Global Itaconic Acid Market - 2022-2029

Global Itaconic Acid Market - 2022-2029

Market Overview

The global Itaconic Acid market size was worth US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of XX% within the forecast period (2022-2029).

Itaconic acid is an organic molecule commonly known as methylidene succinic acid. It is a naturally occuring crystalline white colorless chemical. The acid is commonly used to make a wide range of chemicals, including paints, plastics, resins andsynthetic fibers.

Furthermore, itaconic acid is a non-toxic chemical molecule that can easily biodegrade. It's an unsaturated organic diacid used as a platform chemical in place of acrylic acid. The acid is also utilized as a platform chemical for synthesizing high-value compounds such as poly-itaconic acid, resins, biofuel components and ionomer cement.

Itaconic acid is also used to make pulp or paper products, plastic products, plastic additives and various paints, among other things. Styrene-Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic Acid and Others are itaconic acid derivatives. SBR Latex, Chillant Dispersant Agent, Synthetic Latex andOthers are some applications.

Market Dynamics

Tremendously increasing demand for bio-based unsaturated polyester resin and its non-toxic properties are boosting the growth of the itaconic acid market globally.

Tremendously increasing demand for bio-based unsaturated polyester resin and its non-toxic properties are boosting the growth of the itaconic acid market globally

The global bio-based itaconic acid demand is expected to increase in the forecast period. The market is expected to rise due to a shift toward eco-friendly products as people become more mindful of greenhouse gas emissions. Bio-based itaconic acid is a non-toxic, biodegradable organic intermediate used to produce adhesives, sealants, finishing agents, paints and coatings. Furthermore, bio-based itaconic acid offers various benefits, such as improving adhesion quality while imparting light color and water-fastness qualities, creating market opportunities for the product.

In addition, the bio-based itaconic acid market is likely to benefit from the rising demand for eco-friendly coatings and paints due to increased awareness about VOC emissions in the automotive and construction industries. It is investigated that bio-based itaconic acid will be used to maintain fiber strength and improve abrasive quality in creating wrinkle-free shirts and carpets.

Furthermore, due to strict environmental restrictions to lower VOC (volatile organic compound) emissions, chemical firms have been driven to incorporate bio-based chemicals in their products.

Furthermore, bio-based itaconic acid is expected to apply in manufacturing specialty polymers where reducing VOC levels is considered because it is an eco-friendly alternative. Itaconic acid derived from plants has a high boiling point, strong water solubility and a unique odor, making it suitable for various applications.

The proprietary Montecatini process is used to heat calcium aconitate solution in sugar cane refining to produce itaconic acid. In the forecast period, sugarcane farmland availability in Brazil, China and India is projected to assure raw material access for bio-based itaconic acid synthesis.

For instance, in 2019, Nouryon and Itaconix agreed to collaborate on bio-based polymers for the detergent market. Furthermore, the firms will collaborate to transition many current Itaconix detergent customers to Nouryon.

The high cost of production for itaconic acid is the primary hurdle for the product's market growth.

The itaconic acid market is niche due to its limited consumption in various end-user industries due to the availability of substitutes. Thus, leading to creating a significant impact on the price of itaconic acid. The price of itaconic acid is now high, failing to meet the demand for alternatives in various industries, including synthetic latex, unsaturated polyester resins, detergents, superabsorbent polymers, etc.

Itaconic acid is a flexible biobased monomer currently undergoing study and has a small market. Despite high hopes for large-scale production at the turn of the century, the acid output is now approximately 40,000 tonnes per year, with sales expected to reach 52,000 tonnes per year in 2025. Furthermore, the major challenges mostly relate to lowering the overall fermentation cost. The fermentation cost has to be below US$1/kg to make biobased itaconic acid-derived goods competitive with petrochemical-derived products, a big technological challenge that should be handled from a longer-term perspective.

However, a significant amount of research has been put into the reduction of the production costs, such as the replacement of sugar, used as the carbon source, with cheaper alternative substrates such as cellulolytic biomass; strain improvement by genetic and metabolic engineering, allowing the effective use of cheap alternative substrates; optimizing the bioreactor type and configuration; deriving innovations by which the process becomes more energy-saving; etc. which is expected to improve the cost-related hurdles for the product's market growth.

In addition, the price of itaconic acid is predicted to drop dramatically shortly due to ongoing innovations and increased manufacturing scale-up.

COVID-19 Impact Analysis

COVID-19 had a negative impact on the market in 2020. India, China, Italy, France, Poland, UK, South Africa and New Zealand were among the countries that fell under lockdown in 2020. Furthermore, textile, paints and coatings industries were badly damaged by the restrictive mass quarantines imposed by the coronavirus.

The construction industry has also been damaged, as employees have avoided project sites, lowering demand for paints and coatings and, as a result, lowering the itaconic acid market.

However, itaconic acid is widely utilized in manufacturing medicines andthe itaconic acid market benefits greatly from the dramatic increase in pharmaceutical profits during the COVID-19 outbreak. The outbreak of COVID-19 has shown a positive opportunity for the growth of the pharmaceutical industry, leading to regaining market momentum for the product to grow in the forecast period.

