Itaconic Acid Market size to exceed $290 mn by 2024
Rising demand for bio-based chemical intermediates for sustainable products will drive itaconic acid market growth, which offers an ideal platform. Chemicals, that can be possibly replaced by this platform include acetone cyanohydrin (MMA production), acrylic acid (superabsorbent polymers), maleic anhydride (UPR) and sodium tripolyphosphate (phosphate less detergent builder). However, addressable market potential depends on the availability as well as itaconic acid market price trend.
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MMA will be a key potential application for this platform. Manufacturers are focusing on producing bio-MMA due to rising preference for sustainable products. Lucite International, a Mitsubishi Rayon subsidiary is working on the Bio-MMA production from itaconic acid. MMA application is projected to be valued over 80 million by 2024.
Synthetic latex catered to more than 50% of the total 2015 demand. Rising demand for paints & coatings, carpets, textiles, and adhesive & sealants owing to construction industry expansion are driving synthetic latex demand. Itaconic acid is primarily used for polymer stabilization to enhance quality.
High production cost along with presence of low-priced substitutes such as acetone cyanohydrins may impact itaconic acid market size in terms pf penetration. Manufacturers are consistently investing in R&D to add and develop new production processes in order to reduce production cost, and enhance chemical performance.
Innovations to improve substrate conversion yield by increasing biosynthesis pathway efficiency may result in lower production cost. E. coli and Aspergillus niger’s genetic modification are likely to contribute in making the chemical more economical.
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Key insights from the report include:
China itaconic acid market size may exceed USD 20 million by 2024. The production is mainly concentrated in China due to presence of abundant natural resources and advanced fermentation technology.
Superabsorbent polymers (SAP) market was over USD 5 million for 2015. SAP applications are not only limited to diaper and hygiene products, but also in medical, construction, and agriculture applications owing to its high water retaining and absorbing properties. Itaconic acid is used as a cross-linking agent in SAP owing to its efficient polymerization properties.
UK itaconic acid market size was over USD 2 million for 2015. EU compliances to discourage petrochemical’s production along with rising consumer health consciousness will stimulate regional growth.
Sodium tripolyphosphate (STPP), most widely used detergent builder is already sidelined in North America and Europe laundry detergent markets owing to rising eutrophication risk which may positively influence detergent builders’ application segment. Detergent builders’ application is projected to surpass USD 20 million valuation by 2024.
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