Global Itaconic Acid Market is Segmented By Derivative(Styrene Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic Acid, Others), By Application(Synthetic Latex, SBR latex, Unsaturated Polyester Resins, Chelant Dispersant Agent, Superabsorbent Polymer, Methyl Methacrylate, Detergent Builder, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Size, Demand Insights
The global Itaconic Acid market size was worth US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2031, growing at a CAGR of XX% within the forecast period (2024-2031).
Market Scope and Summary
Metrics | Details |
Market CAGR | High |
Segments Covered | By Derivative, By Application, and By Region |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region | Asia Pacific |
Largest Market Share | North America |
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Itaconic acid is an organic molecule commonly known as methylidene succinic acid. It is a naturally occurring crystalline white colorless chemical. The acid is widely used to make a wide range of chemicals, including paints, plastics, resins, and Synthetic Fiber.
Furthermore, itaconic acid is a non-toxic chemical molecule that can easily biodegrade. It's an unsaturated organic diacid used as a platform chemical in place of acrylic acid. The acid is also utilized as a platform chemical for synthesizing high-value compounds such as poly-itaconic acid, resins, biofuel components, and ionomer cement.
Itaconic acid is also used to make pulp or paper products, plastic products, plastic additives, and various paints, among other things. Styrene-Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic Aci,d, and Others are itaconic acid derivatives. SBR Latex, Chillant DispersantAgentst, Synthetic Latex, and others are some applications.
Market Dynamics and TrendsThe tremendously increasing demand for bio-based unsaturated polyester resin and its non-toxic properties are boosting the growth of the itaconic acid market globally.
Tremendously increasing demand for bio-based unsaturated polyester resin and its non-toxic properties are boosting the growth of the itaconic acid market globally
The global bio-based itaconic acid demand is expected to increase in the forecast period. The market is expected to rise due to a shift toward eco-friendly products as people become more mindful of greenhouse gas emissions. Bio-based itaconic acid is a non-toxic, biodegradable organic intermediate used to produce adhesives, sealants, finishing agents, paint,s, and coatings. Furthermore, bio-based itaconic acid offers various benefits, such as improving adhesion quality while imparting light color and water-fastness qualities, creating market opportunities for the product.
In addition, the bio-based itaconic acid market is likely to benefit from the rising demand for eco-friendly coatings and paints due to increased awareness about VOC emissions in the automotive and construction industries. It is investigated that bio-based itaconic acid will be used to maintain fiber strength and improve abrasive quality in creating wrinkle-free shirts and carpets.
Furthermore, due to strict environmental restrictions to lower VOC (volatile organic compound) emissions, chemical firms have been driven to incorporate bio-based chemicals in their products.
Furthermore, bio-based itaconic acid is expected to apply in manufacturing specialty polymers where reducing VOC levels is considered because it is an eco-friendly alternative. Itaconic acid derived from plants has a high boiling point, strong water solubility,y, and a unique odor, making it suitable for various applications.
The proprietary Montecatini process is used to heat calcium aconitate solution in sugar cane refining to produce itaconic acid. In the forecast period, sugarcane farmland availability in Brazil, Chin, and India is projected to assure raw material access for bio-based itaconic acid synthesis.
For instance, in 2019, Nouryon and Itaconix agreed to collaborate on bio-based polymers for the detergent market. Furthermore, the firms will collaborate to transition many current Itaconix detergent customers to Nouryon.
The high cost of production for itaconic acid is the primary hurdle to the product's market growth.
The itaconic acid market is niche due to its limited consumption in various end-user industries due to the availability of substitutes. Thus, leading to creating a significant impact on the price of itaconic acid. The price of itaconic acid is now high, failing to meet the demand for alternatives in various industries, including synthetic latex, unsaturated polyester resins, detergents, superabsorbent polymers, etc.
Itaconic acid is a flexible biobased monomer currently undergoing study and has a small market. Despite high hopes for large-scale production at the turn of the century, the acid output is now approximately 40,000 tonnes per year, with sales expected to reach 52,000 tonnes per year in 2025. Furthermore, the major challenges mostly relate to lowering the overall fermentation cost. The fermentation cost has to be below US$1/kg to make biobased itaconic acid-derived goods competitive with petrochemical-derived products. This big technological challenge should be handled from a longer-term perspective.
However, a significant amount of research has been put into the reduction of the production costs, such as the replacement of sugar, used as the carbon source, with cheaper alternative substrates such as cellulolytic biomass; strain improvement by genetic and metabolic engineering, allowing the effective use of cheap alternative substrates; optimizing the bioreactor type and configuration; deriving innovations by which the process becomes more energy-saving; etc. which is expected to improve the cost-related hurdles for the product's market growth.
In addition, the price of itaconic acid is predicted to drop dramatically shortly due to ongoing innovations and increased manufacturing scale-up.
COVID-19 Impact on Itaconic Acid Market Growth
COVID-19 hurt the market in 2020. India, China, Italy, France, Poland, the UK, South Africa, and New Zealand were among the countries that fell under lockdown in 2020. Furthermore, the textile, paint,s, and coatings industries were badly damaged by the restrictive mass quarantines imposed by the coronavirus.
The construction industry has also been damaged, as employees have avoided project sites, lowering demand for paints and coatings and, as a result, lowering the itaconic acid market.
