Itaconic Acid Market Growth Accelerated by Increased Demand from Personal Care Products

 

Itaconic acid is extensively used in the production of detergents, personal care products, and paints, along with being utilized as a substitute to acrylic acid. The personal care industry has shown increased demand for itaconic acid owing to its abilities to act as thickening agents, emulsifiers and binders in personal care products like shampoos, shower gels, lotions and creams. The global Itaconic acid Market is estimated to be valued at US$ 134.1 million 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 demand for itaconic acid from personal care products is poised to show significant growth over the forecast period owing to rising awareness regarding personal grooming. The increased spending on personal care products coupled with the natural and eco-friendly properties of itaconic acid which makes it an attractive alternative to synthetic compounds, is expected to drive the demand from personal care industry. Itaconic acid acts as an effective thickening and binding agent with low irritation in skin and hair care products without affecting their performance. This natural substitute allows manufacturers to advertise their products as zero synthetic and natural ingredients, thereby attracting more consumers.

Segment Analysis
The global itaconic acid market is dominated by polymer and polymer additives segment. Itaconic acid is majorly used in the production of synthetic latex and redispersible polymer powders formulated for use in construction materials. Itaconic acid acts as an internal plasticizer for these polymers by delaying their crystallization and thereby improving flexibility and water resistance of polymers.

Key Takeaways
The global itaconic acid market is expected to witness high growth over the forecast period.

Regional analysis: North America region currently dominates the global itaconic acid market and is expected to maintain its dominance during the forecast period. Easy availability of raw materials coupled with presence of key players in the region drive the market growth. Asia Pacific region is expected to witness fastest growth in the coming years on back of growing construction industry in China and India.

Key players operating in the itaconic acid market are Itaconix Corporation, Jinan Huaming B

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