Bio-Acrylic Acid Market worth $0.9 billion in 2027 Globally, at a CAGR of 15.6%, says MarketsandMarkets™
Chicago, Sept. 25, 2023 (GLOBE NEWSWIRE) — The Bio-Acrylic Acid market is estimated to be worth USD 0.4 billion in 2022 and is projected to reach 0.9 billion by 2027, at a CAGR of 15.6%, as per the recent study by MarketsandMarkets™. Bio-acrylic acid is considered 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. It is used in a variety of applications, including the production of plastics, coatings, adhesives, and superabsorbent polymers.
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148 – Market Data Tables
37 – Figures
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List of Key Players in Bio-Acrylic Acid Market:
- 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)
- SIBUR (Russia)
Drivers, Opportunities and Challenges in Bio-Acrylic Acid Market:
- Drivers: Rapid expansion and growing applications of superabsorbent polymers
- Restraint: High production cost
- Challenges: Competition from traditional acrylic acid
- Opportunity: Opportunities with new applications
Key Findings of the Study:
- By Type, the Butyl Acrylate segment accounted for the largest share of the Bio-Acrylic Acid Market in 2022.
- By Application, sanitary products segment projected to register a highest CAGR during forecast period.
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Bio-acrylic acid is a type of acrylic acid that is produced from renewable, plant-based sources rather than from petroleum-based feedstocks. It is a colorless liquid with a pungent, vinegar-like odor and is commonly used in the production of various products, such as adhesives, coatings, and plastics. Bio-acrylic acid is typically made using a fermentation process that utilizes microorganisms to convert plant-based sugars into acid. This process is considered more sustainable and environmentally friendly than traditional methods of producing acrylic acid, which relies on non-renewable resources and can have a significant carbon footprint. As such, bio-acrylic acid is often viewed as a promising alternative to traditional acrylic acid, particularly in industries that are seeking to reduce their reliance on fossil fuels and move towards more sustainable practices.
The major applications of Bio-Acrylic Acid include Paints and coatings, surfactants, adhesives and sealants, textiles, sanitary products, and other applications such as water treatment, detergents, plastic additives, paper treatment, and flocculants.
The Bio-Acrylic Acid Market has been segmented based on, by type, is segmented into methyl acrylate, ethyl acrylate, butyl acrylate, elastomers, 2-ethylhexyl acrylate, and superabsorbent polymers. The Bio-Acrylic Acid Market, by application is segmented into Paints and coatings, surfactants, adhesives and sealants, textiles, sanitary products, and other. The main forces behind the growth of the Bio-Acrylic Acid Market are increasing focus on reducing carbon emissions and more sustainable alternative to acrylic acid.
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The Global bio-acrylic acid market is segmented into four key regions: North America, Europe, the Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for bio-acrylic acid, accounting for a share of 36.2% of the global market, in terms of volume, in 2022. The Asia Pacific is one of the leading consumers of bio-acrylic acid due to the increasing demand from developing countries. The increasing demand for paints & coatings and sanitary products, along with a rise in the population, will drive the bio-acrylic acid market in the region.
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