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  • Published On : Jan 2023
  • Code : CMI5487
  • Industry : Green Chemicals
  • Pages : 135
  • Formats :

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

Itaconic Acid  | Coherent Market Insights

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.

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Itaconic Acid Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 97.7 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 4.1% 2030 Value Projection: US$ 134.1 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
  • Middle East & Africa: Middle East & Africa
Segments covered:
  • By Derivative: Styrene Butadiene, Methyl Methacrylate, Polyitaconic Acid, Others 
  • By Application: SBR Latex, Synthetic Latex, Chillant Dispersant Agent, Superabsorbent Polymer, Unsaturated Polyester Resins, Methyl Methacrylate, Detergent Builder, Others 
Companies covered:

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

Growth Drivers:
  • Rising usage in food industry
  • Growing the number of investments in research and development
Restraints & Challenges:
  • High prices of raw material

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

Itaconic Acid  | Coherent Market Insights

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.

Itaconic acid is also known as methylidene succinic acid. It is white colorless compound in crystalline form that occurs naturally. Itaconic acid is easily biodegradable and non-toxic chemical compound. This acid is mainly used for produce the value added chemicals such as poly-itaconic acid, resins biofuel components, and many more. Moreover, some Aspergillus species like Aspergillus itaconicus and Aspergillus terreus show the ability to incorporate this organic acid and Aspergillus terrus can secrete significant amount to the media (>80g/L).

Market Dynamics

Itaconic acid is one of the most suitable solvents in cosmetic products. Moreover, it also finds in deodorants, antiperspirants, and some other cosmetic products. Rising disposable income personal and growing awareness about the benefits of cosmetic product also fuel the global itaconic acid market growth in forecast period. The rising usage in agricultural applications and advancements in bio-based polymethyl methacrylate is help to propel the global itaconic acid market growth in forecast period. Itaconic acids finds applications in paper, metal, and concrete coatings which are sustainable marketplace in the paints and coatings industry which can boost the global itaconic acid market growth. In the textile industry, the derivative of itaconic acid such as cyclodextrin itaconate is used for modification of cotton fabric which can help to drive the global itaconic acid market growth in upcoming years. Itaconic acid is also known as Butanedioic acid which is used up to 5% in styrene butadiene resins and in acrylic latexes for textile, paper, and paint applications. The presence of itaconic acid in the repeating unit of co-polyesters is expected to possess good biocompatibility and biodegradation in nature which makes polymers suitable for the applications including drug delivery and cytotoxic studies.

Key features of the study:

  • This report provides an in-depth analysis of the global itaconic acid market, its market size (US$ Mn & KT), and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering as the base year
  • It elucidates potential revenue opportunity across different segments and explains an attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new material type launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global itaconic acid market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and management authorities of companies to make an informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global itaconic acid market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global itaconic acid market

Detailed Segmentation:

  • Global Itaconic Acid Market, By Derivative
    • Styrene Butadiene
    • Methyl Methacrylate
    • Polyitaconic Acid
    • Others
  • Global Itaconic Acid Market, By Application
    • SBR Latex
    • Synthetic Latex
    • Chillant Dispersant Agent
    • Superabsorbent Polymer
    • Unsaturated Polyester Resins
    • Methyl Methacrylate
    • Detergent Builder
    • Others
  • Global Itaconic Acid Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Country:
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Latin America
      • By Country:
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Country:
        • Middle East
        • Africa
  • Company Profiles
    • Itaconix Corporation
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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.
    • Alfa Aesar

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The market was valued at US$ 97.7 Mn and is expected to grow at a CAGR of 4.1% during the forecast period.
Rising usage in food industry can help to boost the market growth in upcoming years.
Growing the number of investments in research and development can propel the market can boost the market growth in the worldwide.
High prices of raw material can hampered the market.
Major players operating in the 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.

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