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 : September, 2020 | Chemical & Materials | PPT format

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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

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.