Nappies Segment to dominate Middle East & Africa Glacial Acrylic Acid Market during 2020–2028
According to The Insight Partners market research study on “Middle East & Africa Glacial Acrylic Acid Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application,” is expected to reach US$ 75.46 million by 2028 from US$ 61.70 million in 2021. The market is estimated to grow at a CAGR of 2.9% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa glacial acrylic acid market along with the drivers and restraints pertaining to the market growth. Accelerated technological advancement, burgeoning production of glacial acrylic acid from renewable resources, and wide spread applications of glacial acrylic acid are the major factor driving the growth of the Middle East & Africa glacial acrylic acid market. However, unsafe nature of glacial acrylic acid hinders the growth of Middle East & Africa glacial acrylic acid market.
South Africa recorded the highest COVID-19 cases in the Middle East & Africa, followed by Saudi Arabia and the UAE. The UAE is the first country in the region to report the first confirmed case of COVID-19. Due to lockdown in Middle East & African countries, various chemicals & materials companies remain closed, which led to the reduction in the sale of various products. As a result, the crisis is restraining the growth of the glacial acrylic acid market 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 has 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.
The Middle East & Africa 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 South Africa, Saudi Arabia, the UAE, and Rest of MEA. In 2020, Saudi Arabia 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; BASF SE; Sasol; Tasnee; NIPPON SHOKUBAI CO., LTD.; and Formosa Plastics Corporation are among the leading companies in the Middle East & Africa 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.
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