Itaconic Acid (IA)

Itaconic Acid (IA)

Global Itaconic Acid (IA) Market to Reach US$126.0 Million by 2030

The global market for Itaconic Acid (IA) estimated at US$97.2 Million in the year 2023, is expected to reach US$126.0 Million by 2030, growing at a CAGR of 3.8% over the analysis period 2023-2030. Superabsorbent Polymer Application, one of the segments analyzed in the report, is expected to record a 4.2% CAGR and reach US$52.6 Million by the end of the analysis period. Growth in the SBR Latex Applicationsegment is estimated at 4.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$26.2 Million While China is Forecast to Grow at 6.6% CAGR

The Itaconic Acid (IA) market in the U.S. is estimated at US$26.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$26.3 Million by the year 2030 trailing a CAGR of 6.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.9% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR.

Itaconic Acid (IA) - Key Trends and Drivers

Itaconic Acid (IA) is a versatile, bio-based chemical compound primarily derived from the fermentation of sugars using the fungus Aspergillus terreus. It is a white crystalline unsaturated dicarboxylic acid with the molecular formula C₅H₆O₄ and is known for its wide range of industrial applications. Itaconic acid is utilized as a monomer in the production of various polymers, including polyitaconic acid, which is used in the manufacture of superabsorbent polymers, adhesives, coatings, and detergents. It also serves as an intermediate in the synthesis of specialty chemicals, such as plasticizers, lubricants, and additives. The eco-friendly nature of itaconic acid, being derived from renewable resources, positions it as an attractive alternative to petrochemical-based products, aligning with the growing demand for sustainable and green chemicals in various industries.

Several trends are shaping the itaconic acid market, driven by advancements and changing industrial requirements. One significant trend is the increasing adoption of bio-based polymers in place of conventional petrochemical-based polymers. This shift is driven by environmental regulations and the push for sustainability, with itaconic acid playing a crucial role due to its biodegradable and non-toxic properties. Additionally, advancements in fermentation technology are improving the efficiency and cost-effectiveness of itaconic acid production, making it more competitive in the global market. Research and development efforts are focused on optimizing microbial strains and fermentation processes to enhance yield and reduce production costs. Furthermore, the expansion of end-use industries such as adhesives, coatings, and plastics is driving the demand for itaconic acid, as manufacturers seek to incorporate bio-based materials into their product lines to meet consumer and regulatory demands.

The growth in the itaconic acid market is driven by several factors. Technological advancements in fermentation processes and microbial engineering are enhancing the production efficiency and scalability of itaconic acid, making it more accessible for various industrial applications. The increasing demand for sustainable and eco-friendly chemicals in response to stringent environmental regulations is a major driver, as industries seek to reduce their carbon footprint and adopt greener alternatives. The rising adoption of bio-based polymers in the packaging, automotive, and consumer goods sectors is also boosting the demand for itaconic acid, as these industries aim to meet sustainability goals and consumer preferences for environmentally friendly products. Furthermore, the expansion of applications in emerging markets, supported by government initiatives and investments in green technologies, is creating new opportunities for market growth. Strategic collaborations and partnerships among industry players are fostering innovation and expanding the application scope of itaconic acid, further propelling market expansion.

Select Competitors (Total 32 Featured) -

• Alpha Chemika
• Chengdu Jinkai Biology Engineering Co. Ltd.
• Qingdao Kehai Biochemistry Co. Ltd.
• Qingdao Langyatai Group Co. Ltd.
• Ronas Chemicals Ind. Co. Ltd.
• Shandong Kaison Biochemical Co. Ltd.
• Shandong Zhongshun Science & Technology Development Co. Ltd.
• Spectrum Chemical Mfg. Corp.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.