The Increasing Prevalence of Chemical Companies in the World Is Augmenting the Growth of the Global Itaconic Acid Market

Itaconic Acid Market

Itaconic acid Market, by Derivative (Styrene Butadiene, Methyl Methacrylate, Polyitaconic Acid, and Others), by Application (SBR Latex, Synthetic Latex, Chillant Dispersant Agent, Superabsorbent Polymer, Unsaturated Polyester Resins, Methyl Methacrylate, Detergent Builder, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Itaconic acid is an organic compound derived from renewable resources, particularly glucose, through a fermentation process using microorganisms such as Aspergillus terreus. It is a white crystalline solid known for its versatile properties and finds application in various industries. In the chemical industry, itaconic acid serves as a building block for the production of polymers, resins, emulsifiers, and coatings. It can undergo polymerization reactions to form polyitaconic acid or its derivatives, which are used as adhesives, binders, and flocculants.

Competitive Landscape:

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

Key Market Drivers:

Itaconic acid is derived from renewable feedstocks, making it an attractive alternative to petrochemical-based products. The increasing focus on sustainability and environmental regulations and the prevalence of the chemical sector is driving the demand for itaconic acid in various applications. This is expected to augment the growth of the global itaconic acid market. For instance, according to the Germany Trade and Invest, there are around 2900 chemical companies in Germany.

Itaconic acid and its derivatives find extensive use in the production of biodegradable polymers and plastics. The demand for environmentally friendly materials in the packaging, automotive, and consumer goods sectors is fueling the market growth.

Itaconic acid is used in personal care products as a binder, film-forming agent, and viscosity modifier. The growing consumer demand for natural and organic personal care products is driving the adoption of itaconic acid in this industry. This is estimated to enhance the growth of the global itaconic acid market.

Itaconic acid and its derivatives have applications in pharmaceutical formulations, drug delivery systems, and medical devices. The growing pharmaceutical industry, driven by factors such as aging populations and increasing healthcare expenditure, is boosting the demand for itaconic acid.

Covid-19 Impact Analysis:

The COVID-19 pandemic led to disruptions in the supply chain, reduced manufacturing activities, and temporary closures of production facilities. The overall economic slowdown and uncertainty negatively impacted the growth of the global itaconic acid market during the initial phases of the pandemic.

Key Takeaways:

·         North America is expected to dominate the growth of the global itaconic acid market, driven by the presence of key players, strong research and development activities, Increasing incidence of chemical companies, and the increasing demand for sustainable chemicals in various industries. For instance, according to the United States Environmental Protection Agency, there are around 13,500 chemical facilities, which is owned by over 9000 companies in the United States.

·         The Asia-Pacific is estimated to witness high growth in the global itaconic acid market, owing to expanding industrial sectors, particularly in countries like China and India. The region's increasing population, expansion of the chemical sector, rising disposable incomes, and changing consumer preferences drive the demand for itaconic acid. For instance, according to the Indian Chemical Council (ICC), there are over 11,000 chemical companies in India.