Itaconic Acid Market to Surpass US$ 134.1 Mn by 2030
The global Itaconic Acid Market was valued at US$ 97.7 Mn, according to global itaconic acid market Report, by Derivative (Styrene Butadiene, Methyl Methacrylate, Polyitaconic Acid, and Others), by Application (SBR Latex, Synthetic Latex, Chillant Dispersant Agent, Superabsorbent Polymer, Unsaturated Polyester Resins, Methyl Methacrylate, Detergent Builder, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The global itaconic acid market is expected to surpass US$ 134.1 by 2030 and exhibit a CAGR of 4.1% during the forecast period (2022-2030). Itaconic acid is also known as 2-methylidenebutanedioic acid. It is an organic compound or unsaturated di-carbonic acid. Itaconic acid is a white colorless crystalline powder soluble in water, ethanol, and acetone. It is produced from citric acid and sugars such as glucose & molasses. The chemical formula of itaconic acid is C5H6O4.
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https://www.coherentmarketinsights.com/market-insight/itaconic-acid-market-5487
Browse 30 market data tables* and 24 figures* on "Global Itaconic Acid Market” – Forecast to (2022-2030).
Key Trends and Analysis of the Global Itaconic Acid Market:
- Biodegradability in soil and non-toxicity are the key factors to fuel the global itaconic acid market growth in forecast period
- Among region, Asia Pacific held the dominant position in itaconic acid market due to rising the foreign investment in several industries such as chemical industry. Furthermore, increasing the demand of itaconic acid in various application such as SBR Latex and others can propel the global itaconic acid market growth in forecast period.
- Europe is the largest itaconic acid market in the globe due to favorable government regulation policies for development of bio based chemicals production which can help to drive the global itaconic acid market growth.
Key Takeaways of the Market:
- Among Application, the SBR Latex segment held the dominant position in global itaconic acid market growth in forecast period. The SBR latex finds application in bridge decks, highways, and packing decks because it improves bond strengths to hardened concrete. High adoption of these passively influence the global itaconic acid market growth in forecast period.
- Moreover the synthetic latex segment is used for polymer stabilization and final product quality such as styrene-butadiene rubber latex which can help them to propel the global itaconic acid market growth.
Key Players
- 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.
- For instance, in March 2020, a chemical manufacture company, Iwata Chemical Co., Ltd. announced their partnership with the operators of an online chemical marketplace, Buy Chem Japan Corporation for product promotion such as oleo chemicals, and monomers in the globe.
Global Itaconic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered growth of the global itaconic acid market. Furthermore, supply chain disruptions also reduced growth of the itaconic acid market. Moreover, import and export activities reduced drastically due to stringent regulation policies. COVID-19 is providing a boost to the itaconic acid in globe. From manufacturing and distributing, this industry has faced lot of problems during the pandemic, unequalled demand from manufacturers as well as consumers, particularly for some products.
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