ITACONIC ACID MARKET ANALYSIS

Itaconic acid is an organic compound which is also known as di-carboxylic acid that can be soluble in water, ethanol, and acetone. The acid is mainly used for the formation of the number of compounds such as resins, plastics, and synthetic fibers. Itaconic acid is an unsaturated di-carbonic acid which is mainly used in industrial production of resins for building block for acrylic plastics, acrylic latexes, super absorbent, and anti-scaling agents.

The global itaconic acid market was valued at US$ 97.75 Mn and is expected to reach US$ 134.19 Mn by 2030 exhibiting a CAGR of 4.1% during the forecast period 2022-2030.

Drivers:

Rising usage in food industry

Increasing the demand of consumer preferences, government policies such as operation greens and corporate standards such as Good Manufacturing Practices which can help to fuel the global itaconic acid market growth in forecast period. Moreover, itaconic acid is biodegradable and compostable. They are widely used in food industry for packing the food, which helps to maintain the product quality. It provides better durability as well as printability.

Growing concerns regarding environmental degradation and use of eco-friendly items

Increasing awareness of the pollution and environmental degradation among consumers and various steps taken by government for protect the integrity and safety of the environment such as Clean Development Mechanism can drive the global itaconic acid market growth in upcoming years. Moreover, increasing the health consciousness consumer base can help to boost the global itaconic acid market growth in the forecast period.

Figure 1. Global Itaconic Acid Market Revenue Share (%), By Regions, 2021

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Among region, Asia Pacific held a dominant position in the global itaconic acid market in 2021, accounting for 55% market revenue share. Stringent regulation policies related to petroleum based platform chemicals and depletion of fossil fuel can help to propel the global itaconic acid market growth in North America.

Market Restraints

High prices of raw materials

High prices of raw materials can hampered the global itaconic acid market growth. Itaconic acid has high price than its counterparts such as synthetic latex, superabsorbent polymers, and detergents can hinder the global itaconic acid market growth in upcoming years. According to business global wire, China is the major suppliers of raw materials and due to pandemic & travel restrictions they can increases the prices of raw materials which can restraints the global itaconic acid market growth in the upcoming years.

High cost of production

High cost of production is one of the key factor that can hinder the global itaconic acid market growth. Due to the large availability of substitute itaconic acid has limited consumption in various end-use industries. Moreover, less knowledge of itaconic acid benefits in food and cosmetic industry can also restraint the global itaconic acid market growth in forecast period.

Market Trends

Increasing trend of sustainable product

Itaconic acid primarily used as an alternative to petrochemical derived products such as acrylic acid during the production of other chemicals which can help to propel the global itaconic acid market growth in forecast period. Moreover, itaconic acid dissolve in many alcohols such as ethanol, methanol, and 2-propanol. It is biodegradable in nature and used to produce monoesters including monomethyl itaconate that can fuel the global itaconic acid market growth in upcoming years.

Growing the number of investment in research and development

Growing the number of investment in research and development due to itaconic acid is biodegradable in nature that can drive the global itaconic acid market growth in forecast period. Moreover, increased the demand of itaconic acid due to environmental friendly and cost effective nature that can propel the global itaconic acid market growth in upcoming years.

Figure 2. Global Itaconic Acid Market Revenue Share (%), By Derivative, 2021

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Among Derivative, the styrene butadiene segment held a dominant position in the global itaconic acid market in 2021, accounting for 34% of market revenue share, followed by Polyitaconic acid and methyl methacrylate. Styrene butadiene has various benefits such as improved tensile strength, anti-oxidation properties, an excellent bond, and others which can help to propel the global itaconic acid market growth in forecast period. 

Global Itaconic Acid Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has positively as well as negatively affected the global itaconic acid market. Due to lockdowns, countries are banned to travel and shutdown of business can reduce the economic and industries growth of the developing countries. Disruption in raw materials supplies and freeze the supply chain during the pandemic global itaconic acid market witnessed the lower growth. However, the increased the production of bio polylactic acid (PLA) is expected to have a negative impact on demand for global itaconic acid market. The demand of consumer goods reduced significantly, which in turn hampered the global itaconic acid market growth. In the food industry, itaconic acid is used for packing the foods and due to the pandemic peoples are more health conscious and they are consume the natural products such as fruits and vegetables that can hampered the global itaconic acid market growth.

Competitive Section

Major players operating in the global itaconic acid market include Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co. Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Alpha Chemika, Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Iwata Chemical Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Spectrum Chemical Manufacturing Corp., FUJIFILM Wakao Pure Chemical Corporation, Ultimate Chem India Pvt. Ltd., Choice Oraganochem Lip., and Alfa Aesar.