Hydroxypropionic Acid Market: Overview
- Hydroxypropionic acid or 3-hydroxypropionic acid is a carboxylic acid. It is used as an intermediate in the breakdown of branched-chain propionic acid and amino acids from the gut. It is a leading value-added chemical manufactured from renewable resources.
- Hydroxypropionic acid is used in the production of various chemicals including acrylic acid, or acrylamide and 1,3-propanediol. Acrylic acid produced from hydroxypropionic acid is used in paints & coatings, adhesives, fabrics, water-based emulsions, etc.
- Decrease in petroleum reserves and increase in environmental pollution are driving the demand for bio-based chemical products. This is boosting the global hydroxypropionic acid market.
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Rise in Demand for Refractories to Drive Hydroxypropionic Acid Market
- Growth in demand for acrylates in various industries including fabrics, paints & coatings, and adhesives is estimated to propel the demand for hydroxypropionic acid during the forecast period
- Demand for eco-friendly adhesives is expected to rise in the near future. This is anticipated to drive the global hydroxypropionic acid market.
- Growth in construction activities in Asia Pacific and Europe is significantly augmenting the demand for acrylates, thus driving the consumption of hydroxypropionic acid
- Demand for bio-based polymers has been increasing due to its eco-friendly nature. This is further boosting the hydroxypropionic acid market.
- Availability of low cost synthetic substitutes is one of the major factors hampering the global hydroxypropionic acid market. Acrylate manufacturers choose synthetic polymers due to their lower prices. Volatility in prices of raw materials due to lack of availability of proper resources hampers the market.
- The global hydroxypropionic acid market is facing supply-demand shortages due to the industrial shutdown triggered by the COVID 19 pandemic. Disruption in supply of raw materials is projected to hamper full-scale operations. Supply shortage also raises the prices of raw materials. Affected downstream supply chain might take longer for deliveries. The industrial shutdown has also adversely impacted product and inventory transportation, as logistic services have been hampered.
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Powder Form Segment to Offer Lucrative Opportunities
- Based on form, the global hydroxypropionic acid market can be segmented into powder and liquid
- The powder segment is anticipated to dominate the market due to growth in consumption of powder in the manufacture of acrylates used in various adhesives (including wood adhesives and bio-adhesives)
Construction Application Segment to Hold Major Share of Market
- Based on application, the hydroxypropionic acid market can be divided into construction, adhesives & sealants, paints & coatings, and others
- The construction segment is expected to dominate the hydroxypropionic acid market during the forecast period. Growth in industrial and residential construction is expected to drive the demand for hydroxypropionic acid during the forecast period.
- The paints & coatings segment is anticipated to experience significant growth opportunities, due to the rise in adoption of paints and coatings in automotive and aerospace industries
Asia Pacific to Constitute Significant Share of Global Hydroxypropionic Acid Market
- In terms of region, the global hydroxypropionic acid market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, due to the presence of key manufacturers as well as growth in trade activities from China
- Expansion of the manufacturing industry and the construction sector in Asia Pacific is likely to boost the hydroxypropionic acid market in the region in the near future
- North America is also estimated to hold key share of the global hydroxypropionic acid market during the forecast period
- The market in Europe is expected to expand at a higher CAGR than that in other regions during the forecast period, owing to the rise in construction activities in Eastern Europe. Additionally, presence of large number of paints & coatings manufacturers in Germany and France is boosting the demand for hydroxypropionic acid in Europe.
Key Players in Market
Manufacturers of hydroxypropionic acid are highly consolidated in Asia Pacific. Trading activities from Asia Pacific countries, such as China, are increasing at a rapid pace. Prominent players operating in the market are investing in new product launch and technological developments in order to maintain their leading position.
Key players operating in the global hydroxypropionic acid market include:
- Lion Apparel Inc.
- Triveni Interchem Private Limited
- BASF SE
- TCI Co. Ltd.
- ShanDong Fine Chemical
- Hangzhou Dayang Chemical
- Xiamen Hisunny Chemical
- Shanxi Jinjin Chemical Co., Ltd.
- Apollo Scientific
- 3B Scientific
Global Hydroxypropionic Acid Market: Research Scope
Global Hydroxypropionic Acid Market, by Form
Global Hydroxypropionic Acid Market, by Application
- Adhesives & Sealants
- Paints & Coatings
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