Global Acrylic Acid Market - Industry Analysis Report and Forecast To 2023
Acrylic esters market dominated the industry and accounted for over 55% of the total demand in 2014 and is likely to grow at more than 5.5% up to 2023. Glacial acrylic acid market accounted for more than 35% of the total demand in 2014 and is likely to witness highest gains over the forecast period.
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Industry participants are focusing to derive products from renewable and sustainable chemicals which have resulted in the development of various green routes for bio acrylic acid production. Being a green process, these bio based routes also offer to hedge against raw material prices of propylene and ethylene. Cost is a critical factor for industry penetration, acrylic acid market price trend saw a surge in 2015 and is likely to remain stable over the next year.
Currently, the manufacturers are obtaining acrylic acid through a two stage based propylene oxidation technology in which the license holders are investing to develop a cost effective process through optimized parameters, new catalyst formulations and reactor design modifications.
Favorable government regulations to develop sustainable products in the form of funding and stimulus packages are also likely to support bio acrylic acid market size. Industry success and market momentum to develop bio routes are however limited by knowledge and experience of technology developers.
Bio acrylic acid production via 3-hydropropionic acid (3-HP) have witness two strategic partnerships from industry leaders such as Dow & OPXbio and Cargill & Novozymes. These companies have individual strengths such as established distributed & international market presence and other with strong hold in bioengineering or biosynthesis process.
Bio acrylic acid market share can be characterized by fragmentation level among technology developers for adopting different sustainable routes from distinct raw materials for product development. The development of the bio based routes is also dependent upon the high yield coupled with cost competitiveness against conventional propylene technology.
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Key companies such as Nippon Shokubai and Arkema have invested to develop bio based acid from glycerin/glycerol. The pilot scale production was success but the further implementation of the process is dependent upon the availability and cost of glycerol which is majorly influenced by government legislatives for bio fuel production. Glycerol is a byproduct from biodiesel production.
Novomer is developing bio-adaptable process which uses proprietary catalysts for polypropiolactone production from ethylene oxide derived from renewable or petrochemical based sources. Glacial acrylic acid can be derived from polypropiolactone via pyrolysis. This provides Novomer to develop facilities to operate simultaneously in petrochemical and bio based process.
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