Itaconic Acid Market

Itaconic Acid Market Size (2023-2028):

The Itaconic Acid Market was determined to increase from USD 101.4 million in 2022 to USD 110.4 million by 2028, registering a CAGR of 7.8% between 2023-2028

Itaconic acid is a colorless white compound in crystalline form that occurs naturally. Itaconic acid is readily biodegradable and is a non-toxic chemical compound. It is an unsaturated organic diacid, a substitute for acrylic acid as a chemical platform. In addition, it is used for the manufacture of pulp or paper products, plastic products, plastic additives, various types of paints, and many more. The derivative of itaconic acid is styrene butadiene itaconic acid, methyl methacrylate, polytechnic acid, and the like. It is used in various applications such as SBR latex, synthetic latex, cooling dispersants, and others.

Growing concerns over downsizing are generated by fossil fuel resources, innovation, and developments to produce chemicals from biomass raw materials. Easy biodegradability in soil and non-toxicity are key factors in the growth of the itaconic acid business. A wide scope in the production of methyl methacrylate (MMA) to replace petrochemicals can boost the demand for itaconic acid. Growing trends towards more environmentally sustainable products have encouraged manufacturers in the industry to embrace biotechnology pathways to produce polymethylmethacrylate (PMMA). The global PMMA market is estimated to exceed $ 12 billion by 2026, which is foreseen to fuel industry growth. Lucite has already patented production routes for MMA from itaconic acid and plans to commercialize production and use by the end of 2016. However, there are multiple routes under development and competing. For example, Evonik is also working on two processes which include multi-catalytic processes and metabolic pathways. The industry is still at a controversial stage on the road to winning the battle, which is largely influenced by the cost of production. Lower prices to make production sufficiently feasible and economical to replace acetone cyanohydrin in MMA will stimulate demand in the industry. This promising chemical compound blocks the creation of a potential platform for the production of coatings, polymers, biofuels, and other chemical compounds. Unique properties such as high-density cell growth, robustness, stability, and genetically important influencing factors can drive product demand in various industrial applications including pharmaceuticals, light industry, and Agriculture.

Itaconic Acid Market Drivers:

Itaconic acid finds applications in coatings on paper, metal, and concrete. Since a significant share of the revenue generated by the paints and coatings market is attributed to coatings for metals and concrete, itaconic acid certainly has a sustainable market in the industry. In addition, the future foresees increased use of paints and coatings which will further develop the itaconic acid market. Itaconic acid is considered one of the most suitable solvents in cosmetic products. Additionally, it finds applications in deodorants, antiperspirants and some other cosmetic products. The unprecedented influx of demand in the cosmetics industry due to the increase in personal disposable income and the growing awareness of the benefits of cosmetic products is creating multiple opportunities in the itaconic acid market. According to the United States Department of Agriculture (USDA), cotton production is expected to increase in 2012 with a growth rate of 6.9% year-on-year. The derivative of itaconic acids, such as cyclodextrin itaconate, is used for the modification of cotton fabrics. The auspicious advances in the textile industry with catapulted cotton production are poised to further open up the market for itaconic acid.

Itaconic Acid Market Restraints:

The higher cost of itaconic acid than its counterparts such as synthetic latex, superabsorbent polymers, detergents, unsaturated polyester resins, and the like can be a market restriction.

Opportunities in the Itaconic Acid Market:

The main application of itaconic acid is in the manufacture of SBR latex which is used in the construction industry to bond layers of cement, mortars, and concrete to improve bond strength and chemical resistance. Obviously, the construction industry is booming to meet the United Nations (UN) Sustainable Development Goals for infrastructure. This development creates many opportunities for itaconic acid market suppliers to capitalize on the demand for SBR latex.

Challenges in the Itaconic Acid Market:

The biggest challenge facing itaconic acid suppliers is the growing demand for bio-based itaconic acid and the fact that the availability of sugar cane for the manufacturing process is insufficient to meet supply demand. Obviously, sugarcane is widely used in the food and drink industry, and there is a constant demand for it to produce biofuels as well. This is the main factor that overshadows the growth prospects of the itaconic acid market. However, the agricultural industry will see more sugarcane production in the future, which will alleviate the problem of the itaconic acid market.

ITACONIC ACID MARKET REPORT COVERAGE:

Market Segmentation

Itaconic Acid Market - By Derivative:

• Styrene Butadiene

• Polyitaconic Acid

• Methyl Methacrylate

• Others

The growth of the styrene-butadiene segment can be attributed to the increasing use of styrene-butadiene in paper coating, carpet backing and paper processing, as it provides excellent adhesion, foamability and binder resistance, flexural and antioxidant properties, and the like.

Itaconic Acid Market - By Application

• SBR Latex
• MMA
• UPR
• Chillant Dispersant Agent
• Synthetic Latex
• Superabsorbent Polymers
• Others

Synthetic latex registered for over 55% of the size of the worldwide market for itaconic acid, which is the majority utilized in synthetic latex for stabilizing polymers and utilized to improve the quality of the end product, namely SBR latex. Based on industry estimates, the app expects stagnant growth. However, a significant change would occur if a new product enters the market. The forecast of strong growth of the PMMA market is expected to fuel the demand for itaconic acid in the production of MMA. The industry expects the segment to exceed the valuation of $ 85 million by 2026. The demand for MMA is largely driven by new applications such as LCD screens, mobile phone screens, monitors, and more video equipment. Unsaturated polyester (UPR) resins which are mainly consumed in the marine, construction and transportation industries are expected to be an interesting potential application.

Itaconic Acid Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

The size of the Chinese itaconic acid market is expected to exceed the valuation of $ 21 million by 2025. APAC is the leading producer and consumer of the itaconic acid market, supplying over 54% of global demand. The market size of itaconic acid in Germany was 3.9 million in 2020. Favorable government regulations to promote bio-based production due to environmental safety can boost regional industry growth. EU regulations to stop the production of sodium tripolyphosphate (STPP) detergents are expected to boost the growth of the industry.

Impact of COVID-19 on the Itaconic Acid Market:

Amid the growing pressure for economic decoupling and distancing, evolving relations between China and the rest of the world will influence competition and opportunities in the itaconic acid (AI) market. Against this background and taking into account the changing geopolitical, commercial, and consumer sentiment, the world's second-largest economy will grow by 6% over the next few years and add approximately US $ 8 million in terms of market opportunities affordable. Continuous monitoring for emerging signs of a possible new post-coronavirus world order is a must for budding companies and their astute executives looking to succeed in the ever-changing itaconic acid (AI) market landscape.

Itaconic Acid Market Key Players:

The key players striving to capitalize on the demand for itaconic acid are

1. Aekyung Petrochemical Co. Ltd.

2. Alpha Chemika, Itaconix Corporation

3. Jinan Huaming Biochemistry Co. Ltd

4. Iwata Chemical Co Ltd

5. Ronas Chemicals Ind

6. Qingdao Langyatai Group Co.

7. Zhejiang Guoguang Biochemistry Co Ltd

8. Aekyung Petrochemical Co. Ltd

9. Nanjing Huajin Healthcare Biologicals Co. Ltd

10. Shandong Kaison Biochemical Co