Global Glacial Methacrylic Acid Introduction
- Glacial methacrylic acid is a clear, colorless liquid at room temperature with a pungent, irritating odor. It can be prepared from acrylic and methacrylic esters, acrylonitrile, maleic acid esters, vinyl acetate, vinyl chloride, styrene, butadiene, ethylene, and other monomers.
- Glacial methacrylic acid offers hardness, flexibility, clarity, color compatibility, toughness, internal plasticization, adhesive ability, water solubility, rheological properties and weatherability
- Glacial methacrylic acid copolymers are used in pulp and paper, paint and varnish, textile, film forming agents, thickeners, adhesives, drilling reagents, and dressing reagents. Glacial methacrylic acid copolymers are used in the manufacture of ion exchange resins, esters, salts and superabsorbents.
Key Drivers of Global Glacial Methacrylic Acid Market
- Growth in usage of glacial methacrylic acid as an intermediate in the production of various chemical compounds and chemical formulations is expected to augment the demand for glacial methacrylic acid. Most methacrylic acids are used as intermediates in the production of methacrylic acid esters, especially ethyl. They are also used in various textiles and coatings formulations. These, in turn, are used as co-monomers to produce a variety of plastic products.
- Glacial methacrylic acid is also used in reactive adhesives, wherein methacrylic acid monomer reacts to cure the adhesive. It is also employed in solid coatings and specialty polymers.
- Expansion in paints & coatings and textiles industries across the globe and increase in investment in research and development activities by major market players to develop sustainable and advanced glacial methacrylic acid are estimated to boost the glacial methacrylic acid market during the forecast period. Of late, many paint and textile manufacturers have been using glacial methacrylic acid as a co-monomer, as it adds functional properties to latex paint, adhesive, and textile formulations. Additionally, major players are investing significantly in developing new sustainable products of glacial methacrylic acid to meet the various legislations and regulations of governments of various countries.
Global Glacial Methacrylic Acid Market Restraints
- High cost of raw materials is projected to hamper the global glacial methacrylic acid market. Raw materials used in preparation of glacial methacrylic acid are methacrylic esters, acrylonitrile, maleic acid esters, vinyl acetate, vinyl chloride, styrene, butadiene, ethylene, and various monomers. The prices of these raw materials are high. This increases the overall cost of glacial methacrylic acid.
- Lack of universal directives pertaining to applications and manufacturing of glacial methacrylic acid is also likely to restrain the global glacial methacrylic acid market during the forecast period. Every country has different directives and legislations pertaining to use and applications of glacial methacrylic acid. Compliance with these country-wise directives and legislations is difficult for global market players. This discourages global investors to invest in the industry.
Covid-19 Impact on Global Glacial Methacrylic Acid Market
- The COVID-19 pandemic has adversely affected the global economy. Governments across the globe are undertaking lockdown and other restrictive measures to curb the spread of the pandemic. Industrial activities have come to a halt, while manufacturing facilities have shut down. These measures take a significant toll on almost all industrial sectors, as factories face supply chain breakdowns and labor shortages.
- The glacial methacrylic acid market is also facing the impact of the COVID-19 pandemic. Supply chains have been disrupted due to the outbreak of the COVID-19 pandemic in key countries such as China, India, Japan, the U.S., and Germany. Demand for glacial methacrylic acid is expected to decline in the near future due to uncertainty in the global economy and capital markets.
Asia Pacific to Hold Major Share of Global Glacial Methacrylic Acid Market
- In terms of region, the global glacial methacrylic acid is expected to be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is projected to hold significant share of the global glacial methacrylic acid in terms of consumption during the forecast period. Rise in demand for glacial methacrylic acid in various end-user industries such as chemical, paints & adhesives, and textiles is likely to boost the market in the region in the near future.
- Currently, China is the largest producer and exporter of textiles and paints & coatings in the world. Manufacturers of textile and paints and coatings employ glacial methacrylic acid in textile and paint formulations. This is expected to boost the demand for glacial methacrylic acid in the country.
- Europe is also anticipated to account for key share of the global glacial methacrylic acid market during the forecast period owing to presence of well-established chemical industry in Germany, U.K., France, and Russia
- The glacial methacrylic acid market in North America, Latin America, and Middle East & Africa is likely to expand at a moderate pace during the forecast period
Key Players Operating in Global Glacial Methacrylic Acid Market
Major players operating in the global glacial methacrylic acid market are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, strategic alliances, expansion, and new product launches to increase their regional presence and business operations. Key players operating in the market include:
- Cadence Chemical
- Sigma-Aldrich Corporation
- MITSUBISHI Gas Chemical
- BASF SE
- Opes International Ltd
- Dow Chemical Company
- Zhejiang Union Chemicals Industry
- Lucite International
- Evonik Industries AG
Global Glacial Methacrylic Acid Market: Research Scope
Glacial Methacrylic Market, by Product type
- Purity Above 99.0%
- Purity Above 99.5%
Glacial Methacrylic Market, by Application
- Paints & Adhesives
- Ion Exchange
- Soil Improvers
- Leather & Textile
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