The market is segmented by Raw Material (Biomass, Corn, Maize, Sugar, and Other Raw Materials), Product Type (Acrylic Esters, Acrylic Polymers, and Derivatives), Application (Petrochemicals, Healthcare, Textiles, Paints and Coatings, Water Treatment, and Other Applications), and Geography (Asia-Pacific, North America, Europe, and Rest of the World)
ABOUT THIS REPORT
Scope of the Report
Key Market Trends
TABLE OF CONTENTS
Fastest Growing Market:
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The market for bio-acrylic acid is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied are increasing demand for bio-based superabsorbent polymers and rising demand for bio-based polymer in healthcare applications
Shifting focus toward eco-friendly products is likely to act as an opportunity.
Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Scope of the Report
The bio-acrylic acid market report includes:
Other Raw Materials
Other Acrylic Esters
Acrylic Polymers and Derivatives
Super Absorbent Polymers (SAPs)
Other Acrylic Polymers and Derivatives
Paints and Coatings
Rest of Asia-Pacific
Rest of Europe
Rest of the World
Middle East & Africa
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Key Market Trends
Increasing Demand from Paints and Coatings Segment
The usage of bio-acrylic acid as a raw material for the production of paints and coatings is rising rapidly across the globe, due to the rapidly increasing pressure from consumers and regulatory authorities, to reduce the environmental impact caused by the increasing usage of synthetic products.
The growing interest in newer renewable technologies is driven by - the need to meet well-defined sustainability agendas and improved coating performance, which can be obtained by the usage of bio-based raw materials, like bio-acrylic acid.
In addition to these, the improved carbon and life-cycle performance, combined with enhanced water solubility, higher purity, and reduced toxicity are key trends and drivers which are driving the usage of bio-acrylic acid in the manufacturing of paints and coatings.
Various bio-based feedstock and innovative chemistry providers are rapidly introducing new proprietary pathways to the coating formulators, so as to substantially improve the performance of their coatings. As a result, various coating formulators are striving to differentiate their products through the increased performance, and are actively evaluating the use of these new, renewable compounds. This has opened up vast opportunities for the growth of the market studied, in the paints and coatings industry.
The global paints and coatings industry is growing at a rapid rate, owing to the increasing demand from the robust growth of the construction, and industrial sectors
All such factors are likely to increase the demand for the market over the forecast period.
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China to Dominate the Asia-Pacific Region
The rapid growth in the demand for bio-acrylic acid in China has been majorly driven by the booming textile, paints and coatings, healthcare, water treatment, and petrochemical industries, which are being supported by the growing economy.
The construction segment accounts for over half of the global paints and coatings, in terms of production volume. China is currently producing more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which, local producers account for more than half of the domestic paint market share.
China is recognized worldwide, for its architectural boom. The demand for low-cost housing and commercial housing is responsible for its growth, in recent years.
The Chinese government has planned for massive construction projects, including a provision for the movement of 250 million people to its new megacities over the coming ten years, despite efforts to rebalance its economy to a more service-oriented base. This is expected to drive the bio-acrylic acid market in China.
Currently, China is spending only about 3% of global healthcare spending, to address the healthcare needs of 22% of the world’s total population. To reduce this gap, China is investing heavily in its domestic healthcare sector. According to the goal set by the ‘Healthy China 2030’ strategy, the Chinese healthcare market’s value is set to increase to CNY 16 trillion by 2030. This rapid increase in healthcare spending is expected to create vast opportunities for the growth of the bio-acrylic acid market in China.
Hence, with the rapidly growing paints and coatings, textile, healthcare, and water treatment industries, the demand for bio-acrylic acid in China is expected to rapidly increase, over the forecast period.
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The bio-acrylic acid market is fragmented. some of the major players include Turk International (Myriant), Inc, Novomer Inc, Mitsubishi Chemical Corporation, Arkema Group, and SGA Polymers LLC, among others.