Global Bio Acrylic Acid Market Overview
The Bio Acrylic Acid Market Size was estimated at 3.31 (USD Billion) in 2022.The Bio Acrylic Acid Industry is expected to grow from 3.54(USD Billion) in 2023 to 6.5 (USD Billion) by 2032. The Bio Acrylic Acid Market CAGR (growth rate) is expected to be around 6.99% during the forecast period (2024 - 2032).
Key Bio Acrylic Acid Market Trends Highlighted
Recent market analysis of bio acrylic acid suggests a strong trend towards increased biodegradable and bio-based usage. One of the main factors that are responsible for the growth of the market is the increasing popularity of the green versions of products that are traditionally produced using petrochemical products. What is more, the growing popularity and application spectrum of bio acrylic acid in paints, coatings, adhesives, etc., is also adding to the growing size of the market. Furthermore, technology developments with regard to bio-production are improving efficiency and reducing the cost of the manufacturing process, thereby spurring the growth of the market.The Need for Sustainability and Environmental Concerns: The growing concern about the adverse effects of products created from petrochemicals has contributed to the evolution of biomaterials, which has, in turn, triggered the growth of bio acrylic acids market.The bio acrylic acid market is growing due to its application versatility that extends to paints, coatings, adhesives, and plastics among others. This development serves to broaden the scope of the market.Regulatory support schemes and a large number of regulations to stimulate the use of bio-based materials are introduced by government authorities in different countries, which also contributes to the development of the bio-acrylic acid market.Advancement in Bio-based Production: The knowledge generated by biomaterials and their uses to make bio-acrylic acid makes advances in production-oriented processes and technologies, which include low cost and high efficiency, which can make bio-acrylic acid interchangeable with other petrochemical products.Creation of Advanced Products: The market can also be accessed by looking for other applications for bio acrylic acid, such as food, cosmetic and pharmaceutical additives.Formation of Strategic Alliances and Collaborations: Achieving the creation of such specific new products will definitely cause synergic relationships between bio-acrylic acid stakeholders, resulting in an increase in innovation and faster market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Acrylic Acid Market Drivers
Increasing Demand for Bio-Based Products
Tremendous impetus will be received towards the Bio Acrylic Acid Market Industry from the rising requirement for organic compounds because it is clear that the consumption of traditional acrylic acid may not be good for the environment. However, consumers are seeking bio-based products in the increasing demand of their general product portfolio. It can be seen that bio-based acrylic acid is a more sustainable product as it is derived from renewable resources and has a lower impact on the environment than conventional acrylic acid made from petrochemicals.This increasing customer anticipation is going to be one of the velocity boosters in the Bio Acrylic Acid Market Industry moving forward.
Expansion of Applications in Various Industries
Bio-based acrylic acid finds application in a wide range of industries, including paints and coatings, adhesives and sealants, textiles, and plastics. The versatility of bio-based acrylic acid and its ability to meet the specific requirements of different applications is contributing to its growing adoption. In the paints and coatings industry, bio-based acrylic acid is used in the production of water-based and solvent-borne coatings, providing excellent adhesion, durability, and resistance to chemicals and weathering.In the adhesives and sealants industry, bio-based acrylic acid is used to enhance the bonding strength, flexibility, and durability of adhesives and sealants. The growing demand for bio-based acrylic acid in these industries is expected to drive the growth of the Bio Acrylic Acid Market Industry in the coming years.
Government Regulations and Environmental Concerns
In addition to prices, the bio-acrylic acid market Industry is also boosted by government regulations designed to reduce the environmental impact of industrial processes and products. Stringent regulations relating to the use of fossil fuels and the emission of greenhouse gases are prompting manufacturers to switch to sustainable and environment-friendly production processes. Bio-based acrylic acid has a lower carbon footprint and is, hence, less harmful to the environment.Furthermore, evolving consumer attitudes toward sustainability are influencing purchase decisions, which, in turn, are prompting the growth of the bio-acrylic acid market industry. Both of these factors are expected to continue driving the market throughout the forecast horizon.
