Hydroxypropionic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hydroxypropionic Acid Market Analysis
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.
Hydroxypropionic Acid Market Trends
This section covers the major market trends shaping the Hydroxypropionic Acid Market according to our research experts:
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 Industry Overview
The global hydroxypropionic acid market is partially consolidated in nature. Some of the major companies are TCI N. V, Cayman Chemical Company, Spectrum Chemical Manufacturing Corp, Toronto Research Chemicals Inc., and Alfa Aesar (Thermo Fisher Scientific) amongst others.
Hydroxypropionic Acid Market Leaders
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TCI N. V
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Cayman Chemical Company
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Spectrum Chemical Manufacturing Corp
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Toronto Research Chemicals Inc.
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Alfa Aesar (Thermo Fisher Scientific)
*Disclaimer: Major Players sorted in no particular order
Hydroxypropionic Acid Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Growing Demand from Paints and Coatings Sector
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4.1.2 Other Drivers
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4.2 Restraints
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4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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4.2.2 Other Restraints
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Product
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5.1.1 Powder
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5.1.2 Liquid
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5.2 Application
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5.2.1 Paints and Coatings
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5.2.2 Polymer
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5.2.3 Adhesives and Sealants
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5.2.4 Others
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 France
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5.3.3.4 Italy
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Alfa Aesar (Thermo Fisher Scientific)
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6.4.2 BASF SE
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6.4.3 Capot chemical
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6.4.4 Cargill
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6.4.5 Cayman Chemical Company
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6.4.6 Dalton Research Molecules
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6.4.7 Novozymes
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6.4.8 Oakwood Products, Inc.
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6.4.9 Sigma-Aldrich
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6.4.10 Spectrum Chemical Manufacturing Corp
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6.4.11 SynQuest Laboratories
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6.4.12 TCI N. V
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6.4.13 Toronto Research Chemicals Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Increasing Consumer Inclination towards Eco-Friendly Product
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7.2 Other Opportunities
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Hydroxypropionic Acid Industry Segmentation
The hydroxypropionic acid market report include:
| Product | |
| Powder | |
| Liquid |
| Application | |
| Paints and Coatings | |
| Polymer | |
| Adhesives and Sealants | |
| Others |
| Geography | |||||||
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Hydroxypropionic Acid Market Research FAQs
What is the current Hydroxypropionic Acid Market size?
The Hydroxypropionic Acid Market is projected to register a CAGR of greater than 5.10% during the forecast period (2024-2029)
Who are the key players in Hydroxypropionic Acid Market?
TCI N. V, Cayman Chemical Company, Spectrum Chemical Manufacturing Corp, Toronto Research Chemicals Inc. and Alfa Aesar (Thermo Fisher Scientific) are the major companies operating in the Hydroxypropionic Acid Market.
Which is the fastest growing region in Hydroxypropionic Acid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydroxypropionic Acid Market?
In 2024, the North America accounts for the largest market share in Hydroxypropionic Acid Market.
What years does this Hydroxypropionic Acid Market cover?
The report covers the Hydroxypropionic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydroxypropionic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydroxypropionic Acid Industry Report
Statistics for the 2024 Hydroxypropionic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydroxypropionic Acid analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
