Pro
Chemicals & Materials
Bio-lubricants Market End-use Industry, By Others
| Label | USD Million |
|---|---|
| 2018 | 3.7025899641012026 USD Million |
| 2019 | 4.21774667724089 USD Million |
| 2020 | 4.8042921894499075 USD Million |
| 2021 | 5.4720750992024225 USD Million |
| 2022 | 6.232295826135533 USD Million |
| 2023 | 6.985257204071887 USD Million |
| 2024 | 7.828695612290509 USD Million |
| 2025 | 8.7734156885301 USD Million |
| 2026 | 9.83150309270933 USD Million |
| 2027 | 11.016475102757536 USD Million |
| 2028 | 12.42542978724388 USD Million |
| 2029 | 14.014255169275378 USD Million |
| 2030 | 15.80587114344159 USD Million |
| 2031 | 17.826112525510798 USD Million |
| 2032 | 20.104083295223163 USD Million |
Data Source: Wantstats Repository
Market Dynamics
The South Korean market for bio-acrylic acid (BAA) has been gaining momentum in recent years due to increasing demand for sustainable and cost-effective chemical products over conventional acrylic acid. Growing focus on environmental protection and strong government incentives to switch to renewable energy sources have fueled the growth of the BAA market in South Korea. Driven by the consideration of cost-effectiveness and environmental benefits, BAA is becoming increasingly popular among manufacturers of textiles, paints and coatings, adhesives, and detergents in South Korea. BAA is a renewable resource produced from biomass, offering a sustainable alternative to traditional petroleum-based acrylic acid that can help reduce the overall carbon footprint. In order to support the growing demand for BAA, various large producers are planning to expand their production facilities in South Korea. Most notably, BASF recently announced plans to invest over US$20 million to set up a new production facility for BAA in Gunsan, South Korea. This is expected to be the firm’s largest BAA production facility and will be fully operational in 2020. In addition, the South Korean government has been providing support for BAA production and consumption through various tax breaks and subsidies.
For example, a 5% VAT exemption for the production and sale of BAA was introduced in 2015. This has been extended to 2020, aiming to promote the adoption of BAA and help boost the country’s economic growth. The outlook for the South Korea BAA market is highly positive, with a growing number of manufacturers investing in BAA production and the government providing various incentives to encourage the adoption of this sustainable chemical. The local demand for BAA is expected to remain strong over the next decade, due to its cost-effectiveness and environmental benefits, creating significant opportunities for the growth of the market.
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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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.