Nappies Segment to dominate Asia Pacific Glacial Acrylic Acid Market during 2020–2028

According to a new market research study on “Asia Pacific Glacial Acrylic Acid Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application,” is expected to reach US$ 1,791.53 million by 2028 from US$ 1,238.46 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific glacial acrylic acid market along with the drivers and restraints pertaining to the market growth. Growing production of glacial acrylic acid from renewable resources, intensifying technological advancements, and surging use of superabsorbent polymers in diapers and hygiene products are the major factor driving the growth of the Asia Pacific glacial acrylic acid market. However, risky nature of glacial acrylic acid hinders the growth of Asia Pacific glacial acrylic acid market.

The COVID-19 pandemic is causing a significant economic loss in Asia Pacific. The consequence and impact can be even worse and totally depends on the spread of the novel coronavirus. The pandemic has negatively affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is one of the major industries suffering serious disruptions such as breaks in supply chain and shutdowns of production plants. The shutdown of various manufacturing plants and factories in the region has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and various goods sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. The governments of various Asia Pacific countries are taking possible steps to restrict the spread by announcing lockdown, which, in turn, is lowering the revenue generated by the glacial acrylic acid market in the region.

The Asia Pacific glacial acrylic acid market is segmented on the basis of application and country. Based on application, the market is segmented into nappies, adult & feminine hygiene, detergents, adhesives, coatings & sealants, water treatment, and others. In 2020, nappies segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2020, China held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

The Dow Chemical Company; Arkema; HAITUNG CHEMICALS CO. LTD; BASF SE; Sasol; Tasnee; Mitsubishi Chemical Corporation; NIPPON SHOKUBAI CO., LTD.; BASF PETRONAS Chemicals Sdn. Bhd; and Formosa Plastics Corporation are among the leading companies in the Asia Pacific glacial acrylic acid market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For Instance, Mitsubishi Chemical Corporation announced an agreement with Indian Oil Corporation Limited over the licensing of MCC's proprietary technology for producing acrylic acid and acrylic acid ester. Indian Oil Corporation Limited selected MCC's technology to manufacture acrylic acid (an annual capacity of 90,000 tons) and butyl acrylate (a yearly capacity of 150,000 tons) in Dumad, India.

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