Press release
Bio Acrylic Acid Market Forecast: Strong Growth with a 7.79% CAGR Through 2031.
Bio Acrylic Acid Market
The global bio acrylic acid market is estimated to reach over USD 12.38 billion by 2031, exhibiting a CAGR of 7.79% during the forecast period.
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Bio acrylic acid is a flexible polymer that can be crystallized into intricate molecular configurations. By oxidizing hydrocarbon and using a lactic acid-based bioprocess, bio acrylic acid is created. In contrast, acrylic acid and acrylic are used to make acrylic polymers. The demand for bio acrylic acid from the polymer sector is expected to rise during the projection period due to AEM's higher strengths and resistance, among many other features. Additionally, the market for bio acrylic acid is expected to develop significantly due to the rise in the need for methacrylate-based polymers used in the production of lighting fixtures, glazing, vehicle rear lights, and digital screens. Because bio acrylic acid is used in treatment processes, growing urbanization along with the gov't's increased emphasis on water cleansing is projected to drive the bio acrylic acid market. Because more polymeric polymers are needed to make baby diapers and feminine hygiene products, the demand for bio acrylic acid is anticipated to rise over the course of the forecast period. The treatment of effluent before it is discharged into the ocean and sea is required by government rules, which forces producers to produce more polymer, indirectly improving the bio acrylic acid market.
List of Prominent Players in the Bio Acrylic Acid Market:
• BASF SE
• China Petroleum & Chemical Corporation (SINOPEC)
• Arkema S.A
• Mitsubishi Chemical Holdings Corporation
• The Dow Chemical Company
• The Lubrizol Corporation
• Evonik Industries AG
• PTTGC Innovation America Corporation
• Formosa Plastics Corporation
• SIBUR International GmbH
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Market Dynamics:
Drivers-
The requirement for bio acrylic acid in monomers, varnishes, synthetic rubber, paints, and waste management is increasing, fueling the expansion of the bio acrylic acid market. To create new products and increase market rivalry, the engineering plastics and copolymer sectors quickly embrace bio-acrylic acid as a crucial input material. The demand for schools and school districts polymers, which are used to make lighting fixtures, glass, vehicle rear lights, and digital screens, is another factor contributing to the market's anticipated rapid growth. One of the tremendous trends in interior design is emulsion paint, which many designers and consumers favor for its superior finishing, weather durability, and filth resistance. These elements are driving the demand for bio-acrylic acid.
Challenges:
The market expansion is anticipated to be constrained by the health risk associated with bio acrylic acid. Once again, it is anticipated that the infant diaper industry will experience sluggish growth in developed regions like North America and Europe.
Regional Trends:
The North American bio acrylic acid market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Technological developments in petrochemical processing technologies are this region's primary driver of profit growth. With a sizable expenditure, the U.S. is one of the top locations for cutting-edge R&D in the engineering and chemical industries. The existence of numerous renowned chemical research groups and their direct participation in the R&D of creative environment design concepts are anticipated to support the market's expansion in terms of revenue. Besides, Europe had a substantial market share due to the developed economy and growing adoption of the product. The region's main driving factors are a rapid development in chemical technology, capacity for oil refining, and fierce rivalry. Bio acrylic acid is in high demand in the region due to the domestic need for polycarbonates, elastomers, acrylics, and other goods. Due to the presence of major chemical companies like Mitsubishi Motor Corporation, Sumitomo Chemical, and others, Europe has become the world's leading exporter of bio-acrylic acid.
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Recent Developments:
• In March 2021-In order to produce next-generation acrylic dispersions, the German multinational chemical corporation BASF SE began operating a new production line. The cutting-edge plant will create acrylic dispersions for the Asia Pacific coatings, construction, adhesives, and packaging markets.
Segmentation of Bio Acrylic Acid Market-
By Derivatives
• Methyl Acrylate
• Ethyl Acrylate
• Butyl Acrylate
• Elastomers
• 2-Ethylhexy Acrylate
• Super Absorbent Polymer
By Application
• Paints & Coatings
• Surfactants
• Adhesives & Sealants
• Textiles
• Sanitary Products
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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