Itaconic Acid Market for Synthetic Latex, Unsaturated Polyester Resins, Detergents, Superabsorbent Polymers (SAP), and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023
Albany, United States – July 28, 2015 /MarketersMedia/ —
Transparency Market Research has published a new report titled “Itaconic Acid Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”. According to the report, the global itaconic acid market was valued at US$ 126.4 Mn in 2014 and is anticipated to reach US$ 204.6 Mn by 2023, expanding at a CAGR of 5.5% between 2015 and 2023.
Itaconic acid, also known as methyl succinic acid, is one of the important bio-based platform chemicals. Itaconic acid was recognized as one of the twelve promising chemicals obtained from biomass by the U.S. Department of Energy (DoE) in 2004. The itaconic acid market is niche in nature due to its limited consumption in various end-user industries on account of the large availability of substitutes. The cost of production is an important factor determining the pricing of itaconic acid. Currently, the price of itaconic acid is high which has resulted in failure to replace the demand for its substitutes in several application industries including synthetic latex, unsaturated polyester resins, detergents, superabsorbent polymers, etc. However, with ongoing developments and increasing production scale-up, the price of itaconic acid is expected to decline significantly in the near future. As a result, the use of itaconic acid in several application industries is projected to increase during the forecast period from 2015 to 2023.
Superabsorbent polymers (SAP) is one of the key applications of itaconic acid. Itaconic acid offers vast potential to replace the petroleum-based acrylic acid used in the production of SAP. It is also emerging as a prospective replacement for maleic anhydride in the production of unsaturated polyester resins (UPR) since it offers characteristics similar to maleic anhydride. Rising demand for UPR to produce fiber reinforced polymer (FRP) composites, artificial stones, pipes, electrical cabinets, and laminating resins is expected to boost the demand for itaconic acid. However, the production cost of itaconic acid is exorbitant, which is expected to impede market growth for the period from 2015 to 2023.
Limited exploration and narrow potential of itaconic acid as drop-in replacement in application industries hampers its market growth. This can be primarily ascribed to the limited exploration of technology for the manufacture of itaconic acid. Moreover, itaconic acid offers limited potential as a drop-in replacement in several application industries such as UPR, detergents, and SAP. Adhesives and coatings applications are expected to provide significant growth opportunities in the global itaconic acid market. Itaconic acid is used to prepare resins that find extensive application in emulsion coatings, coatings for car, leather coatings, refrigerators, and other electrical appliances.
Synthetic latex, unsaturated polyester resins (UPR), detergents, superabsorbent polymers (SAP), and others including lubricant oils, adhesives, paints and coatings, pharmaceuticals, herbicides, and acrylic fiber are the major applications in the global itaconic acid market. Synthetic latex is the largest application segment that held a share of 55.6% in 2014. Itaconic acid is used as a cross-linking agent in the copolymerization of styrene butadiene rubber (SBR) latex. Detergents, which is another application segment of the itaconic acid market, is expected to witness the slowest growth rate for the period from 2015 to 2023. Poly itaconic acid (a derivative of itaconic acid) has the potential to replace amino carboxylate dispersant agents in detergents. However, availability of several other bio-based substitutes hampers the growth of itaconic acid in detergents application.
Asia Pacific dominated the global itaconic acid market both in terms of volume and revenue in 2014. It held a share of more than 50% of the global itaconic acid market in 2014. High concentration of production capacities due to the shutdown of the manufacturing plants of itaconic acid in other parts of the world has led to this growth. The Middle East and Africa region is expected to witness below average growth rates as a result of economic transition; however, the region is expected to witness high growth potential for the period from 2015 to 2023. Latin America is projected to witness a moderate growth rate as demand for itaconic acid is likely to be significant in Brazil, Venezuela, and Argentina. North America is projected to witness a sluggish growth rate during the forecast period due to the closure of manufacturing facilities as a result of limited demand from end-user industries. Similarly, Rhodia has stopped production in France as a result of low volume demand for itaconic acid in the region.
The global itaconic acid market is highly concentrated in nature. Some manufacturers such as Itaconix Corporation and Chengdu Jinkai Biology Engineering Co., Ltd. exhibit a high degree of integration in the second and third stage of the value chain. Key players in the itaconic acid market include Jinan Huaming Biological Technology Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Itaconix Corporation, Shandong Kaison Biochemical Co., Ltd., and Qingdao Langyatai (Group) Co., Ltd. among others.
This report segments the global itaconic acid market as follows:
Itaconic Acid Market & Application Analysis
– Synthetic latex
– Unsaturated polyester resins
– Detergents
– Superabsorbent polymers (SAP)
– Others (including lubricant oil, adhesives, paints and coatings, pharmaceuticals, herbicides, emulsifiers, printing chemicals, and acrylic fiber)
Itaconic Acid Market – Regional Analysis
North America
– U.S.
– Rest of North America
Europe
– France
– U.K.
– Spain
– Germany
– Italy
– Rest of Europe
Asia Pacific
– China
– Japan
– ASEAN
– Rest of Asia Pacific
Latin America
– Brazil
– Rest of Latin America
Middle East and Africa (MEA)
– GCC
– South Africa
– Rest of MEA
Contact
Mr. Nachiket Ghumare
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/
For more information about us, please visit http://www.transparencymarketresearch.com/itaconic-acid-market.html
Contact Info:
Name: Mr. Nachiket
Email: sales@transparencymarketresearch.com
Organization: Transparency Market Research
Address: State Tower, 90 State Street,
Phone: 15186181030
Source: http://marketersmedia.com/itaconic-acid-market-is-expected-to-reach-us-204-6-mn-by-2023-transparency-market-research/87831
Release ID: 87831