Itaconic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

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Itaconic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

Status : January, 2023 | Chemical & Materials

Report Digest

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:

  • Synthesis
  • Fermentation

On the basis of application the global market of Itaconic acid can be segmented as:

  • Plasticizer
  • Lubricating Oil Additive
  • Others

 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: 

  • Itaconix Corporation
  • Zhejiang Guoguang Biochemistry Co., Ltd.
  • Shandong Kaison Biochemical Co., Ltd.,
  • Jinan Huaming Biological Technology Co., Ltd.
  • Chengdu Jinkai Biology Engineering Co., Ltd
  • Qingdao Langyatai (Group) Co., Ltd

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,

  • Itaconic Acid Market Segments
  • Itaconic Acid  Market Dynamics
  • Itaconic Acid  Market Size
  • Itaconic Acid Supply & Demand Scenario
  • Current Trends/Issues/Challenges in Itaconic Acid market
  • Competition & Companies involved in Itaconic Acid market
  • Technology used in Itaconic Acid Market
  • Value Chain of Itaconic Acid Market

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.

Report Highlights:

  • Detailed overview of parent market
  • Changing Itaconic Acid market dynamics in the industry
  • In-depth Itaconic Acid market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape in Itaconic Acid market
  • Strategies of key players and products offered in Itaconic Acid market
  • Potential and niche segments, geographical regions exhibiting promising
  • A neutral perspective on Itaconic Acid market performance
  • Must-have information for market players to sustain and enhance their market footprint

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?