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Bio-acrylic Acid Market Size Forecast to Reach $9.2 Billion by 2027

The global Bio-Acrylic Acid Market size is forecast to reach US$9.2 billion by 2027 after growing at a CAGR of 7% during 2022-2027. The bio-acrylic acid market is on the rise owing to its eco-friendly and renewability nature as compared to conventional organic acids. Superabsorbent polymer is projected to contribute hugely to the market’s growth. Superabsorbent polymers come with excellent large volumes of liquid absorption and retaining quality which makes them suitable for fluid-containing products such as diapers, absorbent medical dressings, adult incontinence pads, etc. Acrylic esters dominated the market in the last few years. The acrylic esters are segmented into ethyl acrylate, methyl acrylate, hydroxypropyl acrylate, ethylhexyl acrylate, and butyl acrylate. Corn is anticipated to drive the bio-acrylic acid market’s growth owing to its renewable nature and increasing environmental concerns. The high usage of paints and coatings in the expanding construction activity is expected to contribute extensively to the market’s growth in the coming years. However, the need for cost-effective production of bio-acrylic acid might slow down the growth of the target market.

COVID-19 Impact

The bio-acrylic acid market suffered badly due to the COVID-19 impact. Disruptions in supply chain and factory shutdowns disturbed the bio-acrylic acid ecosystem, creating a shortage in feedstock used in the manufacturing of bio-acrylic acid. Moreover, the shutdown of the construction and industrial sector which utilizes bio-acrylic acid-based paints and coatings, adhesives, and sealants, also affected the target market severely during the pandemic. However, once the market got operational post-COVID-19, there has been an increasing demand for bio-acrylic acid due to rapid construction work globally. Also, due to the increased consciousness about clean surroundings and personal hygiene, the demand for laundry care products has jumped amid the pandemic, which saw bio-acrylic acid used in the production of liquid laundry detergent, contributing to the growth of the bio-acrylic acid market. Going forward, as there are too many construction activities going on globally, the target market will witness huge growth owing to the usage of bio-based paints and coatings, adhesives, etc.

Bio-acrylic Acid Market – By Type

Superabsorbent polymer is anticipated to drive the bio-acrylic acid market’s growth in the forecast period with a CAGR of 6.8%. These polymers have the quality to absorb and contain large volumes of aqueous solutions due to which, they are used in liquid-absorbing applications like adult incontinence pads, diapers, controlled-release drugs, absorbent medical dressings, etc. Superabsorbent polymer is one of the largest markets for bio-acrylic acid and this type of polymer is widely used in diapers. For instance, according to the statistics of the National Diaper Bank Network of the US, a baby needs 6-12 diapers per day, which is a high number. This high demand for baby diapers will augment the usage of superabsorbent polymer, ultimately driving the growth of the bio-acrylic acid market. Furthermore, various government initiatives involving different media centers and NGOs to educate people about personal hygiene and develop the habit of using sanitary napkins among women will boost the usage of superabsorbent polymer, thereby boosting the bio-acrylic acid market growth in the forthcoming years. Acrylic esters like methyl acrylate, ethylhexyl acrylate, hydroxypropyl acrylate, among others are expected to witness significant demand in paints and coatings and textiles which will contribute to the growth of the bio-acrylic acid market in the forthcoming years.

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Bio-acrylic Acid Market – By Raw Material

Corn dominated the raw material segment in the bio-acrylic acid market in 2021. Corn has been gaining traction in the last few years in the manufacturing of bio-acrylic acid globally. Manufacturers are more driven towards using corn as the raw material for producing bio-acrylic acid due to its sustainable property. For instance, in May 2020, agribusiness giant Cargill, which deals with corn, worked along with Procter & Gamble (P&G) on the development of bio-acrylic acid from lactic acid. This collaboration was done to breathe fresh life into Cargill’s effort to produce bio-acrylic acid from corn. Such development in the production of bio-acrylic acid implementing corn will drive the growth of the target market. Furthermore, the renewable and sustainable quality of corn makes it a suitable choice to use in the production of bio-acrylic acid. All these superior qualities will put forward corn as the key raw material, thereby driving the growth of the bio-acrylic acid market in the forecast year.

Bio-acrylic Acid Market – By Application

The paints and coating segment dominated the bio-acrylic acid market in 2021 and is growing at a CAGR of 7.2% during the forecast period. This segment is gaining attraction owing to its increasing demand in the construction sector. Bio-acrylic acid is used in the production of paints and coatings which are used extensively in the construction sector. Post COVID-19 pandemic, construction activities across the globe is booming. For instance, according to a 2021 statistical report by European Construction Industry Federation, in 2021, the housebuilding segment is anticipated to witness an excellent investment growth rate of 5.5%. Similarly, according to India Brand Equity Foundation (IBEF) report, the Indian construction sector is projected to be the world’s third-largest construction market by 2022. These expanding construction sectors globally will augment massive usage of paints and coatings, thereby driving the growth of the bio-acrylic acid market in the forecast period. Apart from the construction sector, the rising demand for superabsorbent polymers, made up of bio-acrylic acid, is used massively in the manufacturing of diapers and female sanitary pads, which, in turn, will contribute significantly to the market’s growth in the forecast period.

