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Bio-Acrylic Acid Market Key Players, Demands, Trends, Growth rate and Forecasts to 2027

03-17-2023 05:31 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsnReports

Bio-Acrylic Acid Market

Bio-Acrylic Acid Market

The Bio-Acrylic Acid market size is projected to grow from USD0.4 billion in 2022 to USD0.9 billion by 2027, at a CAGR of 15.6% during the forecast year. The market for bio-acrylic acid is expected to grow in the coming years as companies and consumers continue to place greater emphasis on sustainability and the use of renewable resources. High production cost is one of the major problems the bio acrylic acid market is experiencing. To address the high production cost of bio-acrylic acid, research and development are being conducted to improve production processes and reduce production costs.

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"By Type, Methyl Acrylate segment projected to register second highest CAGR during the forecast period."

Bio-acrylic acid can be converted to methyl acrylate through a chemical process called esterification. Esterification involves the reaction of an acid (in this case, bio-acrylic acid) with an alcohol (such as methanol) in the presence of a catalyst, typically sulfuric acid. The reaction produces an ester, methyl acrylate, and water as by products. The esterification of bio-acrylic acid to methyl acrylate is a key step in the production of various bio-based polymers, including poly (methyl methacrylate) (PMMA) and other acrylate-based polymers. These polymers have a wide range of applications in various industries, including automotive, construction, medical, and electronics. Several companies and research institutes are working on developing new and innovative technologies to produce bio-based acrylic acid and its derivatives, including methyl acrylate. These technologies include fermentation-based and chemical catalysis-based processes. They offer the potential to produce bio-based chemicals in a more sustainable and eco-friendly way.

"By Application, Adhesives and sealants segment projected to register third highest CAGR during the forecast period."

The use of bio-acrylic acid in adhesives and sealants provides a promising opportunity to develop more sustainable and environmentally friendly products, which can help meet the increasing demand for eco-friendly solutions in various industries such as construction, automotive, and aerospace. By utilizing bio-based raw materials, manufacturers can reduce their reliance on traditional petroleum-based chemicals, lower their carbon footprint, and contribute to a more circular and sustainable economy. Overall, the incorporation of bio-acrylic acid in adhesives and sealants aligns with the current trend toward sustainability and eco-friendliness in the market.

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"Europe Bio acrylic acid market is projected to register second highest CAGR during the forecast period."

The countries considered under the European bio-acrylic acid market in this study include France, Germany, and the Netherlands. In France, a company called Carbios is developing a technology for the production of bio-acrylic acid from plant-based waste, while in Germany, the Fraunhofer Institute for Microengineering and Microsystems is conducting research on the production of bio-based acrylic acid. The Netherlands is also home to a number of companies that are involved in the development of bio-based chemicals, including bio-acrylic acid. However, it is important to note that the bio-acrylic acid market is still in its infancy in Europe, and it may take some time for it to gain wider adoption and market acceptance. The market in Europe is expected to be driven by the expansion of end-use applications for bio-acrylic acid. Acrylics possess properties that make them superior to other polymers; they are suitable for a wide range of applications in a host of industries. The unique properties of SAPs and water treatment polymers are driving their demand in the bio-acrylic acid market. The demand is projected to increase further during the forecast period with the increasing need in end-user industries for high-performance emulsions, especially in key applications such as surface coatings and adhesives.

In-depth interviews were performed with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from several key organizations working in the Bio-Acrylic Acid market.

By Department: Tier 1: 30%, Tier 2: 50%, Tier 3: 20%
By Designation: Directors: 20%, CXOs: 40%, and Others:40%
By Region: US: 60%, Canada: 30%, Mexico: 10%

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The Bio-Acrylic Acid market comprises major manufacturers, such as Arkema SA (France), BASF SE (Germany), LG Chem Ltd.(Korea), China Petroleum and Chemical Corporation (China), NIPPON SHOKUBAI CO., LTD(Japan), The Dow Chemical Company (US), Evonik Industries AG (Germany).

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