Chemical Industry’s Preference for Renewable Feedstock Drives the Global Itaconic Acid Market

Ongoing shift towards bio-based renewable feedstocks in producing polymers, latex, chelates and other chemicals-derived materials is poised to drive the global market for Itaconic Acid to exceed US$133 million by 2024.

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, one of the promising bio-based platform chemicals, is immensely gaining from the prevailing trend in the chemicals industry. Leveraging its unique properties such as robustness, non-toxic nature, extreme stability and yeast-like growth even in high densities, IA extends a highly suitable bio-based monomer for a multitude of industrial applications. Although use of IA is currently restricted to few industries, ongoing thrust towards bio-based renewable chemicals is poised steer use case in numerous industries.

Emerging new application areas in detergent builders, unsaturated polyester resins (UPR), superabsorbent polymers (SAP), and methyl methacrylate (MMA) production, are expected to expand the addressable market for IA. While MMA is projected to represent over half of the new IA consumption, UPRs as well as detergent builders are forecast to collectively account for around 1/3rd share by the end of the decade. 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.

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 potentially curtails market momentum. Manufacturers are therefore investing in R&D to develop and add new processes for IA 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 IA by increasing efficiency of biosynthesis pathways is likely to lower cost, genetic modifications of E. coli and Aspergillus Niger are expected to play critical role in making IA more affordable.
As stated by the new market research report on Itaconic Acid, Asia-Pacific represents the largest market worldwide. Robust activity in downstream end-use domains including surface active agents, dye intermediates, synthetic rubbers, synthetic resins, and chemical fibers is steering demand for IA in the Asia-Pacific region. Europe, the second largest market, is expected to exhibit the strongest growth among the developed markets, over the analysis period.
Major players in the market include Alpha Chemika, Chengdu Jinkai Biology Engineering Co. Ltd., Itaconix Plc, 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., and Spectrum Chemical Mfg. Corp., among others.

The research report titled “Itaconic Acid (IA) - Market Analysis, Trends, and Forecasts” 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 (Brazil and Rest of 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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