Glacial Acrylic Acid Market Overview
Glacial Acrylic Acid Market Size was estimated at 12.37 (USD Billion) in 2022. The Glacial Acrylic Acid Market Industry is expected to grow from 12.78(USD Billion) in 2023 to 17.2 (USD Billion) by 2032. The Glacial Acrylic Acid Market CAGR (growth rate) is expected to be around 3.36% during the forecast period (2024 - 2032).
Key Glacial Acrylic Acid Market Trends Highlighted
The glacial acrylic acid market is poised for significant growth, driven by increasing demand from the construction, automotive, and coatings industries. The surge in infrastructure development is fueling the need for acrylic acid in the production of paints, adhesives, and sealants. The automotive sector also presents a substantial opportunity, as acrylic acid is used in the manufacturing of acrylic plastics for vehicle components.
Key market drivers include the growing adoption of acrylic-based materials for lightweight and durable construction, the rising demand for eco-friendly and waterborne coatings, and the expansion of the automotive industry in emerging markets. The increasing use of acrylic acid in superabsorbent polymers for hygiene products and biodegradable plastics is further driving market growth.
Recent trends in the glacial acrylic acid market indicate a shift towards sustainable and environmentally friendly production methods. Manufacturers are focusing on reducing their carbon footprint and developing bio-based or recycled feedstocks. The demand for specialty grades of acrylic acid with tailored properties for specific applications is also on the rise. The market is expected to remain dynamic, with ongoing research and development initiatives to enhance performance and expand the range of applications for glacial acrylic acid.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Glacial Acrylic Acid Market Drivers
Rising Demand for Acrylic Resins
Acrylic resins, which are derived from glacial acrylic acid, are widely used in various industries due to their exceptional properties, such as durability, transparency, and resistance to chemicals and weathering. The increasing demand for acrylic resins in diverse applications, including paints and coatings, plastics, adhesives, and textiles, is a significant factor driving the growth of the Glacial Acrylic Acid Market Industry. The automotive, construction, and electronics industries are major consumers of acrylic resins, contributing to the overall market expansion.
Expansion of Superabsorbent Polymers Market
Superabsorbent polymers are polymers that can absorb water and retain it. The process that these polymers undergo is polymerization using glacial acrylic acid. The increased demand in the Glacial Acrylic Acid Market Industry is mainly because of the high affinity for water, making SAPs become key raw materials in the process of manufacturing disposable diapers adult diapers, as well as for use in agriculture. Another factor that has contributed to the increase is the increased demand due to the increasing human population, the high hygiene consciousness, the convenience to use, as well as increasing population of old people.
Government Regulations and Environmental Concerns
The Glacial Acrylic Acid Market Industry is influenced by current governmental regulations toward environmental pollution reduction and sustainable trends. As the present state of oil-based items is gradually replaced by the use of Glacial Acrylic Acid, the production of biodegradable and eco-friendly products will become more popular. Moreover, further growth of the market will be determined by the development of changes in chemistry towards green chemistry and alternative renewable feedstocks.
Glacial Acrylic Acid Market Segment Insights
Glacial Acrylic Acid Market Grade Insights
The Glacial Acrylic Acid Market is segmented by Grade into Technical Grade and Pharmaceutical Grade. The Technical Grade segment is expected to hold the largest market share in 2023, owing to its extensive use in the production of superabsorbent polymers, adhesives, and coatings. The Pharmaceutical Grade segment is projected to witness a significant CAGR during the forecast period, driven by the growing demand for glacial acrylic acid in the manufacture of pharmaceuticals and personal care products. The Technical Grade segment is primarily utilized in the production of superabsorbent polymers, which are used in disposable diapers, adult incontinence products, and other absorbent applications.
The rising demand for absorbent materials in various industries is expected to drive the growth of the Technical Grade segment. The Pharmaceutical Grade segment is used in the synthesis of various pharmaceuticals, including ibuprofen, naproxen, and aspirin. The increasing prevalence of chronic diseases and the rising demand for over-the-counter medications are contributing to the growth of the pharmaceutical-grade segment. Overall, the Glacial Acrylic Acid Market is expected to exhibit steady growth during the forecast period, driven by the increasing demand from various end-use industries.
The Technical Grade segment is expected to dominate the market, while the Pharmaceutical Grade segment is anticipated to grow at a faster pace.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Glacial Acrylic Acid Market Application Insights
The Glacial Acrylic Acid Market is segmented by application into Superabsorbent Polymers, Textiles, Paints and Coatings, Adhesives and Sealants, Cosmetics and Personal Care, and Pharmaceuticals. SAP accounted for the largest market share in 2023, and the segment is expected to remain dominant during the forecast period. This is attributed to the growing demand for SAP to produce baby diapers, adult incontinence materials, and feminine hygiene products. Textiles is another significant application segment, given the continuously rising demand for glacial acrylic acid to manufacture synthetic fibers and materials.
