Market Trends of Hydroxypropionic Acid
This section covers the major market trends shaping the Hydroxypropionic Acid Market according to our research experts:
Paints and Coatings Sector to Dominate the Market
- Paints and coatings sector stands to be the dominating segment owing to continuously rising demand from the construction and automotive industry.
- Hydroxypropionic acid is mostly used as a feedstock for acrylic esters, which accounts for a dominant percentage of acrylic acid products. Acrylic acids are capable of providing attractive properties such as good health, color consistency, resistance to heat and aging, and durability at low temperatures.
- Acrylic acid is widely used in the production of paints and coatings. The growing use of acrylic acid in the expanding construction industry is likely to be a significant factor to drive the demand for hydroxypropionic acid over the forecast period.
- Further, the increasing government investments on infrastructure expansion by nations like China, India, Indonesia, and Vietnam, etc. are providing a thrust to the application of paints and coatings.
- Throughout the forecast timeframe all the above conditions are anticipated to boost the demand for hydroxypropionic acid.
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North America Region to Dominate the Market
- North America region dominated the global market share and is likely to continue holding the largest share during the forecast period, owing to government regulations promoting the use of bio-based products, and continuous research and innovations in the field of technological modification.
- In addition, tight regulations pertaining to petroleum-based platform chemicals and the decline of fossil fuel supplies also create prospects for development for the region's bio-based platform chemicals industry.
- Powder-base hydroxypropionic acid is expected to experience growth due to increased use in the manufacture of acrylates for various adhesives on account of increasing applications in building & construction.
- Additionally, the country's end-user industries, such as food and beverage, cosmetics, pharmaceutical, and fertilizer industries, are tightly regulated to prevent adverse impacts on citizens' health. Compared with petroleum-based raw materials, these sectors are more likely to shift to bio-based raw materials in this way.
- Thus, the aforementioned factors, coupled with government support, are contributing to the increasing demand for the hydroxypropionic acid market in the North America during the forecast period.
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