Market Size – USD 85.8 Million in 2018, Market Growth – CAGR of 4.5%, Market Trends – Surge in methyl methacrylate (MMA) production in order to replace petrochemicals.
The global itaconic market is forecast to reach USD 121.9 Million by 2026, 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.
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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.
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.
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.
- 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.
- Key participants 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.
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For the purpose of this report, Reports and Data have segmented into the global Itaconic Acid market on the basis of type, derivatives, application, and region:
Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- Synthesis
- Fermentation
Derivatives Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- Styrene Butadiene
- Methyl Methacrylate
- Polyitaconic Acid
- Others
Applications Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- SBR Latex
- Synthetic Latex
- Chillant Dispersant Agent
- Superabsorbent Polymer
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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