Bio-Acrylic Acid Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Bio Acrylic Acid Market Size

Bio Acrylic Acid Market Trends & Drivers

• With an increase in the consciousness to reduce the dependence on fossil fuels, individuals have begun the adoption of bio-based alternatives. The idea is minimizing the carbon footprint by boosting the usage of environment-friendly products across industries. The shift from fossil-based to bio-based products is to play a key role in decreasing GHG emissions and the rate of ozone depletion. Moreover, fossil fuel prices vary depending on the area and demand, while most renewable resources have stable pricing.
• Seeing the rising demand for eco-friendly products, the players in the market are commercializing several new technologies. For instance, in May 2020, Procter & Gamble collaborated with Cargill for the commercialization of a bio-based acrylic technology. P&G has granted Cargill the license for the further development and commercialization of the technology, which creates acrylic acid from lactic acid.
• Due to the increasing population, the degree of urbanization is also rising significantly. Because of this, there has been a sudden increase in construction activities, especially in the U.S., Canada, China, and India. Therefore, the number of offices, apartments, retail zones, and hotels continues to grow. For instance, the Indian budget for 2023–2024 sanctioned USD 122 billion (INR 10 lakh crore) for the construction sector.
• The growing construction sector across the globe is expected to propel the demand for decorative coatings and, hence, fuel the market advance. The need for these products is increasing for aesthetic purposes because of the changing lifestyles. Nowadays, people prefer homes with a sophisticated look, which essentially aids in the market expansion.

Segmentation Analysis

Superabsorbent Polymers Hold Significant Share under Derivative Segment

Superabsorbent polymers hold the significant share, attributed to their ability to absorb a large quantity of aqueous solutions. This is the biggest reason behind their usage in diapers, incontinence pads, absorbent medical dressings, controlled-release drugs, and many more products. According to government reports, in a day, infants require up to 12 diapers. This propels the requirement for superabsorbent polymers as diapers must be able to absorb significant amounts of urine and fecal matter, to keep the baby dry and comfortable.

For the same reason, these derivatives are used in sanitary napkins. Governments around the world are taking several initiatives to create awareness among people about the benefits of personal hygiene. This increases the usage of sanitary napkins among women, which will, in turn, drive the consumption of superabsorbent polymers in the forecast period. Furthermore, with the growing research and development focus, more-absorbent diapers and sanitary napkins are being created, which offers market players opportunities for growth.

The butyl acrylate category is growing at a significant pace, as governments are increasingly investing in infrastructure projects, especially in the APAC region. Silanes are widely used to protect buildings from deterioration. In regard to construction, silanes are a key ingredient of the coatings used in hospitals, food & beverage production facilities, kitchens, and pharmaceutical manufacturing areas.

The elastomers category is also expected to grow rapidly in the coming years, attributed to the wide usage of these chemicals to enhance texture and increase stretchability. Along with this, they have high thermal stability and resistance against oil.

The consumption of methyl acrylate is also growing because of its resistance against water, UV rays, sunlight, and chemicals, ability to withstand a wide range of temperatures, and muti-substrate adhesion property.

Paints and Coatings Are Largest Application

Paints and coatings are the largest application, ascribed to the wide range of advantages of bio-acrylic acid in these products, such as improvement in consistency, shelf life, and texture. In regard to paints and coatings, the rising automobile requirement, attributed to the increasing level of urbanization; growing construction activity, and booming oil & gas industry are fueling the market advance. Furthermore, the increasing awareness among consumers of the importance of low-VOC paints and coatings in keeping diseases such as cancer at bay will contribute to the growth of the market.

Essentially, the increasing disposable income and upgrading living standards of people are supporting the growth of the market. According to the Bureau of Economic Analysis (BEA), in the first quarter of 2021, consumer expenditure reached USD 15.1 trillion. On an annualized basis, that was an 11.4% gain over the fourth quarter.

This chemical is also widely used in personal care products, especially diapers and adult incontinence products. In addition, around the world, the booming demand for other personal care products, such as hair wash, body wash, and cleansers, is propelling the consumption of this base chemical.

Surfactants are expected to showcase the highest growth rate because of the rising demand for coatings in the aerospace, automotive, and paper industries. The chemical is used in surfactants as it aids in penetrating the dye evenly.

Segmentation analyzed in this report;

Based on Derivative

• Methyl Acrylate
• Ethyl Acrylate
• Butyl Acrylate
• 2-Ethylhexyl Acrylate
• Elastomers
• Superabsorbent Polymers

Based on Application

• Paints and Coatings
• Adhesives and Sealants
• Surfactants
• Textiles
• Sanitary Products

Geographical Analysis

APAC has the leading position in the market, and it will hold the same position till 2030, with a value of USD 0.2 billion. This is attributed to the growing industrial activities, which are, in turn, propelling the demand for paints and coatings. In APAC, China holds the leading position, and it will grow with a CAGR of 16.2% because of the increasing awareness related to personal hygiene and the rising construction activities. Furthermore, consistent growth is being seen in the automobile industry, which will fuel the demand for bio-acrylic acid as a key component of automotive coatings over the coming few years.

In addition, construction activities are rising all over the region because of the increasing rate of urbanization. This will also fuel the demand for bio-acrylic acid as an ingredient of paints and coatings in the forecast period. The Indian population is rapidly shifting to urban areas, which has increased the requirement for housing units that need to be affordable. Further, the increasing disposable income has resulted in a rise in the sale of automobiles, which is another key driver for the market.

Additionally, governments of regional countries are implementing strict guidelines on the construction and automotive sectors to reduce their VOC emissions. This will further promote the applications of environment-friendly and isocyanate-free solutions.

Regions and Countries covered in this report;

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Bio-Acrylic Acid Companies