Global Itaconic Acid Market Size to Reach USD 163.0 Million in 2032 | Emergen Research
Rising usage of bio-based unsaturated polyester resin is one of the key factors driving Itaconic Acid Market revenue growth
Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) — The global itaconic acid market size was USD 101.5 Million in 2022 and is expected to register a steady revenue CAGR of 6.1% during the forecast period, according to the latest analysis by Emergen Research. Rising usage of bio-based unsaturated polyester resin is a key factor driving market revenue growth. Itaconic acid is a colorless crystalline carboxylic acid, which generally develops naturally and are biodegradable and non-toxic in nature. These are utilized in applications including cheland dispersant agent, synthetic latex, unbalanced polyester resin, detergent builder, methyl methacrylate and Styrene Butadiene Rubber (SBR) latex. In addition, increasing use of itaconic acid to package food in the food industry, helping to maintain the final product’s quality, is another key factor driving revenue growth of the market. Moreover, rising consumer awareness about pollution and environmental degradation as well as various government initiatives to protect the integrity and safety of environment, such as clean development mechanism, is also expected to drive market revenue growth during the forecast period.
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However, high cost of raw materials such as such as synthetic latex, superabsorbent polymers, and detergents, is a key factor, which could restrain market revenue growth. In addition, high production prices is another factor, which could restrain market revenue growth. Usage of itaconic acid has been restricted in various end-use industries due to available alternatives
Scope of Research
|Market Size in 2022||USD 101.5 Million|
|Revenue Forecast To 2032||USD 163.0 Million|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Display type, application, display type and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Itaconix Corporation, Jinan Huaming Biochemistry Co., Ltd., Aekyung Petrochemical Co., Ltd., Alpha Chemika, Citrus Food Additives Co., Ltd., Iwata Chemical Co., Ltd., Qingdao Langyatai Group Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Shandong Kaison Biochemical Co., Ltd., and Zhejiang Guoguang Biochemistry Co., Ltd.|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global itaconic acid market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global itaconic acid market report are:
- Itaconix Corporation
- Jinan Huaming Biochemistry Co., Ltd.
- Aekyung Petrochemical Co., Ltd.
- Alpha Chemika
- Citrus Food Additives Co., Ltd.
- Iwata Chemical Co., Ltd.
- Qingdao Langyatai Group Co., Ltd.
- Ronas Chemicals Ind. Co., Ltd.
- Shandong Kaison Biochemical Co., Ltd.
- Zhejiang Guoguang Biochemistry Co., Ltd.
- On 7 July, 2021, Beijing University of Chemical Technology in China introduced a bio-based itaconate-butadiene polymer. The functionalized bio-based itaconate butadiene rubber that was produced is claimed to have comparable, if not superior, overall characteristics to conventional rubbers. For every ton of rubber produced, the manufacture of bio-based itaconate butadiene is predicted to cut carbon emissions by 1.44 tons.
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SomeKey Highlights From the Report
- The Styrene Butadiene Itaconic Acid (SBIA) segment is expected to account for largest revenue share in the global itaconic acid market during the forecast period. This is due to increasing use of SBIA in the production of adhesives and sealants due to their excellent adhesive properties. SBIA adheres to many substrates with ease, which enhances bond strength and endurance. The advantage of SBIA over traditional Styrene-Butadiene Rubber (SBR) is that these are better at resisting moisture. In applications where exposure to moisture or water is a problem, such as roofing materials and building materials, this property is particularly beneficial.
- The Superabsorbent Polymers (SAPs) segment is expected to register steadily fast revenue growth rate in the global itaconic acid market over the forecast period. This is because SAPs that contain itaconic acid are frequently found in feminine hygiene products, adult incontinence products, and diapers. Improved moisture absorption benefits these products, lowering the risk of leaks and ensuring user comfort. In addition, itaconic acid’s ability to increase the ionic strength of SAPs improves their ability to absorb, especially in salty or high-salt environments, making these versatile for a range of applications.
- The Asia Pacific market is expected to account for largest revenue share in the global itaconic acid market during the forecast period. This is due to rising prevalence of bio-based unsaturated polyester resin and increasing awareness about advantages of itaconic acid. Furthermore, rising demand for sustainable products is also expected to drive market revenue growth during the forecast period.
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Emergen Research has segmented the global itaconic acid market on the basis of derivative, application, and region:
- Derivative Outlook (Revenue, USD Million; 2019–2032)
- Methyl Methacrylate
- Styrene Butadiene Itaconic Acid
- Polyitaconic Acid
- Application Outlook (Revenue, USD Million; 2019–2032)
- Chillant Dispersant Agent
- Styrene Butadiene Rubber (SBR) Latex
- Superabsorbent Polymers
- Synthetic Latex
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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