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Dow Chemical Co. and OPX Biotechnologies Inc. are working together to develop acrylic acid from fermentable sugar such as corn or sugar cane, the companies said Monday.
The companies aim to create a viable alternative to petroleum-based acrylic acid that can be produced on a large scale.
The global petroleum-based acrylic acid market is $8 billion and grows 3 percent to 4 percent a year. Acrylic acid is used in many consumer goods like paints, adhesives, diapers and detergents.
Dow produces acrylic acid and esters. OPX Biotechnologies uses biotechnology to convert renewable raw materials into biochemicals and fuels.
Shares of Dow lost 36 cents to $38.16 in morning trading.