Pro
Chemicals & Materials
Bio-lubricants Market End-use Industry, By Others
| Label | USD Million |
|---|---|
| 2018 | 4.543761384132672 USD Million |
| 2019 | 5.1393691908987025 USD Million |
| 2020 | 5.812908174107322 USD Million |
| 2021 | 6.574554863321672 USD Million |
| 2022 | 7.435811768171342 USD Million |
| 2023 | 8.276462747983107 USD Million |
| 2024 | 9.378779219766118 USD Million |
| 2025 | 10.627812125943592 USD Million |
| 2026 | 12.043077084226065 USD Million |
| 2027 | 13.646684102764665 USD Million |
| 2028 | 15.463682290844076 USD Million |
| 2029 | 17.522450347498022 USD Million |
| 2030 | 19.855138904548635 USD Million |
| 2031 | 22.498171606803545 USD Million |
| 2032 | 25.49281272530509 USD Million |
Data Source: Wantstats Repository
Market Dynamics
Malaysia is one of the largest producers of bio-acrylic acid, and the regional demand is expected to remain robust in the coming years. Bio-acrylic acid, also known as PHBA (polyhydroxybutyrate-co-hydroxyvalerate), is a bio-based biopolymer made from renewable biomass sources such as corn and sugarcane and possesses superior thermal, rheological and mechanical properties. It is widely used in painting, coating, moulding and packaging applications. In recent years, the Malaysian government has taken various initiatives to promote the production and consumption of bio-acrylic acid in the country. The Government of Malaysia has announced numerous incentives for manufacturers of bio-acrylic acid in the form of tax concessions and government grants to boost the development of the industry. This has helped attract large multinational companies such as Unilever and BASF to invest in the country, leading to an upward trend in production. An important factor driving the growth of bio-acrylic acid in Malaysia is the increasing use of bio-plastics in various industrial applications. To that end, the government has taken steps to replace conventional plastics with biodegradable and eco-friendly alternatives such as bio-acrylic acid.
Moreover, due to its superior properties, bio-acrylic acid is increasingly being used in various food products, such as food additives, preservatives, flavours and colours, and as a coating for food packaging. Furthermore, to cater to the growing demand, Malaysian companies have invested heavily in developing production technologies for bio-acrylic acid on a large scale. To that end, various new bio-polymer plants have been established in the country to increase the production capacity. Moreover, the regional demand for bio-acrylic acid is further expected to increase in the coming years due to the expanding construction sector and the growing demand for high-performance materials in automotive applications. Taking into account the various factors driving the growth of bio-acrylic acid in Malaysia, it is expected that the regional market will witness significant growth in the coming years. In view of this, Malaysian companies should take advantage of the favourable government policies to develop their capacities and focus on innovative product development to strengthen their foothold in the regional and global markets.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.