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Overhead Console Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Vehicle Type

·4-min read

The glacial acrylic acid market was valued at US$ 2,607. 67 million in 2021 and is projected to reach US$ 3,351. 24 million by 2028; it is expected to grow at a CAGR of 3. 6% from 2021 to 2028. Glacial acrylic acid is an unsaturated carboxylic acid co-monomer.

New York, July 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Overhead Console Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Vehicle Type" -
It readily copolymerizes with acrylic and methacrylic esters, ethylene, vinyl acetate, styrene, butadiene, acrylonitrile, vinyl chloride, maleic esters, and vinylidene chloride. Glacial acrylic acid is majorly used as a building block for the production of acid-functional and crosslinked acrylic copolymers and polyacrylic acids. The other name of glacial acrylic acid is 2-propenoic acid. Glacial acrylic acid offers notable advantages as a co-monomer in an extensive range of acrylic and vinyl acrylic polymer-based finishes, coatings, sealants, adhesives, inks, thickeners, flocculants, and lubricants, among others. Besides, GAA is used to make polymers utilized in applications ranging from medical hydrogels to superabsorbent polymers to detergents.

Based on application, the global glacial acrylic acid market is segmented into nappies; adult & feminine hygiene; detergents; adhesives, coatings & sealants; water treatment; and others.The nappies segment held the largest share of the market during the forecast period.

Glacial acrylic acid is utilized in superabsorbent polymers (SAPs) which are extensively used in disposable baby diapers.Superabsorbent polymers are cross-linked polyacrylates that absorb and retain over a hundred times their own weight in liquid.

SAPs account for more than 30% of world acrylic acid consumption.Manufacturers are offering glacial acrylic acid, which finds extensive applications in nappies.

BASF PETRONAS Chemicals Sdn. Bhd. offers glacial acrylic acid for disposable diapers. Further, glacial acrylic acid offered by Tasnee is an unsaturated carboxylic acid available in clear colorless liquid with a characteristic acrid odor. It is miscible with water, alcohol, and ethers. It is utilized for polymer preparation and as a chemical intermediate. Glacial acrylic acid finds applications in industries such as nappies.

Geographically, the glacial acrylic acid market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).Asia Pacific accounted for the largest share of the global glacial acrylic acid market during the forecast period.

The increasing demand for baby diapers in emerging nations such as South Korea and China has contributed to the demand for SAPs.Moreover, glacial acrylic acid finds multiple applications in adhesives, paints, construction, water treatment, detergents, leather treatments, and textile chemicals, among others.

Consequently, these factors have led to the glacial acrylic acid market growth in the region.

The ongoing COVID-19 pandemic has drastically altered the status of the glacial acrylic acid market and has negatively impacted its growth.The outbreak has declined operational efficiency and interrupted the value chains, owing to the sudden closure of national and international boundaries, thereby creating revenue loss and damage.

The disruptions in value chain have restricted the supply of raw material, which, in turn, is hindering the growth of the market and affecting the development of the end-use industries.However, as the economies are planning to revive their operations, the demand for glacial acrylic acid is expected to rise globally in coming months.

With the growing consciousness toward sustainability and diversification of application bases in post-pandemic times, the demand for glacial acrylic acid is expected to take huge leaps in the future.According to International Finance Corporation, the COVID-19 outbreak is forecasted to slow down investments in the water sector globally.

A survey by Global Water Leaders Group predicted that industrial water demand will fall by approximately 27% due to the outbreak. Further, the Global Water Leaders Group stated that water and wastewater utilities worldwide are expected to see revenue collection reductions of 15% on average due to the COVID-19 crisis. Thus, the water sector is anticipated to witness decline in the demand for water treatment chemicals, which would negatively impact the glacial acrylic acid market. Nevertheless, effective measures taken by associations—such as Industrial Fabrics Association International—backed by positive government initiatives to safeguard their frontline health care workers are expected to boost the textile industry, which would bolster the demand for glacial acrylic acid in coming years.

The Dow Chemical Company; Arkema; BASF SE; Sasol; Tasnee; HAITUNG CHEMICALS CO., LTD.; Mitsubishi Chemical Corporation; NIPPON SHOKUBAI CO., LTD.; Formosa Plastics Corporation; and BASF PETRONAS Chemicals Sdn. Bhd are among the well-established players operating in the global glacial acrylic acid market.

The overall global glacial acrylic acid market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global glacial acrylic acid market.
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