Itaconic Acid Market Analysis by Itaconix Corporation, Jinan Huaming Biochemistry Co., Ltd., Aekyung Petrochemical Co

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.

Some Key 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.

• Some major companies in the market report include 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.

• 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 had similar characteristics compared 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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Emergen Research has segmented the global itaconic acid market on the basis of derivative, application, and region:

• Derivative Outlook (Revenue, USD Million; 2019-2032)
o Methyl Methacrylate
o Styrene Butadiene Itaconic Acid
o Polyitaconic Acid
o Others

• Application Outlook (Revenue, USD Million; 2019-2032)
o Chillant Dispersant Agent
o Styrene Butadiene Rubber (SBR) Latex
o Superabsorbent Polymers
o Synthetic Latex
o Others

• Regional Outlook (Revenue, USD Million; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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