The [104 Pages Report] “Itaconic Acid Market by Derivative (Styrene Butadiene, Methyl Methacrylate, Polyitaconic Acid), Application (SBR Latex, Synthetic Latex, Chillant Dispersant Agent, Superabsorbent Polymer), and Region – Global Forecast to 2022″ published by MarketsandMarkets™, the Itaconic Acid Market is projected to grow from USD 83.8 Million in 2017 to USD 102.3 Million by 2022, at a CAGR of 4.1% from 2017 to 2022. The increasing demand for bio-based unsaturated polyester resin and its non-toxic properties are fueling the growth of the Itaconic Acid Market across the globe.
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Based on derivative, the methyl methacrylate segment of the itaconic acid market is projected to grow at the highest CAGR between 2017 and 2022. Itaconic acid is used in the form of poly methyl methacrylate for use in medical, architecture, and automotive industries. These factors are expected to increase the demand for methyl methacrylate derivative of itaconic acid during the forecast period.
Based on application, the itaconic acid market has been segmented into SBR latex, synthetic latex, chillant dispersant agents, superabsorbent polymers, and others. The superabsorbent polymers application segment of the itaconic acid market is projected to grow at the highest CAGR between 2017 and 2022. Itaconic acid in superabsorbent polymers offers improved foam stability, binding capacity with metal ions, and effective stability across a broad pH range, etc., making them useful in detergents, and cosmetic and personal care end-use industries. These factors have increased the demand for itaconic acid for use in the superabsorbent polymers application.
The APAC itaconic acid market is projected to grow at the highest CAGR between 2017 and 2022. The growth of the APAC itaconic acid market can be attributed to the increased demand for itaconic acid from China, Japan, and India for use in different end-use industries. The high demand for itaconic acid from various applications can be attributed to the advantages offered by itaconic acid that include UV resistance, tensile & bond strength, moisture resistance, etc. Moreover, with advancements in technologies to carry out mass production of itaconic acid for use in different applications, the demand for itaconic acid is expected to further increase in the region. Leading players in the itaconic acid market are focusing on the APAC region and hence, have undertaken various strategies such as expansions, joint ventures, and agreements to enhance their foothold in the region.
The value chain of the itaconic acid market includes manufacturers, such as Itaconix Corporation (UK), Alpha Chemika (India), Qingdao Langyatai (China), etc. Manufacturers of itaconic acid supply their products to various end-use industries, such as paper coating, paper processing, skin care, detergent, medical equipment, etc.
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