The global bio-acrylic acid market is anticipated to reach USD 6.02 billion in 2021, with a revenue CAGR of 6.8% during the forecast period.
Bio-based Acrylic Acid Market Overview
The acrylic acid industry has seen significant change over the past two decades. With the closure of acetylene-based and acrylonitrile-based plants in the 1990s, the production of acrylic acid via two-stage propylene oxidation became the preferred and dominant method of production for acrylic acid producers, globally. Currently, licensors and technology holders of two-stage propylene oxidation technology are looking to improve their processes with new catalyst formulations, modifications to reactor design, and/or establishing operational best-practices through newly optimized parameters. The next decade, however, will give rise to a new wave of technologies particularly, bio-based routes to acrylic acid.
Currently, only Cargill is producing bio-based acrylic acid, also it is not on industrial scale production. Owing to high production costs and technical barriers, limited companies are able to produce bio-based acrylic acid. Compared with acrylic acid, bio-based acrylic acid cost is high which result that no downstream consumers willing to purchase bio-based acrylic acid. We predict that there will be no industrial scale production in following 5 years.
Factors such as expanding bio-acrylic acid usage in paints and coatings and rising demand for bio-acrylic acids in the production of hygiene products are likely to boost global bio-acrylic acid market revenue growth. Other factors predicted to contribute to market revenue growth during the forecast period include increasing use of bio-acrylic acids in commercial products and rising use of bio-acrylic acids in adhesives, sealants, and surfactants.
The report also assesses the key opportunities in the Bio-based Acrylic Acid market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Bio-based Acrylic Acid Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Industry News and Updates
10/21/2019: Arkema successfully starts up a new acrylic acid reactor in the United States--
Arkema has successfully brought on stream, and on schedule, a new 90,000-ton per year acrylic acid reactor at its Clear Lake, Texas site. Equipped with the latest production technologies, this new reactor replaces two decommissioned reactors of 45,000 tons each. This investment of approximately US$ 90 million positions Clear Lake as one of the most competitive acrylic acid sites in the United States.
September 25, 2019: ADM Joins Forces with LG Chem to Develop Sustainable Technology for Superabsorbent Polymers Used in Diapers--
Archer Daniels Midland Company (NYSE: ADM) and LG Chem today announced a joint development agreement to create biobased acrylic acid, a foundational element required in the manufacture of superabsorbent polymers (SAP) used in a range of hygiene products, including diapers.
What are the major Applications, Types and Regions for Bio-based Acrylic Acid Market?
Bio-based Acrylic Acid Market is segmented based on the type, applications, companies and regions.
By Type, Bio-based Acrylic Acid Market has been segmented into
- Purity (Below 99%)
- Purity (Above 99%)
By Application, Bio-based Acrylic Acid Market has been segmented into
- Super Absorbent Polymers
- Coating
- Polyacrylic Acid Polymers
- Other
Bio-based Acrylic Acid Market Segments Analysis
- Purity (Above 99%) is the largest segment, with a share about 60%. And in terms of application, the largest application is Super Absorbent Polymers, followed by Coating, Polyacrylic Acid Polymers, etc.
- Super absorbent polymer segment is expected to account for the largest revenue share in the global bio-acrylic acid market during the forecast period.
Bio-based Acrylic Acid Market Regional Analysis
The report offers in-depth assessment of the growth and other aspects of the Bio-based Acrylic Acid Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
During the forecast period, Asia Pacific is estimated to account for a substantially bigger revenue share of the global bio-acrylic acid market. The use of bio-arcylic in many industries is likely to keep demand strong. The feminine hygiene industry's rapid growth has resulted in increased use of super absorbent polymer in such products, which is expected to fuel demand for bio-arcylic acids. Furthermore, growing use of bio-acrylic acids in paints and coatings has resulted from the building industry's rise. Bio-based polymers are being employed in the pharmaceutical and textile industries, in addition to the feminine and construction industries.
The Europe market is expected to grow at a steady rate of revenue. The growing use of acrylic acid in polymer synthesis is driving revenue growth in the Europe bio-acrylic acid market. Bio-acrylic acid is being used more frequently in detergents, powders, and liquid cleaning agents due to increased demand. Other factors predicted to fuel market revenue growth in Europe include increased demand for sanitary items such as diapers, wipes, and tampons.
North America is expected to register at a steady CAGR during the forecast period due to rapid growth of superabsorbent polymers industry. This is expected to increase the adoption of bio-based acrylic acids and augment the growth of the industry. In addition, rising awareness regarding the usage of renewable and bio-based products that are sustainable to the environment. This is also expected to drive market revenue growth.
Bio-based Acrylic Acid Market highlights the potential growth opportunities in upcoming years, while reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects in the global market. The Global Bio-based Acrylic Acid Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry. This Research Study compares the markets of Pre COVID-19 and Post COVID-19 with the impact of COVID-19 on the regional economy.
What is our Bio-based Acrylic Acid Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 6.8% over the forecast period (2022-2027)
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By Type
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- Purity (Below 99%)
- Purity (Above 99%)
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By Application
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- Super Absorbent Polymers
- Coating
- Polyacrylic Acid Polymers
- Other
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By Companies
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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, LG Chem, Hexion
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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97
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Bio-based Acrylic Acid Report
- Evaluate Bio-based Acrylic Acid market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Bio-based Acrylic Acid market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Bio-based Acrylic Acid Market?
The Bio-based Acrylic Acid Market is growing at a CAGR of 6.8% over the next 5 years.
Who are the key players in Bio-based 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, LG Chem, Hexion
What are the significant types of Bio-based Acrylic Acid Market?
Purity (Below 99%), Purity (Above 99%)
What are the major end-use applications of Bio-based Acrylic Acid Market?
Super Absorbent Polymers, Coating, Polyacrylic Acid Polymers, Other
On the basis of type, Which segment is likely to hold the major share in the Bio-based Acrylic Acid Market?
Purity (Above 99%) segment to hold the largest share in Bio-based Acrylic Acid market
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
