Itaconic Acid Market to Witness Exponential Growth by 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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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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