by Itaconic acid is an unsaturated organic acid produced through fermentation of carbohydrates like glucose, sucrose, and molasses. It is a bio-based versatile chemical intermediate that finds wide application in production of synthetic latex, resins, superabsorbent polymers, lubricating oil additives, and other materials. The growing synthetic latex industry driven by rising demand from construction, paper coating, and paints & coatings end-use industries has boosted the adoption of itaconic acid. The global Itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from synthetic latex production is a key trend fueling the growth of the global itaconic acid market. Itaconic acid finds wide application as a co-monomer for improving the properties of synthetic latex used in variety of end-use industries. Rapid expansion of construction activities along with growth of paper coating and paints & coatings industries in developing nations of Asia Pacific and Latin America has augmented the consumption of synthetic latex. This rising uptake of synthetic latex in turn spells opportunity for manufacturers of itaconic acid involved in its co-monomer production. Moreover, itaconic acid imparts enhanced strength, flexibility and water resistance to synthetic latex used in multiple industrial applications.
SWOT Analysis
Strength: Itaconic acid is used in various industries such as adhesives & textiles, pharmaceuticals, detergents, paints & coatings, and additives. It acts as a natural antimicrobial agent and is an eco-friendly substitute for petroleum-based chemicals.
Weakness: High cost of production for manufacturing itaconic acid as compared to other alternatives. This restricts its use in applications requiring large volumes.
Opportunity: Growing demand for bio-based and renewable chemicals from end-use industries provides opportunities for itaconic acid manufacturers. Development of cost-effective production technologies can help address the high cost challenge.
Threats: Availability of substitute products like citric acid and fumaric acid limits the demand for itaconic acid. Fluctuations in crude oil prices influence the demand as it affects the prices of competitive petroleum-based products.
Key Takeaways
The global itaconic acid market is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the global itaconic acid market and is expected to maintain its leading position during the forecast period. Countries like China and India have witnessed rapid industrialization and growing end-use industries that support market growth. The growing demand from adhesives & textiles, pharmaceuticals, detergents, paints & coatings, and additives industry in the region drives the Asia Pacific itaconic acid market.
Key players related content comprises Key players operating in the itaconic acid market are Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co. Ltd., Zhejiang Guoguang Biochemistry Co. Ltd., Alpha Chemika, AEKYUNG PETROCHEMICAL Co. Ltd., Ronas Chemicals Ind. Co. Ltd., and Chengdu Jinkai Biology Engineering Co. Ltd.
