Itaconic Acid Market By Derivative (Methyl Methacrylate, Polyitaconic Acid, and Styrene Butadiene), Application (Synthetic Latex, Chillant Dispersant Agent, SBR Latex, and Superabsorbent Polymers) -Analysis & Forecast 2020-2030.
Report ID : 291 | Published Date : Jun 2020 | Pages : 160 | Region : Global | Report Code : CM-26
Itaconic Acid Market Overview and Introduction
Itaconic acid, also known as 2-methylenesuccinic acid, methylsuccinic acid, and propyldicarboxylic acid, is a naturally occurring unsaturated 5-C dicarboxylic acid with a molar weight of 130.1 g/mol. It is abio-based platform chemical and was recognized as one of the promising chemicals obtained from biomass by the U.S. Department of Energy. Itaconic acid has the potential to replace a wide range of petroleum-based chemicals, including acrylic acid, which will further decrease the dependency on petroleum. Itaconic acid is a bio-degradable and non-toxic organic chemical used in the manufacture of adhesives, finishing agents, sealants, paints, and coatings.
Stringent environment regulations by many regional governments have enabled manufacturers to use of bio-based chemicals in the development of their products. This is done to reduce Volatile Organic Compound (VOC) emissions. Such stringent environment regulations are boosting the demand for organic chemicals, further driving growth of the itaconic acid market. Moreover, rising concerns over decreasing fossil fuel resources, increasing production of chemicals from biomass feedstock, and innovation & developments in the field of organic chemicals will present several growth opportunities to the market.
However, fluctuations in the prices of raw materials, high production costs, and the presence of bio-based substitutes are the factors that will limit the overall market growth.
The global itaconic acid market can be segmented into derivative, application, and region.
Itaconic Acid Market by Derivative
Based on derivative, the market can be segmented into methyl methacrylate, polyitaconic acid, styrene-butadiene, and others. Styrene-butadiene is expected to grow at the highest CAGR during the forecast period. The growth of the styrene-butadiene segment can be attributed to the rising utilization of styrene-butadiene in paper coating, carpet backing, and paper processing as it offers excellent bonding, frothing mach inability & binder strength, flexural &anti-oxidation properties, and others.
Itaconic Acid Market by Application
Based on application, the market cans be segmented into synthetic latex, chillant dispersant agent, SBR latex, superabsorbent polymers, and others. The synthetic latex segment accounts for the largest market share of more than 48% owing to the increasing use of synthetic latex for polymer stabilization and final product quality improvements.
Itaconic Acid Market by Region
Based on region, the global itaconic acid market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific dominated the itaconic acid market, followed by North America. The growth in Asia Pacific can be attributed to the increasing use of itaconic acid for the production of various value-added chemicals such as ionomer cements, poly-itaconic acid, resins biofuel components, and others. Also, the growing use of itaconic acid for producing superabsorbent polymers with improved properties is another fact or propelling the market.
Itaconic Acid Market Prominent Players
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.