Itaconic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Itaconic Acid Market: Introduction & Definition
Itaconic acid is a bio based product, also identified as methyl succinic acid, it is first obtained by distillation of citric acid that is an organic compound which is used for the production of acrylate latexes and acrylonitrile butadiene. The market of Itaconic acid is niche in nature owing to its limited consumption in various end use industries on account of availability of large number of substitute. Itaconic acid find application in production of styrene butadiene rubber, deodorants, adhesives, unsaturated polyesters, reinforced glass fibers, polyesters resins, fabric binders, ion exchange resins and organosiloxanes. Key application of Itaconic acid is in manufacturing of SBR latex, used in construction industry for motors, cement bond coats, and concrete in order to improve chemical resistance and bond strength. It also has its application in Biocompatible Implants in PMMA is fueling the growth of global market of Itaconic acid.
Itaconic Acid Market: Market Dynamics
Superabsorbent polymers (SAP) is the key application of Itaconic acid. In the production of SAP, petroleum based acrylic acid is being replaced by Itaconic acid as a major constituent. Itaconic acid is also being evident to replace maleic anhydride in production of unsaturated polyester resin (UPR) as it constitute of same property as maleic anhydride. Increasing demand for UPR in the production of fiber reinforced polymer (FPR) composites, electrical cabinets, pipes and laminating resins is expected to fuel the growth of global market of Itaconic acid. Application of Itaconic acid in coating and adhesive is evident to boost the opportunity for the market growth of Itaconic acid. Amino Carboxylate dispersant agent in detergent is being replaced by the derivative of Itaconic acid (polyitaconic). Itaconic acid is consider to be as key solvent in cosmetic product. Moreover, it find application in antiperspirant agents, and deodorant. Growing demand for cosmetic product may lead to fuel the growth of Itaconic acid market. Key factor hampering the market growth is upsurge in demand for bio-based substituent of Itaconic acid, which is produced by the processing of sugarcane. Insufficient availability of sugarcane for manufacturing process will affect to fulfill supply according to the demand.
COVID-19 Impact on Itaconic Acid Market
Covid-19 is expected to cause slowdown in construction and related industries such as paints & coatings which will directly hamper the Itaconic acid market. Automotive industry reported downturn since 2019 and Covid-19 further hampered the industry. Moreover, supply challenges owing to ongoing trade wars and border closures is projected to negatively impact the Itaconic acid market. China is the prominent producer and exporter of electrical & electronics industry is anticipated to have major impact of Covid-19 on its exports. Covid-19 has affected the global economy adversely and would take long time for recovery. The global pandemic has caused fall down in Oil & Gas prices, due to which USA has declared national emergency to uplift the oil & gas prices. The demand for lubricants and grease is expected to witness downfall due to hindrance in the manufacturing, automotive & aerospace amongst other industries. Also, the restriction on global sea-borne trade activities has hampered the marine grease consumption. The slowing demand for grease is estimated to decline the consumption of grease additives. Hence, the Covid-19 outbreak is anticipated to cause moderate to large scale impact on the Itaconic acid market.
Itaconic Acid Market: Segmentation
The global market of Itaconic acid can be segmented on the basis of type and application:
On the basis of type the global market of Itaconic acid can be segmented as:
On the basis of application the global market of Itaconic acid can be segmented as:
Itaconic Acid Market: Regional Outlook
The rise in number of construction sector in United Nation leads to the growth of Itaconic acid market. As this development leads to a great opportunity for vendors of Itaconic acid to take benefit from the increasing demand of SBR latex. The global Itaconic acid is evident to earned prominent share from Asia pacific region due to shutdown of manufacturing plants of Itaconic acid from other parts of the world. The Middle East and Africa region is expected to experience average growth rate due to economic transition. Latin America is anticipated to witness moderate growth rate as Itaconic acid demand is likely to be significant in Brazil, Argentina and Venezuela. North America is anticipated to have sluggish growth rate during forecast period owing to the shutting of manufacturing facilities as a result of inadequate demand from end use industries. Likewise, Rhodia has stopped producing Itaconic acid owing to less demand from the region. Rise in textile industries in United States will fuel the growth of Itaconic acid market owing to the factor that Itaconic acid is used in the modifying of cotton fabric.
Itaconic Acid Market: Key Players
Examples of some market participants in Global Itaconic Acid Market identified across the value chain include:
This market research report presents a comprehensive assessment of the Itaconic Acid market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Itaconic Acid market research report provides analysis and information according to Itaconic Acid market segments such as geographies, application and industry.
The report covers exhaustive analysis on,
The Itaconic Acid Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Itaconic Acid market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Itaconic Acid market segments and geographies.
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