April 21, 2024

Itaconic Acid Market is Poised for Robust Growth by 2030 owing to low VOC emissions

The global itaconic acid market is primarily driven by its increasing application in the synthesis of polymeric materials. Itaconic acid is unsaturated dicarboxylic acid that exhibits high flexibility and low crystallinity when polymerized. It is used as a co-monomer in the production of various resins and polymers which provides performance benefits such as hydrophilicity, flexibility, and thermal stability.

Itaconic acid helps improve miscibility between phases, flexibility, toughness, and adhesion properties in various resins and polymers. It is used as a comonomer in the production of latex, SBR, NBR, ABS, polyesters, and other plastics. The growing demand for specialty plastics from industries such as construction, automotive and packaging has fueled the consumption of itaconic acid.

The Global itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the itaconic acid market are 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. Itaconic acid manufacturers are focusing on capacity expansion to cater to the growing demand from polymer industries. North America dominates the global itaconic acid market owing to presence of leading players and strong demand from construction and automotive industries. Asia Pacific market is expected to witness fastest growth on account of rapid industrialization and expansion of end-use industries in China and India.

Market Drivers

The demand for itaconic acid is expected to be driven by rapid growth of polymer industries globally. Growing consumption of specialty plastics such as latex, SBR, ABS in various end-use applications has increased the consumption of itaconic acid as a comonomer. Furthermore, itaconic acid helps improve performance characteristics like hydrophilicity, flexibility, toughness, and adhesion of industrial resins and polymers. These properties make itaconic acid highly applicable in synthesis of new generation plastics.

PEST Analysis

  • Political: Itaconic acid is largely used in industrial applications such as production of polymers and plastics. Any governmental regulations regarding the use of petrochemical-based materials and promotion of bio-based alternatives will positively impact the itaconic acid market.
  • Economic: As itaconic acid is produced from renewable resources like sugarcane or cornstarch, any fluctuations in raw material prices due to economic conditions will affect the production cost of itaconic acid. The overall demand is also dependent on the economic performance of end-use industries.
  • Social: Increasing consumer awareness about negative environmental impacts of petroleum-based products is generating demand for sustainable and bio-based alternatives like itaconic acid in applications such as detergents, adhesives etc. Shifting social trends towards eco-friendliness can boost the itaconic acid market.
  • Technological: Advancements in fermentation and extraction processes enable cost-efficient and large-scale production of itaconic acid from renewable resources. Development of innovative applications as dispersants, surfactants etc. utilizing properties of itaconic acid is also expanding the market scope.

Currently, North America dominates the itaconic acid market in terms of value owing to strong demand from polymer and paint industries in United States and Canada. The Asia Pacific region is expected to be the fastest growing market during the forecast period attributed to rapidly expanding end-use industries and growing environmental consciousness in emerging economies like China and India. Countries like Japan and South Korea are also contributing to the market growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it