Bio Acrylic Acid Market Segment Insights
Bio Acrylic Acid Market Application Insights
The application segment of the Bio Acrylic Acid Market is classified into paint coatings, Adhesives Sealants, Plastic Additives, Paper Packaging, and Construction. Among these, the Paints Coatings segment held the largest market share in 2023, and it is projected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for bio-based and eco-friendly paints and coatings in various industries, including automotive, construction, and furniture. The Adhesives Sealants segment is expected to witness significant growth during the forecast period due to the rising demand for bio-based adhesives in the packaging and construction industries.The Plastic Additives segment is also anticipated to grow steadily, driven by the increasing use of bio-based plastic additives in the production of biodegradable and sustainable plastics. The Paper Packaging segment is expected to grow at a moderate pace, supported by the growing demand for bio-based packaging materials in the food and beverage industry. The Construction segment is projected to grow steadily, driven by the increasing use of bio-based materials in the construction of green buildings. Overall, the Bio Acrylic Acid Market is expected to witness significant growth in the coming years, driven by the rising demand for bio-based and eco-friendly products across various industries. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Acrylic Acid Market End-Use Industry Insights
The Bio Acrylic Acid Market is segmented by End-Use Industry into Automotive, Electronics, Food Beverages, Medical, and Construction. The Automotive segment held the largest market share in 2023, accounting for around 30% of the Bio Acrylic Acid Market revenue. The Electronics segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for bio-based materials in electronic devices. The Food Beverages segment is also expected to witness significant growth, owing to the growing consumer preference for natural and sustainable ingredients in food and beverage products.The Medical segment is expected to grow steadily, driven by the increasing use of bio-acrylic acid in medical devices and applications. The Construction segment is expected to grow at a moderate pace, driven by the increasing use of bio-acrylic acid in construction materials.
Bio Acrylic Acid Market Raw Material Insights
Acrylonitrile, propylene, and acrylic acid are the primary raw materials used in the production of bio-acrylic acid. The availability and cost of these raw materials play a crucial role in determining the overall profitability of the bio-acrylic acid industry. Acrylonitrile is the most widely used raw material, accounting for approximately 60% of the total raw material consumption. Propylene is primarily used as a co-monomer in the production of acrylic acid, while acrylic acid is used as a starting material for the production of various bio-based chemicals.The market for bio-acrylic acid raw materials is expected to grow at a CAGR of 5.5% from 2024 to 2032, reaching a value of USD 1.2 billion by 2032.
Bio Acrylic Acid Market Technology Insights
Technology Segment Insights The Bio Acrylic Acid Market is segmented by technology into Liquid Phase Oxidation and Gas Phase Oxidation. Liquid Phase Oxidation is the dominant technology, accounting for a larger revenue share in the market. It is expected to maintain its dominance throughout the forecast period, owing to its advantages, such as higher efficiency, lower operating costs, and better product quality. Gas Phase Oxidation, on the other hand, is expected to witness a steady growth rate during the forecast period due to its advantages, such as lower capital investment and higher energy efficiency.
Bio Acrylic Acid Market Regional Insights
The regional segmentation of the Bio Acrylic Acid Market offers insights into the market's geographic distribution and performance. North America is expected to remain the largest regional market, accounting for over 35% of the revenue in 2024. The region's well-established chemical industry, coupled with stringent environmental regulations, is driving the demand for bio-based acrylic acid. Europe, with its focus on sustainability and renewable energy, is expected to be the second-largest market. The Asia-Pacific region is projected to witness significant growth, owing to the increasing demand for bio-based products in emerging economies like China and India.South America and the Middle East Africa are expected to contribute a smaller share of the market, but they are likely to exhibit steady growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Acrylic Acid Market Key Players And Competitive Insights
Major players in Bio Acrylic Acid Market industry are constantly striving to enhance their product offerings and expand their customer base. Leading Bio Acrylic Acid Market players are investing significantly in research and development to develop innovative and sustainable solutions. The Bio Acrylic Acid Market industry is characterized by intense competition, with companies vying for market share. Bio Acrylic Acid Market development is driven by the growing demand for eco-friendly and sustainable products. The Competitive Landscape is expected to remain highly competitive in the coming years, with companies focusing on strategic partnerships and acquisitions to strengthen their position.One of the leading companies in the Bio Acrylic Acid Market is BASF. The company has a strong presence and offers a wide range of Bio Acrylic Acid products. BASF is committed to sustainability and has invested heavily in renewable energy sources. The company is also focused on developing new technologies to reduce its environmental impact. Another major player in the Bio Acrylic Acid Market is Evonik. The company has a strong focus on innovation and has developed a number of proprietary technologies. Evonik is also committed to sustainability and has set ambitious environmental targets for itself. The company is investing in renewable energy sources and is working to reduce its carbon footprint.A key competitor in the Bio Acrylic Acid Market is Arkema. The company has a strong presence in Europe and is expanding its reach. Arkema is focused on developing innovative and sustainable solutions for its customers. The company is investing in research and development to develop new products and technologies. Arkema is also committed to sustainability and has set ambitious environmental targets for itself. The company is investing in renewable energy sources and is working to reduce its carbon footprint.
