Methacrylic acid is an organic compound largely used as a precursor in the production of esters. Glacial methacrylic acid is a refined grade of methacrylic acid and comprises of monomethyl ether of hydroquinone (as inhibitor). Glacial methacrylic acid is available in the form of clear as well as colourless liquid.
It is used as an intermediate in the production of methacrylic acid esters, which is further used in the production of wide range of plastic products. Glacial methacrylic acid is also used in the production of polymers and also as an additive in specialty esters.
They exhibit properties such as clarity and good weatherability. Glacial methacrylic acid polymerizes very easily, and is used in the production of copolymers and homopolymers. When glacial methacrylic acid is incorporated into copolymers, it reduces the hardness by lowering the softening temperature. The global glacial methacrylic acid market is expected to increase at a moderate CAGR over the forecast period.
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Glacial Methacrylic Acid Market Dynamics
Growing paints and coatings industry is expected to be the major driver for the growth of glacial methacrylic acid market. Glacial methacrylic acid offers wide range of advantages as it can be easily polymerized, which makes it best suitable for use in production of polymer based products.
The growing polymer industry is also expected to fuel the demand for glacial methacrylic acid over the forecast period. Manufacturers of glacial methacrylic acid are expected to push for marginal improvements in the near future.
The higher cost charged for this product is considered to be a major challenge that may hold back the easy growth of the global glacial methacrylic acid market. In addition to this, the less storage span of glacial methacrylic acid is also expected to be a factor hampering the expansion of this market.
Many manufacturers of glacial methacrylic acid are investing in research and development of this product, so as to make it multifunctional. This would bring in new opportunities for the market participants in terms of revenue over the forecast period.
Glacial Methacrylic Acid Market: Regional Outlook
Europe is expected to be the dominant region in the global glacial methacrylic acid market throughout the forecast period. Europe is the major region which exports glacial methacrylic acid to rest of the world. North America would also contribute a major share in the global glacial methacrylic acid market over the forecast period.
The growing paints and coatings industry is expected to propel the demand for glacial methacrylic acid in this region. Asia Pacific is expected to exhibit a higher growth rate in the global glacial methacrylic acid market over the forecast period. Middle East and Africa and Latin America are also expected to witness higher growth rates in the global glacial methacrylic acid market over the forecast period.
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Glacial Methacrylic Acid Market: Market Participants
The competition landscape for global glacial methacrylic acid market is marked by the presence of many organised players as well as small players. Examples of some of the major players identified in the value chain of global glacial methacrylic acid market are.
The Dow Chemical Company, Opes International Ltd., Sigma-Aldrich Co. LLC., Evonik Industries AG, BASF SE, Zhejiang Union Chemicals Industry Co.,Ltd, Cadence Chemical, among other prominent participants.
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