Global Bio-Acrylic Acid Market Size to Reach USD 10.64 Billion in 2030 | Increasing Use of Bio-Acrylic Acids in Commercial Products is a Key Factor Driving Market Industry Demand, Says Emergen Research
Vancouver, BC, April 5, 2022 /PRNewswire/ -- The global bio-acrylic acid size reached USD 6.02 billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of bio-acrylic acids in commercial products and rising usage of bio-acrylic acid in adhesives, sealants, and infectants are major factors that are expected to drive market revenue growth during the forecast period.
Drivers:
Increasing adoption of bio-acrylic acids in various commercial products, such as medical products, hygiene products, elastomers, and polishes, are driving its demand. This is expected to drive market revenue growth. Additionally, bio-acrylic acids are widely used in adhesives, sealants, and infectants for improving product's quality, increase weather resistance, and extend shelf life. These are some factors that are expected to drive market revenue growth.
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Restraints:
Concerns regarding harmful toxins and chemicals used by manufacturers to improve its quality could be hazardous to health of consumers. Additionally, the super absorbent gel used in sanitary products could be harmful to consumers if it exceeds the time limit of usage. This could lead to skin infections, irritations, and other health problems.
Growth Projections:
The global bio-acrylic acid market is expected to register a CAGR of 6.8% over the forecast period, and revenue growth is projected to increase from USD 6.02 billion in 2021 to USD 10.64 billion in 2030. Increasing usage of bio-acrylic acids in commercial products is a key factor driving market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic has led to downsizing of bio-acrylic acid industry, thereby limiting market growth. However, reopening of construction and commercial industries has led to increased reproduction of bio-acrylic acids. Additionally, increasing e-commerce businesses offer wide range of sanitary and personal hygiene products. This has led to the increased adoption of bio-acrylic acid in these products, which is expected to drive market growth during the forecast period.
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Current Trends and Innovations:
Rising usage of bio-acrylic acids in cleaning agents and infectants has led to an increase in their demand, which is expected to drive market revenue growth. Bio-acrylic acids are widely used in the production of liquid detergents and other cleaning agents to provide enhanced clay soil removal performance. This is expected to boost market revenue growth significantly during the forecast period.
Geographical Outlook:
North America is expected to register a significantly steady revenue growth rate during the forecast period. This is attributed to the rapid growth of superabsorbent polymer industry. This is expected to increase the adoption of bio-based acrylic acids and drive market revenue growth. In addition, rising awareness regarding the usage of renewable and bio-based products are sustainable for the environment. This is expected to drive market revenue growth.
Strategic Initiatives:
Some major companies included in the market report are 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, and SIBUR International GmbH
- In October 2021, Arkema SA announced Polyamide II powder production on its Changsu facility in China. Arkema SA's investment will help meet the rising demand for advanced bio-circular materials in Asia Pacific. Rilsan Polyamide II powders are now manufactured in France from renewable castor beans and are utilized in residential appliances, energy-efficient transport, and advanced additive manufacturing (3D printing).
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Emergen Research has segmented the global bio-acrylic acid market on the basis of derivatives, application, and region:
- Derivatives Outlook (Revenue, USD Billion, 2019–2030)
- Methyl Acrylate
- Ethyl Acrylate
- Butyl Acrylate
- Elastomers
- 2-Ethylhexy Acrylate
- Super Absorbent Polymer
- Application Outlook (Revenue, USD Billion, 2019–2030)
- Paints & Coatings
- Surfactants
- Adhesives & Sealants
- Textiles
- Sanitary Products
- Others
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- Regional Outlook (Revenue, USD Billion, 2019–2030)
- North America
a. U.S.
b. Canada
c. Mexico
- Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
- Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
- Latin America
a. Brazil
b. Rest of LATAM
- Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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SOURCE Emergen Research
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