Itaconic acid is an organic compound produced as a fermentation product. It is mainly used as a comonomer in the production of synthetic latex for applications in paints, adhesives, detergents, and others. The global itaconic acid market provides a unique platform for manufacturers to develop environment-friendly and sustainable products. Itaconic acid is known for its biodegradability and is used as a replacement for petroleum-based acrylic acid in various applications.

The global itaconic acid market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the itaconic acid market is the increasing demand from synthetic latex production. Itaconic acid is majorly used as a comonomer in the production of synthetic latexes. Synthetic latexes find wide applications in adhesives, paints, technical products, paper, and carpet backing due to their properties like flexibility, tensile strength, and resistance to degradation. Itaconic acid helps enhance the water-resistance and bonding properties of synthetic latexes. The growing paints and adhesives industry is expected to boost the consumption of synthetic latexes which in turn will drive the demand for itaconic acid over the forecast period. Furthermore, itaconic acid has gained popularity as a substitute for petroleum-based acrylic acid due to its sustainability credentials and biodegradability. The shifting preference towards bio-based products is expected to promote the use of itaconic acid across various end-use industries during the forecast period.

SWOT Analysis

Strength: Itaconic acid is used in various end-use industries like construction, agriculture, healthcare, coatings, and packagings. It can be used as an alternative to synthetic petroleum-based polymers and plastics. It has a robust demand and versatile applications. The production process for itaconic acid is eco-friendly and sustainable as it is derived from renewable resources such as corn, starch, and cellulose through fermentation.

Weakness: The fluctuating prices of raw materials used for producing itaconic acid can hamper its production process and pricing stability. Itaconic acid possesses certain hazardous properties if not handled carefully during production, storage, and transportation as concentrated itaconic acid is moderately toxic and corrosive in nature.

Opportunity: The growing demand for bio-based and sustainable polymers from industries is fueling the market growth for itaconic acid. Key players are investing in RD to widen the application scope of itaconic acid in resins, adhesives, coatings, etc. Stringent environmental regulations on petroleum-based polymers offer an opportunity for itaconic acid to be used as a sustainable replacement.

Threats: Availability of substitutes like citric acid, succinic acid pose threat to the itaconic acid market. Volatility in corn and feedstock prices directly impacts production costs. Developing low-cost production technologies remains a challenge.

Key Takeaways

The global itaconic acid market is expected to witness high growth over the forecast period owing to increasing use in construction polymers, agricultural chemicals and coatings. The global itaconic acid market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific dominates the global itaconic acid market and is expected to grow at the fastest rate during the forecast period. This is attributed to growth of end-use industries in China, India and other Southeast Asian countries. Key market players are expanding their production capacities across Asia to leverage rising regional demand.

Key players: Key players operating in the itaconic acid market are Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co. Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Iwata Chemical Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Spectrum Chemical Manufacturing Corp., FUJIFILM Wakao Pure Chemical Corporation, Ultimate Chem India Pvt. Ltd., Choice Oraganochem Lip., and Alfa Aesar. Itaconix Corporation is one of the leading players with wide production capacity and global footprint.