Itaconic Acid Market to Expand with Significant CAGR | 2023
Transparency
Market Research has published a new report titled “Itaconic Acid
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023”. According to the report, the global itaconic
acid market was valued at US$ 126.4 Mn in 2014 and is anticipated to
reach US$ 204.6 Mn by 2023, expanding at a CAGR of 5.5% between 2015
and 2023.
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Report Overview @
Itaconic
acid is an important building block in the chemical industry. It is a
white crystalline powder and readily biodegrades in soil. Hence, it
is an optimum substitute for petro-derived chemicals such as acrylic
acid, maleic anhydride, or acetone cyanohydrin in various end-user
industries. The demand for itaconic acid is high in the manufacturing
of superabsorbent polymers (SAP). Itaconic acid is used as a
cross-linking agent due to its ability to efficiently take part in
addition polymerization. SAP is readily used in diapers, adult
incontinence, and feminine hygiene products. It also finds large
application in seed coating, root dipping, ornamental gardens, food
packaging, and artificial snow. Moreover, increasing demand for
unsaturated polyester resins (UPR) in pipes, artificial stones,
electrical cabinets, and laminating resins is expected to increase
the demand for itaconic acid. High price of itaconic acid is the
major factor hampering the growth of itaconic acid market. The prices
of itaconic acid are currently higher than its counterparts and
hence, the potential for replacement is less significant. However,
the growth potential is slated to rise in the near future due to the
ongoing development and exploration of novel production technology.
Synthetic
latex was the largest application segment of the itaconic acid market
in terms of volume in 2014 and held more than 55% share of the global
itaconic acid market. The segment is expected to witness the second
fastest growth rate during the forecast period. Detergents
application segment is projected to be a sluggish growing market from
2015 to 2023. Poly itaconic acid (a derivative of itaconic acid) has
the potential to replace sodium tripolyphospate in detergents.
However, strong establishment of other phosphate-free builders
impedes the growth of itaconic acid in detergents application. Others
application segment such as lubricant oil, adhesives, paints &
coatings, pharmaceuticals, emulsifiers, herbicides, printing
chemicals, and acrylic fiber is expected to expand at a moderate rate
from 2015 to 2023.
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The
global itaconic acid market is highly concentrated in nature; the top
three players accounted for more than 60% share in 2014. Key players
in the itaconic acid market include: Itaconix Corporation, Chengdu
Jinkai Biology Engineering Co., Ltd., Jinan Huaming Biological
Technology Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd.,
Shandong Kaison Biochemical Co., Ltd., and Qingdao Langyatai (Group)
Co., Ltd. among others.
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