The Global Market for Itaconic Acid is Projected to Exceed US$216 Million by 2020

Demand for Renewable Chemicals in the Production of Bio-Based Materials Drives the Itaconic Acid Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Itaconic Acid market. The global market for Itaconic Acid is projected to exceed US$216 million by 2020, driven by the shift from petrochemicals to renewable chemical feedstocks in the production of bio-based materials.

Itaconic Acid (IA), also known as methylene succinic acid or butanedioic acid, is gradually emerging as a new high-tech industry across the globe. With rising concerns over diminishing fossil fuel resources, efforts are being made to produce chemicals from green feedstock rather than petrochemical raw materials. IA represents as an ideal bio-based platform chemical for the chemicals industry. The promising chemical compound is also one of the top 12 bio-based blocks offering suitable platform for production of polymers, coatings, biofuels and chemical compounds. IA is a perfect substitute for petroleum based products and is capable of replacing petrochemicals in production of detergents, thermoplastics such as methyl methacrylate, superabsorbent polymers (SAP), and unsaturated polyester resins (UPR). UPR is extensively used for producing laminate resins, electrical cabinets, pipes, as well as artificial stones. Owing to its unique properties such as robustness, cell growth in high densities, easy to genetically engineer, stability and yeast-like growth, itaconic acid is proved to be non-toxic in nature and finds use in several industrial applications.

Use of IA, until now, was restricted to few industries, while most other application areas remained under developed.

Emerging new application areas in detergent builders, unsaturated polyester resins and methyl methacrylate production, are expected to expand the addressable market for IA. While methyl methacrylate is projected to represent around 52.2% of the itaconic acid market, unsaturated polyester resins as well as detergent builders are forecast to account for nearly 18.8% and 10.8% of the market respectively in 2020. IA has the potential to function as a substitute for several chemical compounds namely acrylic acid, acetone cyanohydrin, maleic anhydride and sodium tripolyphosphate in production of superabsorbent polymers, MMA, UPR and phosphate-free detergent builders, respectively. Depleting fossil fuel reserves, global warming and the ensuing frantic search for renewable chemicals in the production of bio-based and eco-friendly materials, will spur future growth in the market. Demand for renewable chemicals from developing markets such as China, India and Russia, is expected to drive significant growth in the coming years.

Despite the opportunities for growth, higher cost of production and the resulting high price of IA remains a key bottleneck to growth. The availability of low-priced substitutes like acetone cyanohydrins will steal growth momentum from the market. Manufacturers are therefore investing in R&D to develop and add new processes for itaconic acid production in a bid to reduce production cost, and improve the chemical’s competitiveness in price sensitive end-use markets. While improving the conversion yield of the substrate to itaconic acid by increasing efficiency of biosynthesis pathways is likely to lower cost, genetic modifications of E. coli as well as Aspergillus niger are expected to play critical role in making the chemical more affordable.

  As stated by the new market research report on Itaconic Acid, Asia-Pacific represents the largest market worldwide. A healthy construction sector and preference for energy efficient buildings are expected to offer significant opportunities for growth in the region. Europe, the second largest market, is expected to exhibit the strongest growth among the developed markets, over the analysis period.

Major players covered in the report include Alpha Chemika, Chengdu Jinkai Biology Engineering Co., Ltd., Itaconix Corporation, Jinan Huaming Biochemistry Co., Ltd., Nanjing Huajin Biologicals Co., Ltd., Qingdao Langyatai Group Co., Ltd., Qingdao Kehai Biochemistry Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Shandong Zhongshun Science & Technology Development Co., Ltd., Spectrum Chemical Mfg. Corp., and Zhejiang Guoguang Biochemistry Co., Ltd., among others.

The research report titled “Itaconic Acid (IA): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections of manufacturer’s level revenues in US$ Thousands for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America, and Rest of World. The report also provides estimates and projections of volume consumption in Metric Tons for geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World.

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