Depletion of the fossil fuels have led to manufacturers focusing on developing bio based products, which will suitably impel itaconic acids market trends. Itaconic acid is extensively used in architectural coatings and in the paper industry, subject to its properties of non-toxicity and biodegradability, which will contribute toward the business expansion. Shifting consumer trends toward the adoption of environmentally sustainable products is also forecast to stimulate itaconic acid industry size notably. As per the report by Global Market Insights, Inc. “Worldwide Itaconic acid market was worth USD 75 billion in 2015 and will exhibit an annual growth rate of more than 16.8% over the coming years of 2016 to 2024.”
Methyl methacrylate is touted to be a prominent substitute for petrochemical products. China will be the major supplier of the MMA. Methyl methacrylate application landscape of itaconic acid market will collect a revenue of more than USD 80 million by 2024. The product is prominently used in electronic devices such as monitors, LCD screens, video equipment, and mobile phones.
U.S. Itaconic Acid Market size, by application, 2015 & 2024 (USD Million)
Many of the countries are leaning toward the production of biodegradable products. In Europe especially, most of the industry giants are investing significantly to manufacture bio-based paints from bio-mass feedstock such as wheat pulp. Jinan Huaming Biochemistry Co.,Ltd., Qingdao Kehai Biochemistry Co., Ltd, and Zhejiang Guoguang Biochemistry Co., Ltd. are the notable players in itaconic acid market.
Asia Pacific is a major supplier as well as consumer of itaconic acid and fulfills more than 50% of the global demand. China itaconic acid market will surpass a revenue generation of USD 20 million by 2024. The attributing factor toward the industry growth is availability of ample natural resources along with the presence of technologically advanced fermentation techniques. The product offers high yield and productivity compared to other products.
Itaconic acid is primarily used to form biofuels, coatings, polymers, and chemical compounds, owing to some noteworthy properties of the product such as cell growth, stability, robustness, high densities. In addition to this, the product has huge demand from the agriculture and pharmaceutical sectors, which will impel itaconic acid market.
Unsaturated polyester resins application segment of itaconic acid industry will generate considerable revenue over the years ahead. Growing usage of the product across transportation, marine, and construction sector will attribute itaconic acid industry growth.
Considering the application landscape of itaconic acid market, synthetic latex is a lucrative segment which covered more than 50% of the revenue share and will record a noticeable annual growth rate over the period of 2016 to 2024. The product is extensively used to improve stabilization property of the polymer. Due to feature of effective polymerization, itaconic acid is mainly used as a cross linking mediator in superabsorbent polymers (SAP). As per a study, itaconic acid market from SAP applications generated a revenue of USD 5 million in 2015 and is predicted to collect more revenue over the years ahead. SAP is prominently used in the medical, agriculture, and construction sectors, due to the polymer’s high water absorbing and retaining capability.
Germany itaconic acid industry collected a revenue of USD 2.8 million in 2015 and will exhibit considerable growth over the coming timeframe. Deployment of supportive government rules and regulations to endorse the manufacturing of bio-based products for safeguarding the environmental safety will propel the regional itaconic acid market.
UK itaconic acid market collected a revenue of USD 2 million in 2015 and is anticipated to register a significant CAGR over the period of 2016 to 2024. Increasing awareness among the people regarding health hazards and the implementation of norms by EU to restrict petrochemical production will augment the product demand.
Renowned market players have been investing significantly in novel product development to attract more customers. The deployment of innovative technological enhancements in products will generate lucrative growth opportunities for the industry participants. Many of the research institutes and companies have also been focusing on improving the fermentation process of itaconic acid with an aim to reduce the overall production cost.