April 15, 2024

Itaconic acid Market is estimated to propelled by growing demand from construction industry

Itaconic acid is an organic compound produced by fermentation of carbohydrates. It finds wide application as a comonomer for producing synthetic resins, as a building block for producing polymers like polyesters and polyamides, and as an intermediate for producing detergents, plasticizers, herbicides etc. The growing construction industry has fueled the demand for polymers and other materials where itaconic acid acts as a key raw material.

The global Itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends propelling the growth of the itaconic acid market is the increasing demand from the construction industry. Itaconic acid is used in the production of synthetic latex and polymer dispersions that are extensively used in construction chemicals for purposes like concrete admixtures, sealants, coatings etc. The global construction industry has witnessed steady growth over the past few years on account of rapid urbanization, growing infrastructure development and new residential & commercial construction projects worldwide. This has augmented the demand for itaconic acid from the construction sector and is expected to continue driving the market during the forecast period.

SWOT Analysis

Strength: Itaconic acid offers several advantages compared to petroleum based monomers. Its bio-based and sustainable nature makes it an environmentally friendly option.

Weakness: High production costs and limited manufacturing capacities are challenges for the industry. Supply bottlenecks constrain market growth.

Opportunity: Increasing use of itaconic acid as a raw material in various end-use industries presents lucrative opportunities. Its properties support its applications in adhesives, paints & coatings and plasticizers.

Threats: Volatility in raw material prices raises risks. Established petrochemical alternatives continue posing competition.

Key Takeaways

The global itaconic acid market is expected to witness high growth over the forecast period of 2023 to 2030. The global Itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

North America holds the major share in the global market currently owing to the growing emphasis on bio-based products and sustainability initiatives in the region. Asia Pacific region is anticipated to grow at the fastest rate attributed to new production facilities and increasing application demand from industries like synthetic latex, adhesives and polymers in China and India.

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 leaders are focused on ramping up production capacities and investing in R&D to expand the application scope of itaconic acid.