Market Industry Reports (MIR) has published a new report titled “Itaconic acid Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global itaconic acid market accounted for over US$ 94.03 million in 2019. It is anticipated to grow at a CAGR of 4.5% from 2020 to 2030.
The increasing utilization of itaconic acid in the manufacture of fabric binders, reinforced glass fiber, polyitaconic acid (PIA), deodorants, adhesives, plastics & coatings, artificial jewelry, carpets, and others is likely to fuel market growth. Also, stringent government regulations to promote bio-based chemicals due to environmental concerns across the globe are fueling the overall market growth. Non-toxic properties of itaconic acid and its increasing use in skincare & personal care products are the major factors boosting the market.
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Additionally, the growing use of itaconic acid in paper coating, carpet backing, and paper processing owing to excellent bonding, frothing machinability & binder strength and flexural & anti-oxidation properties will facilitate the overall market growth. Moreover, growing concerns over sinking fossil fuel resources and innovations & developments in the production of chemicals from biomass feedstock will present several growth opportunities to the market. Also, ongoing R&D activities to develop cost-effective production methods are shaping the future of the itaconic acid market.
However, continuous fluctuations in the prices of raw materials, the high production costs, and the increasing demand for synthetically-derived building blocks for the manufacture of sealants, coatings, adhesives, and paints are the major factors limiting market growth.
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In the global itaconic acid market, Asia Pacific accounts for the largest market share owing to the presence of several local manufacturers, low labor costs, and the extensive use of itaconic acid for the production of various value-added chemicals such as ionomer cements, poly-itaconic acid, resins biofuel components, and others.
Some of the prominent players in the itaconic acid market include:
AEKYUNG PETROCHEMICAL Co., Ltd, Zhejiang Guoguang Biochemistry Co., Ltd., Qingdao Kehai Biochemistry Co., LTD., Itaconix Corporation, IWATA CHEMICAL CO., LTD., Chengdu Jinkai Biology Engineering Co., Ltd and Ronas Chemicals Ind. Co., Ltd, among others.
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