Segment Analysis

The global itaconic acid market can be segmented on derivative, application and region.

Synthetic latex is expected to account for over half the percentage of the global market for itaconic acid, primarily used in synthetic latex for stabilizing polymers and improving the quality of the end product, namely SBR latex.

The global itaconic acid market is segmented on application into SBR latex, synthetic latex, unsaturated polyester resins, chelant dispersant agent, superabsorbent polymer, methyl methacrylate, detergent builder and others. The highest market share is projected to go to synthetic latex. In the projected period, synthetic latex is expected to account for over half the percentage of the global market for itaconic acid, primarily used in synthetic latex to stabilize polymers and improve the quality of the end product, SBR latex.

Furthermore, increasing demand for synthetic latex in the paint and coating industry is another factor driving the market growth for the product. Synthetic latex is made from a petroleum-based Styrene-Butadiene Rubber (SBR). Due to the growing buildings and construction sector, the increased utilization of synthetic latex polymers in paints and coatings escalated its market.

Apart from application in paints and coatings, these polymers are also used to improve cement and asphalt's adhesion, water resistance, durability and flexibility. In order to meet the housing demand in UK, it is predicted to build between 27,000 and 50,000 new homes by 2022.

Styrene-acrylic, pure Acrylic andstyrene-butadiene synthetic latex improve paints' and coatings' strength, flexibility and water resistance. As a result, synthetic latex polymers demand is predicted to rise over the forecast period, owing to the growing demand for paints and coatings from the building and construction industries, particularly in Asia-Pacific and North American countries. Thus improving the synthetic latex business in the paint and coating industry is expected to create market growth opportunities for itaconic acid to grow in the forecast period.

Geographical Analysis

Increasing regulatory expenditure on infrastructure enhancement in China and India is predicted to augment demand for adhesives, sealants, paints and coatings, making Asia-Pacific the largest itaconic acid market

Due to increased foreign direct investment in numerous industries, Asia-Pacific dominates the itaconic acid industry. Furthermore, the growing demand for itaconic acid in various applications would propel the region's itaconic acid market forward throughout the forecast period.

Furthermore, increasing regulatory expenditure on infrastructure enhancement in China and India is predicted to augment demand for adhesives, sealants, paints and coatings, making Asia-Pacific the largest bio-based itaconic acid market throughout the forecast period. The rise of the automobile sector in Indonesia, South Korea and China is likely to boost the market for adhesives, paints and coatings due to rising domestic vehicle demand, new product releases and increased investments.

As a result, rising demand in Asia-Pacific for the above products will likely boost the bio-based itaconic acid market growth. In addition, due to appropriative government policies to support bio-based production because of environmental safety, Europe is expected to see considerable growth in the itaconic acid market. Furthermore, the EU regulations prohibiting the manufacture of sodium tripolyphosphate (STPP) detergents are expected to boost the region's itaconic acid business in the future.

For instance, Horizon 2020, a strategy developed by the European Commission to promote the consumption and production of naturally derived products, is projected to impact the market positively. U.S. Environmental Protection Agency (EPA) is committed to limiting the paint and coatings sector's VOC emissions. It is likely to force producers to adopt bio-based itaconic acid.

Competitive Landscape

The global itaconic acid market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are Itaconix Corporation, Qingdao Langyatai, Zhejiang Guoguang, Alpha Chemika, Thermo Fisher Scientific., Merck KGaA, Iwata Chemical, Aekyung Petrochemical, Ronas Chemical, Chengdu Jinkai and others.

The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the global growth of the itaconic acid market.

Itaconix Corporation

Overview: Itaconix Corporation is a fast-growing leader in itaconic acid-based polymers. The company creates polymers that meet three key criteria: safety, performance and long-term sustainability. They have rapidly advanced through well-staged development of the proprietary, commercially-proven technology to build a deep pipeline of polymers that compete on unique functionality and cost advantages in-home care, personal care, industrial, geotechnical, agricultural and surface coating applications, combining the versatile chemistry of itaconic acid with the company's breakthrough economics.

Product Portfolio:

Itaconix TSI 322: The product has a chemical name of Poly(itaconic acid-co-AMPS) sodium salt. The polymer can easily dissolve in water. The product holds a low molecular weight linear copolymer of itaconic acid partially neutralized with sodium salt. Superior shine for non-phosphate automatic dishwashing detergents is one of the features listed. Effective water hardness treatment for a better, more cost-effective shine. Formulations that are simpler and more compact. Bulk powder automatic dishwashing detergents and Monodose powder automatic dishwashing detergents are among the product's applications.

Key Development

In 2019 Nouryon and Itaconix agreed to collaborate on bio-based polymers for the detergent market. Furthermore, the firms will collaborate to transition many current Itaconix detergent customers to Nouryon

Why Purchase the Report?
• Visualize the global itaconic acid market segmentation by derivative, application and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the itaconic acid market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global itaconic acid market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global itaconic acid market report would provide approximately 53 market data tables, 48 figures and 220 pages.

Target Audience 2022
• Service Providers/ Buyers
• Paints & Coating Companies
• Research Laboratory
• Manufacturers
• Textile & Carpet companies
• Distributors