Itaconic Acid Market Outlook, Size Analysis To Reach USD 133.2 Million By 2028

Reports And Data

Increasing demand for bio-based unsaturated polyester resin are propelling the Itaconic Acid market growth.

NEW YORK CITY, NY, UNITED STATES, January 5, 2022 /EINPresswire.com/ -- The global Itaconic Market is forecast to reach USD 133.2 Million by 2028, according to a new report by Reports and Data. Itaconic acid or methylidenesuccinic acid is an organic compound, which is soluble in water. This dicarboxylic acid is a white solid, and it is obtained by the distillation of citric acid. But currently, the fermentation process is more popular among the processes. This chemical has usage in SRB latex, synthetic latex, chillant dispersant agent, and superabsorbent polymers.

The market for Itaconic Acid is influenced by the rising demand for skincare products, the evolution of environment friendly chemicals required by end-use industries, and increasing demand for bio-based unsaturated polyester resin.

The factors mentioned above collectively create opportunities for market growth, while factors such as availability of low-cost substitutes in the market pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the Itaconic Acid market owing to innovative efforts have enhanced the efficiency of Itaconic acid.

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The Itaconic acid market in the Asia Pacific region is forecasted to grow at a significant speed due to the increasing demand for itaconic acid from countries such as India, China, South Korea, Indonesia, and Thailand, among others, for use in various applications. Moreover, increasing foreign direct investment (FDI) in multiple industries in these economies are also contributing to the growth of the Asia Pacific itaconic acid market.

Top companies profiled in the report include:
Itaconix Corporation, Qingdao Langyatai Group Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Jinan Huaming Biochemistry Co. Ltd., Iwata Chemical Co., Ltd., Alpha Chemika, Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Chengdu Jinkai Biology Engineering Co., Ltd., and Ronas Chemicals Ind. Co., Ltd. among others.

Further key findings from the report suggest
The fermentation process segment held a larger market share of 71.3% in the year 2018. Due to the depletion of fossil fuels, the fermentation process has replaced all the petroleum-based methods.

Styrene Butadiene segment is forecasted to grow with the highest CAGR of 4.9% during the forecast period. Styrene butadiene itaconic acid possesses superior properties such as excellent bonding, tensile strength, binder strength, frothing machinability, and anti-oxidation properties. This portrays in the glossy finish and smoothness in paper processing and paper coating application.

The superabsorbent polymers segment is forecasted to grow with the highest CAGR of 4.9% during the forecast period. The itaconic acid-based superabsorbent polymers are primarily used in cosmetics, skincare, personal care, and hygiene care industries. Superior properties of itaconic acid are expected to increase its use in these applications and will boost the market for itaconic acid in the forecast period.

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The Asia Pacific region held the largest market share of 56.3% in the year 2018. The region is the major producer as well as the consumer for itaconic acid market. Countries such as China, India, and Thailand are some of the major exporters of itaconic acid in the market.

Market Overview:
Increasing consumer inclination towards sustainability and thus considering products based on criteria such as circularity and carbon footprint is expected to change materials and chemical market trends during in the coming years. The growing consumer concern about carbon emissions has prompted industry players to make investment in renewable energy, de-carbonization of transportation, and energy efficiency. These trends are expected to have a significant impact end markets for chemicals, notably in construction and automotive.

Increasing focus of the materials and chemical companies on adoption of de-carbonization technologies, re-examination of their assets, and diversification away from hydrocarbons to some extent will favor global Itaconic market growth during the forecast period.

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Global Itaconic Acid Market Segmentation:
Process Outlook
Synthesis
Fermentation

Applications Outlook
SBR Latex
Synthetic Latex
Chillant Dispersant Agent
Superabsorbent Polymer
Others

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Regions covered by the report:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Itaconic Acid Market Outlook, Size Analysis To Reach USD 133.2 Million By 2028

Distribution channels: Chemical Industry

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