The market for hydroxypropionic acid is expected to grow at a CAGR of more than 5.1% globally during the forecast period. Hydroxipropionic acid is a carboxylic acid, which is an intermediate in the degradation of branched-chain amino acids and intestinal propionic acid. This is used in the synthesis of 1,3-propanediol and acrylic acid. The growing demand from the paints and coatings sector has been driving the market growth.
– However, the outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.
– Increasing consumer inclination toward eco-friendly products and technological modification are likely to provide opportunities for the studied market, during the forecast period.
– Paints & coatings application is the most dominating application segment for the market studied.
– North America region dominated across the world with increasing consumption from countries like the USA and Mexico.
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Key Market Trends
Paints and Coatings Sector to Dominate the Market
– Paints and coatings sector stands to be the dominating segment owing to continuously rising demand from the construction and automotive industry.
– Hydroxypropionic acid is mostly used as a feedstock for acrylic esters, which accounts for a dominant percentage of acrylic acid products. Acrylic acids are capable of providing attractive properties such as good health, color consistency, resistance to heat and aging, and durability at low temperatures.
– Acrylic acid is widely used in the production of paints and coatings. The growing use of acrylic acid in the expanding construction industry is likely to be a significant factor to drive the demand for hydroxypropionic acid over the forecast period.
– Further, the increasing government investments on infrastructure expansion by nations like China, India, Indonesia, and Vietnam, etc. are providing a thrust to the application of paints and coatings.
– Throughout the forecast timeframe all the above conditions are anticipated to boost the demand for hydroxypropionic acid.
North America Region to Dominate the Market
– North America region dominated the global market share and is likely to continue holding the largest share during the forecast period, owing to government regulations promoting the use of bio-based products, and continuous research and innovations in the field of technological modification.
– In addition, tight regulations pertaining to petroleum-based platform chemicals and the decline of fossil fuel supplies also create prospects for development for the region’s bio-based platform chemicals industry.
– Powder-base hydroxypropionic acid is expected to experience growth due to increased use in the manufacture of acrylates for various adhesives on account of increasing applications in building & construction.
– Additionally, the country’s end-user industries, such as food and beverage, cosmetics, pharmaceutical, and fertilizer industries, are tightly regulated to prevent adverse impacts on citizens’ health. Compared with petroleum-based raw materials, these sectors are more likely to shift to bio-based raw materials in this way.
– Thus, the aforementioned factors, coupled with government support, are contributing to the increasing demand for the hydroxypropionic acid market in the North America during the forecast period.
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