Global 3-Hydroxypropionic Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global 3-Hydroxypropionic Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

3-hydroxypropionic acid is a 3-hydroxy monocarboxylic acid that is propionic acid in which one of the hydrogens attached to the terminal carbon is replaced by a hydroxy group. It has a role as an Escherichia coli metabolite and a human metabolite. It is a 3-hydroxy monocarboxylic acid and an omega-hydroxy fatty acid. It derives from a propionic acid. It is a conjugate acid of a 3-hydroxypropionate.
3-Hydroxypropionic acid is a carboxylic acid, specifically a beta hydroxy acid. It is an acidic viscous liquid with a pKa of 4.5. It is very soluble in water, soluble in ethanol and diethyl ether. Upon distillation, it dehydrates to form acrylic acid, and is occasionally called hydracrylic acid. 3-Hydroxypropionic acid is used in the industrial production of various chemicals such as acrylates. It can be produced by engineered microbes.

Market Overview:

The latest research study on the global 3-Hydroxypropionic Acid market finds that the global 3-Hydroxypropionic Acid market reached a value of USD 107.96 million in 2022. It’s expected that the market will achieve USD 156.81 million by 2028, exhibiting a CAGR of 6.42% during the forecast period.

The market demand for 3-hydroxypropionic acid is expected to grow.

The increase in market demand for the final application of 3-hydroxypropionic acid has led to market growth. Acrylate, a downstream product of 3-hydroxypropionic acid, is mainly used to make adhesives, paints and various water-based emulsions. As applications in building and construction continue to increase, the demand for adhesives is expected to increase. In addition, due to the increasing demand for environmentally friendly adhesives, the demand is expected to grow further. Increased construction activities in parts of Eastern Europe and the Asia-Pacific region will significantly increase the demand for acrylates, which will trigger the demand for 3-hydroxypropionic acid during the forecast period. In addition, bio-based polymers are in great demand because they are completely environmentally friendly. This will further become an additional factor for the growth of the 3-hydroxypropionic acid market during the forecast period. It is predicted that the market demand for 3-hydroxypropionic acid will increase.

The demand for downstream end applications grows.

Increasing demand for acrylates in various industries, including textiles, paints and coatings, and adhesives, is expected to drive demand for 3-hydroxypropionic acid. The growth of construction activity in Asia-Pacific and Europe has significantly increased the demand for acrylates, thereby driving the consumption of 3-hydroxypropionic acid. Due to its environmentally friendly nature, the demand for bio-based polymers has been increasing. This has further promoted the development of the 3-hydroxypropionic acid market.

The final subdivision application of 3-Hydroxypropionic Acid is increased, and the performance is excellent.

Due to the significant increase in the adoption rate of 3-Hydroxypropionic Acid's final application products (such as coatings) in the aerospace and automotive industries, the paint and coatings industry is expected to see significant growth. In addition, 3-HP acid is often used as a raw material for acrylates, accounting for 60-70% of products produced from acrylic acid. Acrylic has the ability to provide required qualities, such as good weather resistance, color stability, heat resistance and aging resistance, and low temperature flexibility. These key factors will drive the growth of the global 3-hydroxypropionic acid market.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Cargill Inc Novozymes is one of the major players operating in the 3-Hydroxypropionic Acid market, holding a share of 96.93% in 2023.

Cargill Inc Novozymes

Novozymes and Cargill have been collaborating on this project since 2008, and will continue to work on the commercialization of bio-based 3-HP and its derivatives. BASF joined the cooperation with Novozymes and Cargill in 2012 and withdrew in 2015.

TCI

Tokyo Chemical Industry Co., Ltd. (TCI) is a leading worldwide manufacturer of specialty organic chemicals founded in 1946. TCI provides organic laboratory chemicals as well as pharmaceutical, cosmetic and functional materials.

Segmentation Overview:

As for product types, the Liquid segment held the largest market share in 2022.

Application Overview:

By application, the Acrylic acid production segment occupied the biggest share from 2018 to 2022.

Key Companies in the global 3-Hydroxypropionic Acid market covered in Chapter 3:

Hairui
Cargill Inc Novozymes
Alfa Chemistry
Others
Fluoropharm
TCI
Sigma-Aldrich

In Chapter 4 and Chapter 14.2, on the basis of types, the 3-Hydroxypropionic Acid market from 2018 to 2029 is primarily split into:

Powder
Liquid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the 3-Hydroxypropionic Acid market from 2018 to 2029 covers:

Acrylic acid production
Biodegradable polymer production

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)