(EMAILWIRE.COM, August 05, 2023 ) The report “Bio-Acrylic Acid Market by Type (Methyl acrylate, ethyl acrylate, butyl acrylate, elastomers, 2-ethylhexyl acrylate, superabsorbent polymers), Application and Region (North America, Europe, the Asia Pacific, and the Rest of the World.) – Global Forecast to 2027″, The Bio-acrylic acid Market size is estimated to be USD 0.4 billion in 2022 and is projected to reach USD 0.9 billion in 2027, at a CAGR of 15.6%. The main forces behind the growth of the Bio-acrylic acid market are a more sustainable and environmentally friendly alternative to traditional acrylic acid, as it reduces the dependence on non-renewable resources and can potentially reduce greenhouse gas emissions associated with traditional acrylic acid production.
High production cost is one of the major restraints for the bio-acrylic acid market. The economy of the Asia Pacific countries such as China and India is growing rapidly. South Asian countries such as Indonesia, Taiwan, and South Korea are also witnessing fast growth. The primary driver behind their growth is the increasing population which is the major opportunity in the region. The biggest difficulties or challenge is Traditional acrylic acid, also known as petroleum-based acrylic acid, is a well-established product in the market and is widely used in various applications, including coatings, adhesives, superabsorbent polymers, and plastics. As a result, bio-acrylic acid faces significant competition from traditional acrylic acid.
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By Type, the Butyl Acrylate segment accounted for the largest share of the Bio-Acrylic Acid Market in 2022.
The Bio-acrylic acid market is segmented based on type into methyl acrylate, ethyl acrylate, butyl acrylate, elastomers, 2-ethylhexyl acrylate, and superabsorbent polymers. Butyl acrylate is a key monomer used in the production of various polymers, including poly butyl acrylate, which is used in adhesives, coatings, and textiles. The use of bio-based feedstocks, such as sugars, glycerol, or lignocellulosic biomass, to produce bio-acrylic acid and butyl acrylate offers several advantages over traditional, petroleum-based chemicals.
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By Application, sanitary products segment projected to register a highest CAGR during forecast period.
The Bio-acrylic acid market is segmented based on application into Paints and coatings, surfactants, adhesives and sealants, textiles, sanitary products, and other applications. The use of bio-acrylic acid in the production of sanitary products aligns with the growing trend towards sustainability and eco-friendliness in the market. By utilizing bio-based raw materials, manufacturers can reduce their carbon footprint and contribute to a more circular and sustainable economy. The use of bio-based SAPs also helps to meet the increasing demand from consumers for eco-friendly and sustainable hygiene products.
The major players are Arkema SA (France), BASF SE (Germany), LG Chem Ltd. (Korea), China Petroleum and Chemical Corporation (China), NIPPON SHOKUBAI CO., LTD(Japan), The Dow Chemical Company (US), Evonik Industries AG (Germany), and SIBUR (Russia) and others are covered in the Bio-acrylic acid market. Expansion, mergers, joint ventures, and the development of novel products are the primary strategies employed by the leading players to build the Bio-acrylic acid market.
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BASF SE (Germany) is engaged in the chemical manufacturing and distribution of chemicals, performance goods, functional materials, and agricultural products. The companys products are used in various end-use industries, including chemical and plastics, automotive, coatings, oilfield, construction, furniture, packaging, textiles, and pharmaceuticals. The company operates through five segments: Chemicals, Materials, Surface Technologies, Industrial Solutions, and Agricultural Solutions. The company offers acrylic acid products through its Chemicals segment. The company is one of the prominent manufacturers of acrylic acid and acrylates, with six production sites across the globe.
China Petroleum and Chemical Corporation (China), popularly known as Sinopec Corp, is an integrated energy and chemical company in China. The company deals with the production and supply of petroleum, natural gas, petrochemical, and chemical products. The company classifies its business operation into five segments: Marketing and Distribution, Chemicals, Refining, Exploration and Production, and Corporate and Others. It offers a wide range of products and services in various businesses, including exploration and oil production, refining and sales, chemicals, and research and development. The company offers acrylic acid under its Chemicals segment.
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