About Itaconic Acid
Itaconic acid is an important raw material in the chemicals industry that used to produce lubricant additives, surface active agents, dye intermediates, plastics, synthetic rubber and resins and chemical fibers. Itaconic Acid market is expected to mark significant growth over forecasted period owing to increasing ecofriendly alternative, rising production scale up and technological advancement. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the coatings, polymers, biofuels, and other chemical compounds production.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.2% |
In itaconic acid market, it has been observed that most of the companies are upgrading or introducing different poly-itaconic acid, resins biofuel components, ionomer cements that provides more sustainable development in textile, chemical and pharmaceutical industries. Analyst at AMA Research estimates that China Vendors will contribute the maximum growth to Global Itaconic Acid market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Lucite International (United Kingdom), Jinan Huaming Biological Technology Co., Ltd (China), Shandong Kaison Biochemical Co., Ltd. (China), Alpha Chemika (India), Shandong Zhongshun Science & Technology Development Co., Ltd (China), FUSO Chemical Co. Ltd (China) and Qingdao Kehai Biochemistry Co., Ltd (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Zhejiang Kedao Chemicals Co., Ltd (China), Itaconix Corporation (United States) and Chengdu Jinkai Biology Engineering Co., Ltd (China).
Segmentation Overview
AMA Research has segmented the market of Global Itaconic Acid market by Type (Synthesis and Fermentation), Application (Plasticizer, Lubricating Oil Additive and Other) and Region.
On the basis of geography, the market of Itaconic Acid has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Derivative, the sub-segment i.e. Styrene Butadiene will boost the Itaconic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Value Oriented Consumers and Collaboration and Tie Up Of Leading Players
Market Growth Drivers:
Increase Demand Due to Bio Based Unsaturated Polyster which Boost the Itaconic Market. and Rapid Demand Due to Environment Friendly in Nature.
Challenges:
Limitation Due to Low Cost Production is Anticipated to Challenge the Market.
Restraints:
Substitutes Associated With in the Market that Hampers Itaconic Acid Industry. and Government Regulation Associated With Itaconic Acid.
Opportunities:
Proliferation of Technological Advancements Leads to Grow the Itaconic Acid Market. and Upsurge Demand Due to Bio Based Pharma.
In January 2019, Nouryon sign a deal with Itaconix which is beneficial in providing bio-based polymers for the detergents market . It also offers novel innovative itaconic acid polymer platform.
Key Target Audience
Itaconic Acid Manufacturers, Itaconic Acid Traders, End-Use Market Participants of Different Segments of Itaconic Acid, Government and Research Organizations, R&D Institutions and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.