ITACONIC ACID MARKET ANALYSIS
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.
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.
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