Report Ocean published the latest research report on the Glacial Acrylic Acid Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Glacial Acrylic Acid Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, and growth rate.
Unveiling Growth Trajectories: Global Glacial Acrylic Acid Market Insights
Embarking on a trajectory of growth, the global glacial acrylic acid market has witnessed significant strides, with revenues reaching approximately US$ 2.48 billion in 2022. Projections indicate a robust journey ahead, with an estimated market value of US$ 3.5 billion by 2031. This growth reflects a commendable compound annual growth rate (CAGR) of 3.7% during the forecast period spanning from 2023 to 2031.
Understanding Glacial Acrylic Acid (GAA)
Glacial acrylic acid (GAA) stands as a clear, colorless liquid with a distinctive odor, characterized by its reactivity and chemical formula CH2=CHCOOH. Synthesized through the catalytic oxidation of propene, GAA plays a pivotal role as a chemical intermediary in the production of acrylate salts and acrylate esters. It serves as a fundamental building block for creating homo- and copolymers.
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Factors Steering Market Growth
- Demand Surge in Personal Care Sector:
- The personal care sector’s increasing demand for glacial acrylic acid, owing to its superabsorbent qualities, acts as a significant growth driver.
- Growth in Adhesives, Sealants, and Coatings:
- The burgeoning production of adhesives, sealants, surfactants, and surface coatings, particularly in emerging economies, contributes to market expansion.
- Raw Material Price Volatility:
- The instability in raw material prices emerges as a challenge hampering the glacial acrylic acid market’s growth.
- Organic Growth Strategies:
- Adoption of organic growth strategies like mergers, capacity expansion, and acquisitions presents lucrative opportunities for market growth.
Impact of COVID-19
The COVID-19 pandemic exerted a negative influence on the glacial acrylic acid market. Disruptions in the supply chain and operational constraints led to a reduction or suspension of production activities in several companies. However, amidst the challenges, critical sectors such as power generation, healthcare, and food production were prioritized to ensure continuity.
Regional Dominance
In 2022, the Asia-Pacific region emerged as the dominant force in the glacial acrylic acid market in terms of revenue. The region is poised for continued growth, fueled by increased demand from the personal care and construction industries.
Leading Market Players
Key players shaping the global glacial acrylic acid market include:
- Arkema
- BASF SE
- BASF PETRONAS Chemicals Sdn. Bhd.
- Dow Inc
- Formosa Plastics Corporation
- Hexion Inc.
- LG Chem
- Mitsubishi Chemical Holdings Corporation
- Nippon Shokubai Co Ltd
- Novomer Inc
- Sanmu Group
- Shandong Kaitai Petrochemical Co., Ltd.
- Cargill Incorporated
- Novozymes
- Sasol
- Other prominent key players
Market Segmentation
The global glacial acrylic acid market segmentation revolves around Application and Region:
Application:
- Nappies
- Adult and Feminine Hygiene
- Detergents
- Adhesives, Coatings and Sealants
- Water Treatment
- Others
Region:
- North America
- Europe
- Asia-Pacific
- LAMEA (Latin America, Middle East, and Africa)
Dive into the intricacies of the global glacial acrylic acid market, unraveling opportunities and challenges as it paves the way for future advancements.
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
REASION TO BUY
- Time Efficiency: The report saves time by providing comprehensive entry-level research. It consolidates information on market growth, size, key players, and segments, sparing the need for extensive individual research.
- Business Strategy Guidance: By highlighting key business priorities, the report assists companies in reformulating their strategies. This guidance is invaluable in adapting to market dynamics and establishing a strong market presence.
- Insightful Recommendations: The report offers key findings and recommendations based on industry trends. These insights help in crafting effective long-term strategies to maximize market revenue.
- Business Expansion Planning: For companies looking to expand, the report provides valuable insights into both developed and emerging markets. This aids in creating or modifying expansion plans based on substantial growth opportunities.
- In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
- Empowering Decision-Making: Understanding the strategies driving commercial interest in products, segmentation, and industry verticals enables better decision-making processes. This knowledge assists in making informed and strategic business decisions.
Key Questions Market Research and Analysis Report
- What is the current market size, both in terms of value and volume?
- What is the historical growth rate of the market, and what are the projected growth rates for the future?
- Who are the major players in the market, and what is their market share?
- What are the market trends and dynamics influencing the industry?
- What are the key drivers of market growth?
- What are the challenges and barriers faced by market participants?
- What are the emerging opportunities in the market?
- What is the competitive landscape of the market?
- What are the consumer preferences, behaviors, and buying patterns within the market?
- What is the market segmentation, and how are different market segments performing?
- What are the pricing trends and strategies in the market?
- What are the distribution channels and their effectiveness in reaching the target audience?
- What are the regulatory and legal factors impacting the market?
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