Itaconic Acid Market - Forecast(2024 - 2030)

Itaconic Acid Market Overview:

According to the International Federation of Pharmaceutical Manufacturers Association (IFPMA), in 2014, the total production in the pharmaceutical industry was valued to be $997 billion, which was $345 billion more than that in 2006. Furthermore, the organization estimates that the global pharmaceutical market will reach $1,430 billion by 2020.^[1] Itaconic acid is widely used in the formulation of medicines, and the remarkable surge in the revenues from the pharmaceutical sector will be largely leveraged by the itaconic acid market that had a market size of $90 million as of 2018. Furthermore, the demand for itaconic acid in various industries is estimated to grow with a compound annual growth rate (CAGR) of 4% during the forecast period of 2019 to 2025.

APAC is the third largest pharmaceutical market in the world after North America and Europe. Furthermore, there is a tangible growth in the industrial sector with a gamut of chemical companies emerging in the region. With the textile industry making strides in some countries of APAC such as China, Indonesia, and the Philippines, the region is evidently a huge marketplace for itaconic acid. This is further backed with the prevalence of water treatment plants in chemical industries of APAC that make use of itaconic acid. Given that APAC is observing a tectonic shift in the construction industry with a myriad of projects being inaugurated on a yearly basis, there is an augmented demand for paints and coatings in the manufacturing of which itaconic acid is used. APAC had the largest itaconic acid market share of 35% in 2018.

Itaconic Acid Market Outlook:

Itaconic acid or methylidenesuccinic acid, first obtained by distillation of citric acid is an organic compound which is used in production of acrylonitrile butadiene styrene and acrylate latexes. It also finds applications in production of styrene butadiene rubber, reinforced glass fiber, deodorants, adhesives, unsaturated polyester resins, fabric binders, ion exchange resins, organosiloxanes, and others.

The key application of itaconic acid is found in the manufacturing of SBR latex which is used in the construction industry for cement bond coats, mortars, and concrete in order to improve bond strength and chemical resistance. Evidently, the construction sector is on the rise in order to suffice the sustainable development goals of the United Nations (UN) pertaining to the infrastructural facilities. This development is leading to a lot of opportunities for the vendors in the itaconic acid market to capitalize on the demand for SBR latex. The application of itaconic acid in SBR latex is projected to grow with a CAGR of 4.80% through to 2025.

Itaconic Acid Market Growth Drivers:

·        The Growth of the Paints & Coatings Industry –

The paints and coatings market was valued to be $127.855 billion as of 2018. Furthermore, the demand for the same is estimated to grow with a CAGR of 4.69% during the forecast period of 2019 to 2025. Itaconic acid finds applications in paper, metal, and concrete coatings. Considering that a significant amount of revenues generated from the paints and coatings market is attributed to metal and concrete coatings, itaconic acid certainly has a sustainable marketplace in the industry. Furthermore, the future foresees more use of paints and coatings which will further flourish the itaconic acid market.

·        The Application in the Cosmetic Sector –

Itaconic acid is considered as one of the most suitable solvents in cosmetic products. Furthermore, it finds applications in deodorants, antiperspirant agents, and some other cosmetic products. The unprecedented demand influx in the cosmetic sector due to the rising disposable personal income and the growing awareness about the benefits of cosmetic products is creating multiple opportunities in the itaconic acid market.

·        The Demand Inflow from the Textile Industry –

According to the United States Department of Agriculture (USDA), cotton production is expected to rise in 2019 with a growth rate of 6.8% year on year.^[2] The derivative of itaconic acid such as cyclodextrin itaconate is used for the modification of cotton fabric. The propitious progress in the textile industry with catapulting production of cotton is poised to open the itaconic acid market even further.

Itaconic Acid Market Trends –

·        Demand for Ecofriendly Adhesives – Adhesives more often than not are made of chemicals that are harmful to the environment. However, nowadays, the vendors are reinventing their manufacturing strategies in order to provide ecofriendly adhesives. This trend is chiefly influencing the bio-based itaconic acid market.

·    Biocompatible Implants in PMMA – There is noticeable demand for biocompatible implants which is significantly giving rise to the augmented application of itaconic acid in PMMA manufacturing.

·     Super Absorbent Polymers – There is a rise in demand for absorbent in the personal care products which is leading to consumption of itaconic acid in the synthesis of super absorbent polymers.

·    In September 2017, AkzoNobel’s specialty chemicals business had collaborated with Itaconix in order to develop innovative bio-based chelates.

Itaconic Acid Market Challenges –

The biggest challenge faced by the vendors in the itaconic acid is the upsurge in the demand for bio-based itaconic acid and the fact that the availability of sugarcane for the manufacturing process is insufficient to fulfill supply to demand. Evidently, sugarcane is heavily used in the food & beverages industry, and there is a consistent demand for the same to produce bio-fuels too. This happens to be the major factor dwarfing growth prospects in the itaconic acid market. However, the agricultural industry will observe more sugarcane crop production in the future, which will ameliorate the problem in the itaconic acid market.

Itaconic Acid Market Key Players Perspective –

The major players striving to capitalize on the demand for itaconic acid are Aekyung Petrochemical Co. Ltd., Alpha Chemika, Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd, Iwata Chemical Co Ltd, Ronas Chemicals Ind, Qingdao Langyatai Group Co., Zhejiang Guoguang Biochemistry Co Ltd, Aekyung Petrochemical Co. Ltd, Nanjing Huajin Healthcare Biologicals Co. Ltd, and Shandong Kaison Biochemical Co.

Itaconic Acid Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the itaconic acid market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The itaconic acid market research report also analyses the application of the product in the pharmaceutical, cosmetics, and textile sectors.

Itaconic Acid Market Report: Industry Coverage

The itaconic acid market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Itaconic Acid Market Report

Is the market demand for itaconic acid growing? How long will it continue to grow and at what rate?

Which type of home security system presents the major growth opportunities?

Is there a possibility for change in the market structure over time?

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

What are the short-term, long-term, and medium-term growth drivers for the market?

What are the short-term, medium-term, and long-term challenges for the market?

What are the short-term, medium-term, and long-term opportunities for the market

Who are the top players/companies of the market?

What are the recent innovations in the market?

How many patents have been filed by the leading players?

What are the types of patents filed by the leading players?

What is our Vision 2030 for the itaconic acid market?

A Few Focus Points Of This Research Are Given Below:

• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future global itaconic acid market during the forecast 2019–2025
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures