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.
Hydroxypropionic Acid Market is Poised to Grow at a CAGR of 5.1% during the Forecast Period of 2022-2031
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