However, itaconic acid is widely utilized in manufacturing medicines, and the itaconic acid market benefits greatly from the dramatic increase in pharmaceutical profits during the COVID-19 outbreak. The outbreak of COVID-19 has shown a positive opportunity for the growth of the pharmaceutical industry, leading to regaining market momentum for the product to grow in the forecast period.
Market Segment and Shares Analysis
The global itaconic acid market can be segmented on derivative, application,n, and region.
Synthetic latex is expected to account for over half the percentage of the global market for itaconic acid, primarily used in synthetic latex for stabilizing polymers and improving the quality of the end product, namely SBR latex.
The global itaconic acid market is segmented on application into SBR latex, synthetic latex, unsaturated polyester resins, chelant dispersant agent, superabsorbent polymer, methyl methacrylate, detergent builders, and others. The highest market share is projected to go to synthetic latex. In the projected period, synthetic latex is expected to account for over half the percentage of the global market for itaconic acid, primarily used in synthetic latex to stabilize polymers and improve the quality of the end product, SBR latex.
Furthermore, increasing demand for synthetic latex in the paint and coating industry is another factor driving the market growth for the product. Synthetic latex is made from petroleum-based Styrene-Butadiene Rubber (SBR). Due to the growing buildings and construction sector, the increased utilization of synthetic latex polymers in paints and coatings escalated its market.
Apart from application in paints and coatings, these polymers are also used to improve cement and asphalt's adhesion, water resistance, durability,y, and flexibility. To meet the housing demand in the UK, it is predicted to build between 27,000 and 50,000 new homes by 2022.
Styrene-acrylic, pure Acrylic, and styrene-butadiene synthetic latex improve paints' and coatings' strength, flexibility, and water resistance. As a result, the synthetic latex polymer demand is predicted to rise over the forecast period, owing to the growing demand for paints and coatings from the building and construction industries, particularly in Asia-Pacific and North American countries. Thus improving the synthetic latex business in the paint and coating industry is expected to create market growth opportunities for itaconic acid to grow in the forecast period.
Market Geographical Analysis
Increasing regulatory expenditure on infrastructure enhancement in China and India is predicted to augment demand for adhesives, sealants, paints, and coatings, making Asia-Pacific the largest itaconic acid market
Due to increased foreign direct investment in numerous industries, Asia-Pacific dominates the itaconic acid industry. Furthermore, the growing demand for itaconic acid in various applications would propel the region's market forward throughout the forecast period.
Furthermore, increasing regulatory expenditure on infrastructure enhancement in China and India is predicted to augment demand for adhesives, sealants, paints, and coatings, making Asia-Pacific the largest bio-based itaconic acid market throughout the forecast period. The rise of the automobile sector in Indonesia, South Kore, and China are likely to boost the market for adhesives, paint,s and coatings due to rising domestic vehicle demand, new product releases,s, and increased investments.
As a result, rising demand in Asia-Pacific for the above products will likely boost the bio-based itaconic acid market growth. In addition, due to appropriative government policies to support bio-based production because of environmental safety, Europe is expected to see considerable growth in the itaconic acid market. Furthermore, the EU regulations prohibiting the manufacture of sodium tripolyphosphate (STPP) detergents are expected to boost the region's itaconic acid business in the future.
For instance, Horizon 2020, a strategy developed by the European Commission to promote the consumption and production of naturally derived products, is projected to impact the market positively. U.S. Environmental Protection Agency (EPA) is committed to limiting the paint and coatings sector's VOC emissions. It is likely to force producers to adopt bio-based itaconic acid.
Companies and Competitive Landscape
The global itaconic acid market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are Itaconix Corporation, Qingdao Langyatai, Zhejiang Guoguang, Alpha Chemika, Thermo Fisher Scientific., Merck KGaA, Iwata Chemical, Aekyung Petrochemical, Ronas Chemical, Chengdu Jinka, I and others.
The major companies are adopting several growth strategies such as acquisitions, product launches,s and collaborations, contributing to the global growth of the itaconic acid market.
Itaconix Corporation
Overview: Itaconix Corporation is a fast-growing leader in itaconic acid-based polymers. The company creates polymers that meet three key criteria: safety, performance,e and long-term sustainability. They have rapidly advanced through well-staged development of the proprietary, commercially-proven technology to build a deep pipeline of polymers that compete on unique functionality and cost advantages in-home care, personal care, industrial, geotechnical, agricultural, and surface coating applications, combining the versatile chemistry of itaconic acid with the company's breakthrough economics.
Product Portfolio:
- Itaconix TSI 322: The product has a chemical name of Poly(itaconic acid-co-AMPS) sodium salt. The polymer can easily dissolve in water. The product holds a low molecular weight linear copolymer of itaconic acid partially neutralized with sodium salt. Superior shine for non-phosphate automatic dishwashing detergents is one of the features listed. Effective water hardness treatment for a better, more cost-effective shine. Formulations that are simpler and more compact. Bulk powder automatic dishwashing detergents and Monodose powder automatic dishwashing detergents are among the product's applications.
Key Development
- In 2019 Nouryon and Itaconix agreed to collaborate on bio-based polymers for the detergent market. Furthermore, the firms will collaborate to transition many current Itaconix detergent customers to Nouryon
Frequently Asked Questions
What is the Projected CAGR value of the Itaconic Acid Market?
The Itaconic Acid Market is expected to grow at a high CAGR from 2022 to 2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Itaconic Acid Market during 2022-2029.
Which is the fastest-growing region in the Itaconic Acid Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
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