Acrylic acid improves the toughness and wrinkle resistance of textiles, allowing for a broad range of textiles to be employed in clothing manufacturing, automotive, and home-use textiles. Paints and Coatings is a potential market for acrylic acid, especially considering the growing number of water-based paints and coatings that include the product. Their superior adhesion to surfaces, durability, and resistance to coloration make these paints ideal for both indoor and outdoor applications. Adhesives and Sealants are an important sector for the use of glacial acrylic acid, as the compound is essential for producing high-performance adhesives and sealants.
The latter products are used in construction and civil engineering, the automotive industry, packaging, and other sectors. Cosmetics and Personal Care is a smaller application segment, with glacial acrylic acid used in the production of a variety of cosmetics including hair grooming products, skin creams, and here glosses. The compound enhances the texture of cosmetics and offers better moisturizing properties. Pharmaceuticals is a recently emerged application area, and glacial acrylic acids are used to produce certain pharmaceutical products and drug delivery systems.
The increasing number of orders for efficient drug delivery is expected to promote the demand for acrylic acid in the pharmaceutical space.
Glacial Acrylic Acid Market Process Insights
The Glacial Acrylic Acid Market is segmented by process into Acetaldehyde Process and Propylene Process. The Acetaldehyde Process segment accounted for a larger revenue share in 2023, owing to its cost-effectiveness and wide adoption in the production of glacial acrylic acid. However, the Propylene Process segment is expected to witness a higher growth rate during the forecast period due to its ability to produce higher yields of glacial acrylic acid with improved purity. The Glacial Acrylic Acid Market revenue for the Acetaldehyde Process segment is projected to reach USD 4.8 billion by 2032, growing at a CAGR of 3.1%. The Propylene Process segment is expected to reach USD 6.9 billion by 2032, growing at a CAGR of 3.7%.
Glacial Acrylic Acid Market End-Use Industry Insights
The end-use industry segment plays a crucial role in driving the Glacial Acrylic Acid Market revenue. Among the key end-use industries for Glacial Acrylic Acid, Automotive, Construction, Consumer Goods, Electronics, Healthcare, and Packaging hold significant market shares. The construction industry is a major consumer of Glacial Acrylic Acid due to its use in the production of paints, coatings, and adhesives. The growing demand for construction activities worldwide is expected to fuel the demand for Glacial Acrylic Acid in this segment. Similarly, the consumer goods industry utilizes Glacial Acrylic Acid in the manufacturing of various products such as toys, appliances, and furniture.
The increasing disposable income and changing consumer preferences are anticipated to contribute to the growth of the Glacial Acrylic Acid market in this segment. The electronics industry employs Glacial Acrylic Acid in printed circuit boards, displays, and semiconductors. The rising adoption of electronic devices and advancements in technology are expected to drive the demand for Glacial Acrylic Acid in the electronics sector. Furthermore, Glacial Acrylic Acid finds application in the healthcare industry for manufacturing medical devices, pharmaceuticals, and packaging materials.
The growing healthcare expenditure and increasing demand for advanced medical treatments are projected to augment the market growth in this segment. The packaging industry utilizes Glacial Acrylic Acid in the production of food and beverage packaging, as well as other industrial packaging materials. The rising demand for packaged goods and the focus on sustainability are expected to fuel the market expansion in the packaging segment. Overall, the diverse end-use industries contribute to the steady growth and high market demand for Glacial Acrylic Acid.
Glacial Acrylic Acid Market Distribution Channel Insights
The Glacial Acrylic Acid Market is segmented by Distribution Channel into Direct Sales, Distributors, and Online Platforms. Distributors held the largest market share in 2023, accounting for around 45% of the Glacial Acrylic Acid Market revenue. Direct Sales is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of online platforms by manufacturers to reach a wider customer base. Online Platforms are gaining popularity due to their convenience and cost-effectiveness and are expected to contribute significantly to the growth of the Glacial Acrylic Acid Market in the coming years.
Glacial Acrylic Acid Market Regional Insights
The regional analysis of the Glacial Acrylic Acid Market showcases distinct market dynamics and growth patterns across various regions. North America holds a significant market share, driven by the presence of well-established end-use industries such as adhesives, coatings, and plastics. In 2023, the North American Glacial Acrylic Acid Market was valued at approximately USD 3.5 billion and is projected to reach USD 4.2 billion by 2032, exhibiting a steady CAGR of 2.5%. Europe is another prominent region in the Glacial Acrylic Acid Market, with a market size of around USD 2.8 billion in 2023.
The region is home to major automotive and construction industries, which are key consumers of glacial acrylic acid. The European market is expected to grow at a CAGR of 2.8% during the forecast period, reaching USD 3.4 billion by 2032. The Asia-Pacific region is anticipated to witness the fastest growth in the Glacial Acrylic Acid Market, primarily driven by the burgeoning automotive and electronics industries in countries like China, India, and South Korea. With a market size of USD 4.2 billion in 2023, APAC is projected to expand at a CAGR of 4.1%, reaching USD 5.6 billion by 2032.
