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Itaconic Acid Market to witness accelarated demand by 2024, readily biodegradability in soil and non-toxicity are key factors to augment the industry growth

Author : Rahul Sankrityayan | Published Date : 2019-03-20 

Itaconic Acid Market growth is propelled by rising demand for bio-based chemical intermediates for sustainable products, which offers an ideal platform. Chemicals, that can be possibly replaced by this platform include acetone cyanohydrin (MMA production), acrylic acid (superabsorbent polymers), maleic anhydride (UPR) and sodium tripolyphosphate (phosphate less detergent builder). However, addressable market potential depends on the availability as well as itaconic acid market price trend.

MMA will be a key potential application for this platform. Manufacturers are focusing on producing bio-MMA due to rising preference for sustainable products. Lucite International, a Mitsubishi Rayon subsidiary is working on the Bio-MMA production from itaconic acid. MMA application is projected to be valued over 80 million by 2024.

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Synthetic latex catered to more than 50% of the total 2015 demand. Rising demand for paints & coatings, carpets, textiles, and adhesive & sealants owing to construction industry expansion are driving synthetic latex demand. Itaconic acid is primarily used for polymer stabilization to enhance quality.

High production cost along with presence of low-priced substitutes such as acetone cyanohydrins may impact itaconic acid market size in terms pf penetration. Manufacturers are consistently investing in R&D to add and develop new production processes in order to reduce production cost, and enhance chemical performance.

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Innovations to improve substrate conversion yield by increasing biosynthesis pathway efficiency may result in lower production cost. E. coli and Aspergillus niger’s genetic modification are likely to contribute in making the chemical more economical.

Exclusive properties of itaconic acid such as enabling high densities cell growth, robustness, easy to get genetically engineered, and stability have led to a higher product deployment in several applications including synthetic latex, unsaturated polyester resins (UPR), detergent builders, chelant dispersant agents, and methyl methacrylate across myriad industries such as pharmaceutical, agriculture, and lighting.

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Superabsorbent polymers (SAP) market was over USD 5 million for 2015. SAP applications are not only limited to diaper and hygiene products, but also in medical, construction, and agriculture applications owing to its high water retaining and absorbing properties. Itaconic acid is used as a cross-linking agent in SAP owing to its efficient polymerization properties.

Global itaconic acid market share is fairly fragmented with a number of manufacturers mainly concentrated in Asia Pacific. In terms of production output, Zhejiang Guoguang, Jinan Huaming Biochemistry, and Qingdao Kehai Biochemistry are major industry players.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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