superabsorbent properties, are major contributors to market expansion. The heightened demand for personal care products utilizing GAA, particularly in formulations requiring high absorption, is expected to propel the market further.
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Challenges:
Despite its growth potential, the GAA market faces several challenges. Volatility in propylene prices, diminishing petroleum reserves, and inconsistent raw material availability are key constraints. The limited awareness and slower adoption of GAA in certain developing regions also hinder market penetration. Furthermore, due to its tendency to form permanent dimers, GAA requires controlled short-term storage at specific temperatures, which incurs substantial costs.
Regional Trends:
North America is projected to maintain a dominant position in the GAA market, supported by rising demand from the polymer, paint, and coatings industries. The increasing utilization of GAA in automotive emulsion coatings also contributes to the region's revenue growth. Meanwhile, the Asia Pacific region holds a significant market share and is expected to witness accelerated growth owing to rising consumption across end-use industries such as chemicals, water treatment, household cleaning products, and personal hygiene. China, in particular, has emerged as a major consumer in the personal care segment and is poised to become the global leader in hygiene and grooming product demand. This trend is expected to create lucrative opportunities for GAA producers throughout the forecast period.
Recent Developments:
• In April 2022-Wanhua said it would invest USD 3.6 billion in constructing a chemical plant in China by 2024. Additionally, this complex will produce polyether polyols, acrylic acid, polypropylene, and propylene oxide.
• In August 2021, BASF SE and SINOPEC decided to expand the Verbund site in Nanjing, China, which is run by BASF-YPC Co. Ltd, a 50/50 joint venture between the two businesses. It also includes the capacity development of various downstream chemical units to accommodate the expanding Chinese market, including a new tert-Butyl acrylate factory.
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Segmentation of Glacial Acrylic Acid Market-
By Application
• Nappies
• Adult and Feminine Hygiene
• Detergents
• Adhesives, Coatings and Sealants
• Water Treatment
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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