Indonesia Bio-Acrylic Acid Market Outlook

bio-acrylic acid (baa) is a natural renewable resource which is derived from renewable resources such as sugarcane, corn, and other plant-based sources. it is mainly used in the production of superabsorbent polymers (saps), cosmetics, coatings, adhesives, polymers, and detergents. it is estimated that the global bio-acrylic acid market will reach around $3.80 billion in 2018 and is expected to witness a cagr of 8.4% in terms of value over the period of 2018-2032. increasing ecological concerns and environmental regulations from the government and industry bodies are the major factors driving the growth of the global bio-acrylic acid market. the growing demand for bioplastics, which are made from bio-acrylic acid, is further expected to fuel the growth of the market. furthermore, increasing research and development activities in new formulations and increasing adoption of bio-acrylic acid in various industries are expected to fuel the growth during the forecast period. asia pacific is the largest market for bio-acrylic acid, as the region is a major producer and consumer of bio-acrylic acid. in 2017, the region accounted for around 48% of the global market in terms of value. chinese manufacturers in particular are expected to drive the growth in the asia pacific region as it offers lower cost of production owing to its large pool of resources and low labor cost. in terms of application, superabsorbent polymers are the main application segment, as they are used in the manufacturing of diapers, agricultural films, and female sanitary applications. this segment is expected to maintain its dominance over the forecast period, due to its increasing use in the construction, packaging and automotive industries. in terms of producing region, bio-acrylic acid is mostly produced in countries such as the united states, china, india and others in the asia pacific region. china is the largest producer of bio-acrylic acid worldwide, accounting for more than 51% of total production in 2018. the country is expected to contribute significantly to the global bio-acrylic acid market over the forecast period. the major players operating in the global bio-acrylic acid market are basf se, asahi kasei corporation, mitsubishi chemical corporation, mitsui chemicals, and mitsubishi kasei corporation among others. they are engaging in research and development activities to introduce new products in the market. moreover, they are also expanding their market presence by setting up new production facilities in various regions.