Key Companies in the Bio Acrylic Acid Market Include
Bio Acrylic Acid Market Industry Developments
The Bio Acrylic Acid Market is expected to reach a valuation of USD 3.54 billion in 2023, growing at a CAGR of 6.99% over the forecast period 2023-2032. The market growth is attributed to rising demand for bio-based and sustainable materials in various industries, such as paints and coatings, adhesives, and papermaking.Key developments in the market include Evonik's expansion of its bio-acrylic acid production capacity in Antwerp, Belgium, and BASF's launch of a new bio-acrylic acid plant in China. These investments aim to meet the growing demand for bio-based materials and reduce dependence on fossil fuels.Furthermore, government regulations supporting the adoption of bio-based products and increasing consumer awareness about environmental sustainability are expected to drive market growth. The market is also witnessing technological advancements, such as the development of new bio-based feedstocks and improved production processes, which are expected to further enhance the market's competitiveness and growth potential.
Bio Acrylic Acid Market Segmentation Insights
Bio Acrylic Acid Market Application Outlook
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Paints Coatings
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Adhesives Sealants
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Plastic Additives
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Paper Packaging
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Construction
Bio Acrylic Acid Market End-Use Industry Outlook
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Automotive
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Electronics
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Food Beverages
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Medical
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Construction
Bio Acrylic Acid Market Raw Material Outlook
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Acrylonitrile
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Propylene
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Acrylic Acid
Bio Acrylic Acid Market Technology Outlook
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Liquid Phase Oxidation
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Gas Phase Oxidation
Bio Acrylic Acid Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
3.31(USD Billion) |
| Market Size 2023 |
3.54(USD Billion) |
| Market Size 2032 |
6.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.99% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sabic, Arkema, Covestro, TPC Group, Eastman Chemical Company, Clariant, DowDuPont, BASF, Evonik, Kuraray Co., Ltd., Chimei Corporation, AkzoNobel, Lucite International, LG Chem, Mitsubishi Chemical Holdings |
| Segments Covered |
Application, End-Use Industry, Raw Material, Technology, Regional |
| Key Market Opportunities |
Increased demand for eco-friendly materials Biobased feedstock availability Technological advancements Growing construction industry Expanding application in personal care products |
| Key Market Dynamics |
Rising demand for technological advancements increased eco-consciousness, fluctuating feedstock prices and regional dynamics. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Bio Acrylic Acid Market is anticipated to reach a valuation of approximately 3.54 USD Billion in 2023.
The Bio Acrylic Acid Market is estimated to expand at a CAGR of 6.99% from 2024 to 2032.
The Bio Acrylic Acid Market is projected to reach a value of around 6.5 USD Billion by 2032.
North American region is anticipated to lead the Bio Acrylic Acid Market throughout the forecast period.
Bio Acrylic Acid finds applications in various industries, including adhesives, coatings, plastics, and water treatment.
BASF, Evonik, and Dow are among the prominent players in the Bio Acrylic Acid Market.
The market faces challenges such as fluctuating raw material prices and stringent environmental regulations.
Growing demand for eco-friendly products and technological advancements present growth opportunities for the industry.
The pandemic has disrupted supply chains and affected demand, leading to market volatility.
The market is expected to witness steady growth over the coming years, driven by increasing environmental concerns and rising demand for bio-based products.