Bio-acrylic Acid Market – By Geography

The Asia-Pacific region held the largest market share in the bio-acrylic acid market in 2021 with 28% share. This region will contribute to the maximum growth of the bio-acrylic acid market through increasing demand for bio-acrylic acid-based paints and coatings, widely used in the construction sector, especially in emerging economies such as China, India, and Japan. China being the largest construction market in the world, the region will witness massive usage of paints and coatings due to expansion in construction activities. For instance, according to International Trade Administration 2021 report, between 2021 to 2029, the Chinese construction sector is projected to grow at an annual average of 5.2 %. Similarly, according to India Brand Equity Foundation (IBEF) data, Foreign Direct Investment (FDI) received in the construction (infrastructure) activities between April 2000 and March 2021 was valued at US$ 24.72 billion. These positive growth rates in the construction sector will demand more uses of paints and coatings, adhesives, and sealants, thereby stimulating the bio-acrylic acid market in the forecast market. The European region is also expected to contribute significantly to the market’s growth owing to increasing construction activities in the region. For instance, according to the 2021 statistical report by European Construction Industry Federation, the non-residential construction sector is projected to have an investment growth of 2.6% in 2021. This growing investment and expansion in the construction sector in the region will drive the target market’s growth in the coming years.

Bio-acrylic Acid Market Drivers

Expanding construction sector will drive the market’s growth

The construction sector post COVID-19 is booming due to extensive construction projects and high investments in the sector. Bio-acrylic acid is used in the production of paints and coatings which are extensively used in the construction sector, and the expanding construction activities will help the target market to grow rapidly. For instance, according to Eurostat August 2021 report, the building construction sector in the Euro Area and European Union jumped by 3.1% and 3.8% respectively in June 2021. Similarly, countries like China and India in the Asia-Pacific region, are also witnessing huge growth in the construction sector. For instance, according to National Investment Promotion and Facilitation Agency report, construction output is projected to grow at an average of 7.1% each year by 2025. These increasing activities in the construction sector will drive the bio-acrylic acid market in the forecast period.

Growing demand for sustainable products will drive the bio-acrylic acid market

Manufacturers and brand owners are engaging more in the incorporation of bio-acrylic acid to minimize the environmental impact and develop more sustainable products. Furthermore, manufacturers want to use renewable crops like corn, maize, etc to deliver more renewable solutions. In recent sustainable product development, Procter & Gamble (P&G) was awarded the American Chemical Society (ACS) 2020 Award for Affordable Green Chemistry for an innovative sustainable technology the company developed with the incorporation of bio-acrylic acid last year. Such progress in the field of sustainable product development will witness more utilization of bio-acrylic acid, thereby boosting the growth of the target market in the forecast period.

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Bio-acrylic Acid Market Challenges

Cost-effective production of bio-acrylic acid might hinder the market’s growth

The main challenge persisting in the target market is the production of bio-acrylic acid from renewable resources cost-effectively. At present, many manufacturers globally are considering lactic acid as the key raw material for manufacturing bio-acrylic acid. The manufacturers are dealing with deriving bio-acrylic acid from lactic acid but it is far from reaching commercial-scale manufacturing. Manufacturers like Cargill, Archer Daniels Midland (ADM), and many more are constantly exploring various ways to tackle the challenge to produce bio-acrylic acid from renewable resources in a cost-effective way and provide a sustainable solution to the customers. According to July 2020 European Patent Office data, the different approaches for producing bio-acrylic acid is not yet cost-competitive and involve high operational cost and capital cost. So, there is a need for additional cost-effective ways for the production of bio-acrylic acid at a commercial scale, and this, in turn, might affect the growth of the bio-acrylic acid market in the coming years.

Bio-acrylic Acid Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Bio-acrylic Acid Market. Major players in the Bio-acrylic Acid Market are:

Cargill
BASF
Novozymes
Dow Chemicals
LG Chem
Archer Daniels Midland (ADM)
Arkema Group
Mitsubishi Chemical Corporation
Nippon Shokubai Co. Ltd
Others

Acquisitions/Product Launches

In September 2019, US based company Archer Daniels Midland (ADM) joined hands with South Korea’s LG Chem to create bio-acrylic acid from corn. This project aims at economically viable production of bio-acrylic acid, which contributes to the growth of the bio-acrylic acid market.

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Key Takeaways:

Superabsorbent polymers will contribute hugely to markets growth in the forecast period owing to their eco-friendly and renewability properties, making them a desirable choice for liquid-absorbing and containing products.

The paints and coatings segment will drive the growth of the bio-acrylic acid market in the coming years owing to their increased demand in expanding construction and industrial sector. For instance, according to India Brand Equity Foundation (IBEF) report, Foreign Direct Investment (FDI) received for the construction development sector (townships, housing, built-up infrastructure, and construction development projects) in India was valued at US$ 26.08 billion between April 2000 and March 2021.

Asia-Pacific region will contribute immensely to the market’s growth owing to rapid construction activities occurring in emerging economies such as China, India, Japan, etc. For instance, according to International Trade Administration 2021 data, the Chinese construction sector is on a progressive track since May 2020 even the industry being slowed down by the COVID-19 pandemic.

Related Reports:

A. Organic Acids Market

https://www.industryarc.com/Report/16128/organic-acids-market.html

B. Acrylic Acid Market 

https://www.industryarc.com/Research/Acrylic-Acid-Market-Research-503167

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Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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