- 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)
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