The global itaconic acid market Growth Accelerated by Wide Range of Industrial Applications

 

Itaconic acid is an organic compound produced by fermentation of carbohydrates like glucose, starch, and cellulosic biomass using filamentous fungi. It finds wide applications as a substitute for petroleum-based acrylic acid in production of specialty resins, plasticizers, synthetic latex, and superabsorbent polymers. Itaconic acid also acts as a building block for various chemicals and polymers.

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 growth of the global itaconic acid market is primarily driven by increasing demand from construction and automotive industries. Itaconic acid serves as an organic building block for synthesis of resins, plasticizers, and superabsorbent polymers extensively used in cement, concrete, paints & coatings, and auto parts manufacturing. Itaconic acid-based polymers exhibit excellent properties like high tensile strength, flexibility and transparency, thereby finding increased applications as an eco-friendly substitute for conventional petrochemical-based polymers. The ability of itaconic acid to act as a co-monomer also helps enhance functionality and performance of numerous specialty polymers. These factors are expected to accelerate the demand for itaconic acid during the forecast period.

Segment Analysis
The global itaconic acid market is dominated by polyitaconic acid segment which holds around 70% of the total market share. Polyitaconic acid has wide applications in water treatment chemicals sector as it acts as a excellent sequestrant by chelating metal ions and inhibits mineral scale deposition. It is also used as a dispersing agent. Higher demand from end use industries such as construction chemicals and homecare products is driving the polyitaconic acid segment.

Key Takeaways
The global itaconic acid market is expected to witness high growth during the forecast period of 2023-2030. 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,.’

Asia Pacific region currently dominates the global itaconic acid market with a share of over 40% in 2023. Rapid industrialization and increasing demand from end use industries such as construction chemicals, agrochemicals, paints & coatings etc. are expected to drive the APAC market. China is the global leader in itaconic acid consumption.

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, 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. Itaconix Corporation is a leading player with a global presence and caters to a wide range of applications.


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