Itaconic Acid Market is Poised for Robust Growth by 2030 owing to low VOC emissions

 

Itaconic acid is a naturally occurring unsaturated organic acid. It is considered a platform chemical that can be produced sustainably from renewable feedstocks such as sugar or starch.

The Global itaconic acid market size is estimated to be valued at US$ 134.1 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period of 2023 to 2030.

Itaconic acid finds wide range of applications as dispersants, diverting agents, scale inhibitors, leather finishing agents, surfactants, and in the manufacture of plastics, artificial fibers and synthetic resins. It can be used as a monomer in the synthesis of plastic polymers such as acrylic resin, methacrylic resin, and copolymer resin. It can also serve as a cost-effective substitute for petroleum-derived methyl methacrylate. Growing demand from various end-use industries such as adhesives, sealants, coatings, plasticizers and pharmaceuticals is projected to fuel the growth of global itaconic acid market in the coming years.

Key Takeaways

Key players operating in the itaconic acid market are Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co. Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Alpha Chemika, Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Iwata Chemical Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Spectrum Chemical Manufacturing Corp., FUJIFILM Wakao Pure Chemical Corporation, Ultimate Chem India Pvt. Ltd., Choice Oraganochem Lip., and Alfa Aesar.

The market players are focusing on expanding their production capacities to cater to the growing demands. For instance, Itaconix Corporation inaugurated its commercial-scale fermentation plant in China with an annual capacity of 10,000 metric tons of itaconic acid.

Asia Pacific presents lucrative growth opportunities with increasing demand from chemicals, paints, coatings and adhesive industries across China, India and Southeast Asian countries. Key players are making investments to establish production bases in the region in order to capitalize on the high growth potential.

Europe and North America are other major consumers for itaconic acid. However, stringent environmental regulations regarding VOC emissions are prompting manufacturers to shift from petroleum-based to bio-based monomers and plasticizers. This is expected to benefit the demand for itaconic acid in polymers and plasticizers applications in these regions.

Market Drivers

1. Increasing demand from polymers and plasticizers industries: Itaconic acid acts as an effective substitute for petroleum-based methyl methacrylate in polymers and plasticizers. Growing demand for sustainable and eco-friendly products is driving the replacement of conventional petrochemicals with bio-based itaconic acid in these industries.
2. Favorable regulatory push for bio-based chemicals: Regulations promoting the use of bio-based chemicals over petroleum-based equivalents are encouraging manufacturers to adopt itaconic acid produced from renewable sources such as sugar. This is expected to propel the market growth over the forecast period.

Market Restraints

1. Presence of substitutes: Other organic acids such as citric acid, fumaric acid and malic acid also find applications as polymerization intermediates. This availability of substitutes can hamper the demand growth of itaconic acid to some extent.
2. Volatility in raw material prices: Itaconic acid production involves raw materials such as sugar which are prone to significant price fluctuations depending on climatic conditions, production volumes and global demand-supply dynamics. This adds an element of unpredictability to production costs.

Segment Analysis

The global itaconic acid market is dominated by polymer and chemical intermediates sub segment. Itaconic acid finds major application as monomers in the synthesis of polymers such as polyitaconic acid and derivative of polymalonate. Additionally, the versatility of itaconic acid as a monomer for producing a diverse range of resins and polymers drives its increased demand from the polymer and chemical intermediates sub segment. Polyitaconic acid is used in applications such as construction materials, pharmaceuticals and construction additives due to the good adhesive properties, non-toxicity and biodegradability of itaconic acid.

Global Analysis

Asia Pacific region currently dominates the global itaconic acid market, both in terms of production and consumption. Countries such as China, India and Japan are the major producers and consumers of itaconic acid in the region. This is owing to ease of raw material availability and large number of end use industries in these countries. Europe is the second largest market for itaconic acid globally due to increasing demand from countries such as Germany and Italy. North America is also a significant regional market and is expected to witness strong growth over the forecast period due to growing use of itaconic acid inapplications such as construction polymers and adhesives. Key players are focusing on expanding their production facilities in Asia Pacific and North America to leverage growth opportunities in these regions.