The global itaconic acid market is expected to reach a considerable value by 2026, expanding at a CAGR of 16.8% during the forecasted period from 2020 to 2026. The itaconic acid is also known as methyl succinic acid and was recognized as one of the ten most promising biomass obtained chemicals by the U.S government department. It is a bio-based platform and has a niche market due to the large availability of other substitutes. Some of the factors that have catalyzed the growth for the itaconic markets are innovation & developments for producing chemicals from biomass, biodegradability in soil, growing concerns over shrinking fossil fuels, and non-toxic nature of itaconic acids.
The cost of production is an important factor and it is very high for itaconic acids, which has hampered the growth for the market. The itaconic acid market is growing at a rapid pace in the Asia Pacific region owing to increased development. Countries such as India, China, Japan, South Korea, and Indonesia are investing in manufacturing industries such as automotive, pharmaceuticals, and cosmetics that have fueled the demand for itaconic acid. China is one of the largest producers and consumers of itaconic acid and its production is expected to surface USD 20 million valuations in the coming years. The rising demand for high quality and pure itaconic acid and a large gap in demand and supply of these products and government policies for adopting bio-based acids are the factors driving the growth for the market and is predicted to continue the same in the forecasted period.
Market Trends, Drivers, Restraints, and Opportunities:
- Increased demand in industries such as cosmetics, electrical appliance, and pharmaceuticals, the rapid industrialization in the Asia Pacific countries such as India, China, South Korea, Japan, and Indonesia, and the growing need for UPR, which is a key application of itaconic acid in pipes, laminating resins, and fibers are some of the factors driving the growth for the itaconic acid market.
- The latest trend in the itaconic acid market is the use in the coating and adhesive sectors. These applications have fueled the demand in the automotive and electrical industries.
- Factors that are hampering the growth for the itaconic acid market are fluctuation in prices of raw materials such as cornstarch, sugar, and glucose, which affects the prices of itaconic acids.
- Superabsorbent polymers are produced from itaconic acid and provide many opportunities for growth for the market. It has the potential to replace acrylic acid and can use polyitaconic acid through polymerization.
Key players operating in the global itaconic acid market are FUJIFILM Wako Pure Chemical Corporation, Itaconix Corporation, Zhejiang Guoguang Biochemistry Co., Ltd., Alpha Chemika, Qingdao Kehai Biochemistry Co., LTD., AEKYUNG PETROCHEMICAL Co., Ltd, Ultimate Chem India Pvt. Ltd, Hefei TNJ Chemical Industry Co. Ltd., Choice Organochem Llp., FUSO CHEMICAL CO., LTD., Alfa Aesar, Thermo Fisher Scientific., Merck KGaA, Henan Haofei Chemical Co., Ltd., Haihang Industry Co., Ltd, Spectrum Chemical Manufacturing Corp, and Ronas Chemicals Ind. Co., Ltd. The itaconic acid market is highly dynamic and is dominated by some big players. Major strategies followed by these players are technological up-gradation, investment in R&D, mergers & acquisitions, partnerships, and joint ventures. Itaconix is a China-based company that focuses on developing new products to diversify the performance of itaconic acids in various applications such as detergents, hair care products, and fragrance management products.
The global itaconic acid market has been segmented based on
- Synthetic Latex
- Superabsorbent Polymers
- Chelant Dispersant Agents
- Unsaturated Polyester Resins
- Methyl Methacrylate
- Detergent Builders
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Itaconic Acid Market Overview
- Global Itaconic Acid Market Analysis and Forecast by Type
- Global Itaconic Acid Market Analysis and Forecast by Application
- Global Itaconic Acid Market Analysis and Forecast by Sales Channel
- Global Itaconic Acid Market Analysis and Forecast by Region
- North Itaconic Acid Market Analysis and Forecast
- Latin Itaconic Acid Market Analysis and Forecast
- Europe Itaconic Acid Market Analysis and Forecast
- Asia Pacific Itaconic Acid Market Analysis and Forecast
- Middle East & Africa Itaconic Acid Market Analysis and Forecast
- Competition Landscape
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