Increasing acrylic acid application is expected to be a major factor driving the hydroxypropionic acid (HPA) market over the forecast period. Acrylic acid is a major hydroxypropionic acid derivative, and is used to manufacture a wide range of products such as plastics, fibers, coatings, paints and super-absorbent diapers. Growing plastics and fibers demand is expected to drive acrylic acid demand over the next six years. Construction industry growth in emerging markets of Asia Pacific and Latin America is anticipated to have a positive impact on paint industry. This is in turn expected to augment the global market growth. Coating industry is expected to witness considerable growth over the forecast period owing to its increasing application in automotive and aerospace industries. This trend is expected to positively influence the market growth.
3-HPA is a platform chemical for butyl di-glycol, dicarboxylic acid, methylene chloride, dimethylamine, and N-propyl diethanolamine. Growing application of butyl di-glycol due to surging demand from end-use industries is further expected to drive the global 3-HPA market over the forecast period. Methylene chloride finds its application in various end-use industries such as pharmaceutical, electrical & electronics, and coatings. Growing demand of methylene chloride is expected to be the major factor driving the platform chemical (3-HPA) market over the next six years. 3-HPA extraction from glucose or other renewable resources would provide biosustainable alternative to acrylic acid production from fossil fuel. This drift is expected to create immense opportunities for market players over the forecast period.
Advantage of using bio-based products over conventional products and stringent government regulations in the U.S. and Canada is expected to influence 3-HPA market in North America over the next six years. Environmental safety concerns and high awareness regarding bio-based products is expected to be the major factor driving the 3-HPA market in Europe. The market in the region is regulated by REACH, European Environmental Policy, UK DoE and UBA. Asia Pacific market is expected to witness growth over next six years owing to surging demand in India and China.
Some of the major players operating in global hydroxypropionic acid market include Cargill Inc., Lion Apparel Inc., Triveni Interchem Private Limited, BASF SE, TCI Co. Ltd. and Novozymes.
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