Market Highlights
The use of itaconic acid has been spurred by the growing need for sustainable and eco-friendly goods in a variety of industries, such as textiles, coatings, and resins. As a bio-based platform chemical, it offers a competitive substitute for compounds made from petrochemicals in keeping with the global shift to green technology. Moreover, the need for itaconic acid has grown due to its various applications, such as acting as a precursor for the synthesis of synthetic fibers and biopolymers.
The size of the itaconic acid market was projected to be USD 102.25 million in 2023 and is anticipated to grow at a CAGR of 6.25% to reach USD 167.35 million by 2030.
Market Segment Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Derivative-Type Analysis
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Styrene Butadiene, Methyl Methacrylate, and Polyitaconic Acid.
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Styrene Butadiene is anticipated to hold the largest market share due to its enhanced tensile strength, anti-oxidation qualities, a strong bond, and high machinability & binder strength.
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Application-Type
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SBR Latex, Synthetic Latex, Chillant Dispersant Agent, and Superabsorbent Polymer.
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Superabsorbent polymers is expected to grab the biggest market due to it being used in many sectors.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World.
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Asia-Pacific is likely to grab the largest market share and is projected to grow at a significant CAGR during the forecast period.
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Based on derivative type, the market is divided into styrene butadiene, methyl methacrylate, and polyitaconic acid. Due to its benefits—such as improved tensile strength, anti-oxidation properties, a strong bond, and high machinability & binder strength—the Styrene-Butadiene Itaconic Acid segment held the largest market share. This reduces the need for costly coating color additives and produces a smooth, glossy finish.
Based on Application, the market is segmented into SBR Latex, Synthetic Latex, Chillant Dispersant Agent, Superabsorbent polymers, and others. The Superabsorbent polymers segment accounted for the largest market due to it being used in many sectors, including laundry detergent, skincare, cosmetics, and hygiene industries.
Based on Regional Analysis, the market is classified into North America, Europe, Asia-Pacific, and the Rest of the world. Asia-Pacific accounted for the largest market share and is projected to grow at a significant CAGR during the forecast period. Due to rising foreign, direct investment in various sectors and rising itaconic acid demand in some applications.
Key Players
The following are the key players in the itaconic acid market:
- Alpha Chemika
- Aekyung Petrochemical Co. Ltd.
- Biochemical Co., Ltd.
- Chengdu Jinkai Biology Engineering Co.
- Itaconix Corporation.
- Iwata Chemical Co. Ltd.
- Jinan Huaming Biochemistry Co. Ltd.
- Qingdao Langyatai Group Co.
- Ronas Chemicals Ind. Co., Ltd.
- Zhejiang Guoguang, Biochemistry Co., Ltd.
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s itaconic acid market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
The itaconic acid market is segmented into the following categories.
Itaconic Acid Market, by Derivative Type
- Styrene Butadiene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Methyl Methacrylate (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyitaconic Acid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Itaconic Acid Market, by Application Type
- SBR Latex (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Synthetic Latex (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Chillant Dispersant Agent (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Superabsorbent Polymer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Itaconic Acid Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
