Market Size of Hydroxypropionic Acid
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydroxypropionic Acid Market Analysis
The market for hydroxypropionic acid is expected to grow at a CAGR of more than 5.1% globally during the forecast period. Hydroxipropionic acid is a carboxylic acid, which is an intermediate in the degradation of branched-chain amino acids and intestinal propionic acid. This is used in the synthesis of 1,3-propanediol and acrylic acid. The growing demand from the paints and coatings sector has been driving the market growth.
- However, the outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.
- Increasing consumer inclination toward eco-friendly products and technological modification are likely to provide opportunities for the studied market, during the forecast period.
- Paints & coatings application is the most dominating application segment for the market studied.
- North America region dominated across the world with increasing consumption from countries like the USA and Mexico.
