The bio-acrylic acid market size is expected to advance at a CAGR of 15.8% during 2024–2030, to reach USD 1,275.7 million by 2030. This can be ascribed to the rising focus on the usage of environment-friendly products across applications. The rapidly rising usage of superabsorbent polymers in daily-use products, including sanitary napkins and diapers, will further boost the growth of the market across the globe.
The growing awareness of environment-friendly products is the biggest market driver, and it is impelling companies in the market to manufacture bio-based acrylic acid. The key players are delivering sustainable solutions created from crops, such as maize. For instance, in March 2022, Evonik Industries unveiled a line of renewable isophorone-based materials with a significantly smaller CO2 footprint. Made from 100% renewable acetone, these materials are designed to produce more-sustainable solvents, coatings, and composites.
Surface coatings containing bio-acrylic acid are utilized in automotive, architectural, and industrial applications. Dure to the growing issues related to the environment with the usage of petroleum-based chemicals, bio-based variants are increasingly being used. For minimizing greenhouse gas emissions, governments around the world are implementing policies to widen the usage of renewable resources, which will, in turn, propel the market.
The APAC market is expected to generate the highest revenue, of USD 0.2 billion, by 2030, because of the rising industrial activities and growing construction sector. Primarily, the increasing usage of this chemical in personal care products, surfactants, and paints and coating is expected to fuel the demand for it over the coming years. Along with this, its growing usage in the textile and healthcare sectors is expected to propel the market across the region.
North America is also growing significantly, ascribed to the booming requirement for superabsorbent polymers and the strong focus of the regional countries on the adoption of environment-friendly and renewable products. Government here is taking several initiatives for raising awareness among people of renewable materials. Moreover, the presence of a large number of players and a well-established healthcare sector in the U.S. and Canada propel the market.
Europe is also growing at a rapid pace because of the increasing demand for premium architectural paints in Western Europe, with the rising consumer interest in home decoration. Moreover, the rising awareness of the environment has led to innovations to provide quality products that offer added value and are sustainable at the same time.
Similarly, the demand for paints and coatings in LATAM is expected to witness significant growth during the forecast period. This is credited to the growing population, expanding network of manufacturing facilities, and increasing construction activities in the region. LATAM is also witnessing an increasing consumption of bio-acrylic acid due to the rising production of electronics and automobiles.
The most-significant bio-acrylic acid market players are Arkema SA, BASF SE, LG Chem Ltd., Archer Daniels Midland Company, and NIPPON SHOKUBAI CO. LTD.