3-Hydroxypropionic Acid Market To Reach $1.34 Billion By 2030

3-Hydroxypropionic Acid Market Growth & Trends

The global 3-hydroxypropionic acid market size is anticipated to reach USD 1.34 billion by 2030, growing at a CAGR of 9.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to increasing application of 3- HPA in the production of acrylic acid which is further used in the manufacturing process of a wide range of products such as plastics, fibers, paints, and super-absorbent diapers. It is also used in the production of coatings, widely used in the global automotive industry.

The Environmental, Social, and Governance (ESG) aspects of 3-hydroxypropionic acid (3-HP) focus on its potential as a green and sustainable platform chemical. This compound plays a crucial role as part of carbon-neutralization and green chemistry initiatives, in accordance with ESG values, by offering eco-friendly production using microbial pathways.

Furthermore, the biological production of 3-HP from various sources, such as sugars and glycerol, highlights its versatility and eco-friendly nature, further enhancing its ESG profile. 3-hydroxypropionic acid is a valuable platform chemical that aligns with ESG attributes and good practices in the chemical industry, promoting environmental sustainability and social responsibility.

The production of 3-hydroxypropionic acid is influenced by several factors including the production method, market demand, and supply chain. The chemical synthesis method, which is complex and expensive, contributes to the high cost of 3-hydroxypropionic acid. Bio-based production methods utilizing renewable resources like glycerol or 1,3- propanediol are more cost effective and sustainable.

The production of 3-Hydroxypropionic acid is a complex and expensive process that requires significant energy and resources. The cost of raw materials, such as glycerol, is also increasing globally. Moreover, the cost of producing 3-Hydroxypropionic acid using Coenzyme B12 via the glycerol pathway in E. coli is high because Coenzyme B12 is expensive. In order to produce 3-Hydroxypropionic acid through the glycerol pathway in E. coli, manufacturers must introduce a foreign glycerol dehydratase (GDHt) and add Coenzyme B12 externally. This increases the production cost, which affects the overall economics of the production process.

A significant challenge for industrial-scale production of 3-HP from sugar is the inferior performance of fermentation microbes, which leads to diluted product streams and high separation costs. Few bio-based methods involving lactic acid, yeast, yeast-based ethanol, bacteria-based lactic acid, and coli-based propanediol can compete with petrol-based processes, resulting in higher production costs.

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3-Hydroxypropionic Acid Market Report Highlights

• Petrochemical based products dominated the market with a revenue share of 82.3% in 2023 owing to reduce the cost of production of 3-HPA using petrochemical source and its easy availability in the market.

• Liquid from of the product dominated the market with a revenue share of 65.5% in 2023. The liquid form of 3-HPA is a colorless, odorless, and transparent organic acid. It is soluble in water, ethanol, and ether. It is also used in the food & beverage industry as an acidulant and flavor enhancer.

• Acrylic acid production application dominated the market with a revenue share of 82.5% in 2023. 3-Hydroxypropionic acid (3HPA) is a key intermediate in the production of acrylic acid. The synthesis of acrylic acid is achieved through the process known as microbial fermentation

• Asia Pacific dominated the market segment with a revenue share of 39.7% in 2023 owing to the rising construction activities and increasing demand from the automotive sector in emerging countries, such as India, South Korea, Japan, Indonesia, and the Philippines, which are expected to drive the market over the forecast period.

3-Hydroxypropionic Acid Market Segmentation

Grand View Research has segmented the global 3-hydroxypropionic acid market report based on source, form, application, and region:

3-Hydroxypropionic Acid Source Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Petroleum

• Bio-based

3-Hydroxypropionic Acid Form Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Powder

• Liquid

3-Hydroxypropionic Acid Application Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Acrylic Acid Production

• 1,3-Propanediol

• Others

3-Hydroxypropionic Acid Region Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the 3-Hydroxypropionic Acid Market

• Zhengzhou Alfa Chemical Co., Ltd.

• Fluoropharm Co., Ltd.

• LG Chem

• Thermo Fisher Scientific Inc.

• Beijing PhaBuilder Biotechnology Co., Ltd.

• Cargill, Incorporated

• Tokyo Chemical Industry Co., Ltd. (TCI)