South America and the Middle East and Africa (MEA) regions are expected to experience moderate growth in the Glacial Acrylic Acid Market. South America, with a market size of USD 1.2 billion in 2023, is projected to grow at a CAGR of 2.3%, reaching USD 1.5 billion by 2032. MEA, with a market size of USD 1.0 billion in 2023, is expected to grow at a CAGR of 2.9%, reaching USD 1.3 billion by 2032.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Glacial Acrylic Acid Market Key Players And Competitive Insights
Major players in the Glacial Acrylic Acid Market are focusing on expanding their production capacities and introducing new products to cater to the increasing demand. The Glacial Acrylic Acid Market industry is characterized by intense competition, with leading Glacial Acrylic Acid Market players adopting various strategies to gain a competitive edge. These strategies include Glacial Acrylic Acid Market development, mergers and acquisitions, and partnerships. Key players in the Glacial Acrylic Acid Market are also investing in research and development to innovate and offer advanced Glacial Acrylic Acid Market products.
BASF is a leading player in the Glacial Acrylic Acid Market and has a strong presence in various regions. The company has a wide portfolio of Glacial Acrylic Acid Market products and offers customized solutions to meet specific customer requirements. BASF is also focusing on expanding its production capacity and investing in research and development to strengthen its position in the Glacial Acrylic Acid Market.
Evonik is another major player in the Glacial Acrylic Acid Market and is known for its high-quality Glacial Acrylic Acid Market products. The company has a strong focus on sustainability and is committed to reducing its environmental footprint. Evonik is also expanding its presence through strategic partnerships and acquisitions to enhance its market share.
Key Companies in the Glacial Acrylic Acid Market Include
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ExxonMobil
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INEOS
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Sinopec
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Arkema
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LyondellBasell
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BASF
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Sumitomo Chemical
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Evonik
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LG Chem
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Dow
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Mitsubishi Chemical
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Borealis
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Reliance Industries
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SABIC
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PetroChina
Glacial Acrylic Acid Market Industry Developments
The Glacial Acrylic Acid Market is poised to grow steadily over the forecast period, driven by rising demand from various end-use industries such as paints and coatings, adhesives, and textiles. The market is expected to witness significant growth in the Asia-Pacific region, particularly in countries like China and India, due to increasing industrialization and urbanization. Key players in the market are focusing on expanding their production capacities and product offerings to cater to the growing demand. Recent developments include the launch of new products with improved properties and the adoption of sustainable manufacturing practices. Overall, the Glacial Acrylic Acid Market is expected to remain competitive, with ongoing advancements and innovations driving market growth.
Glacial Acrylic Acid Market Segmentation Insights
Glacial Acrylic Acid Market Grade Outlook
Technical Grade
Pharmaceutical Grade
Glacial Acrylic Acid Market Application Outlook
Superabsorbent Polymers (SAP)
Textiles
Paints and Coatings
Adhesives and Sealants
Cosmetics and Personal Care
Pharmaceuticals
Glacial Acrylic Acid Market Process Outlook
Acetaldehyde Process
Propylene Process
Glacial Acrylic Acid Market End-Use Industry Outlook
Automotive
Construction
Consumer Goods
Electronics
Healthcare
Packaging
Glacial Acrylic Acid Market Distribution Channel Outlook
Direct Sales
Distributors
Online Platforms
Glacial Acrylic Acid Market Regional Outlook
North America
Europe
South America
Asia-Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
12.37(USD Billion) |
| Market Size 2023 |
12.78(USD Billion) |
| Market Size 2032 |
17.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.36% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
ExxonMobil, INEOS, Sinopec, Arkema, LyondellBasell, BASF, Sumitomo Chemical, Evonik, LG Chem, Dow, Mitsubishi Chemical, Borealis, Reliance Industries, SABIC, PetroChina |
| Segments Covered |
Grade, Application, Process, End-Use Industry, Distribution Channel, Regional |
| Key Market Opportunities |
Growing demand from water treatmentSuperabsorbent polymers market expansionRising demand in the textile industryIncreasing use in adhesives and sealantsGrowth in the construction industry |
| Key Market Dynamics |
Rising demand increasing industrialization superabsorbent polymer growth environmental regulations substitute availability. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Glacial Acrylic Acid Market is expected to reach a valuation of 12.78 Billion USD by the year 2023, expanding to 17.2 Billion USD by 2032.
The CAGR of the Glacial Acrylic Acid Market is projected to be 3.36% from 2024 to 2032.
The Asia-Pacific region currently dominates the Glacial Acrylic Acid Market and is expected to maintain its lead throughout the forecast period.
Glacial Acrylic Acid finds applications in the production of superabsorbent polymers, adhesives, coatings, and plastics.
Key players in the Glacial Acrylic Acid Market include BASF, Evonik, Dow, and LG Chem.
The growing demand for superabsorbent polymers in various industries, such as personal care and hygiene, is a major factor driving the growth of the Glacial Acrylic Acid Market.
The high production costs and environmental regulations are some of the key challenges faced by the Glacial Acrylic Acid Market.
The increasing adoption of Glacial Acrylic Acid in emerging applications, such as water treatment and oil and gas, presents significant growth opportunities for the market.
The increasing focus on sustainability and the development of bio-based Glacial Acrylic Acid are key trends shaping the Glacial Acrylic Acid Market.
The Glacial Acrylic Acid Market is expected to witness steady growth over the coming years, with a CAGR of 3.36% from 2024 to 2032.
