Itaconic Acid Market Worth 102.3 Million USD by 2022
PUNE, India, March 21, 2018 /PRNewswire/ --
The 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 styrene butadiene itaconic acid segment is estimated to account for the largest share of the Itaconic Acid Market in 2017, in terms of value.
Styrene butadiene itaconic acid is the first level derivative, which possesses superior characteristics, including improved bond & tensile strength, reduction in the use of expensive coating color additive, good adhesion, etc. It is used in the production of SBR latex, as itaconic acid exhibits various properties, making it one of the preferred products. China and Japan are some of the major paper producing economies utilizing large volumes of coating materials in the paper industry. APAC and Europe are the major consumers of the styrene butadiene itaconic acid derivative in the latex application.
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The superabsorbent polymers application segment of the Itaconic Acid Market is projected to grow at the highest CAGR from 2017 to 2022.
SBR latex, synthetic latex, chillant dispersant agent, and superabsorbent polymers are the major consumers of itaconic acid across the globe. The superabsorbent polymers application segment of the Itaconic Acid Market is projected to grow at the highest CAGR between 2017 and 2022. With the increase in the standard of living, the demand for better quality products is expected to increase substantially. The rise in the demand for cosmetics and skincare, personal care, and hygiene products is anticipated to drive the demand for itaconic acid in the superabsorbent polymers application between 2017 and 2022.
The Asia Pacific Itaconic Acid Market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific Itaconic Acid Market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the Asia Pacific Itaconic Acid Market can be attributed to the increased use of itaconic acid in various applications, as it offers improved bond & tensile strength, good adhesion, reduction in the use of expensive coating color additives, etc. Due to the increasing FDI in various industries in the Asia Pacific region, the demand for itaconic acid from the region is expected to rise during the forecast period.
Itaconix Corporation (UK), Qingdao Langyatai (China), Zhejiang Guoguang (China), Alpha Chemika (India), Shandong Kaison (China), Jinan Huaming (China), Iwata Chemical (Japan), Aekyung Petrochemical (South Korea), Ronas Chemical (China), and Chengdu Jinkai (China), among others, are some of the leading players operating in the Itaconic Acid Market. These companies have adopted various organic and inorganic growth strategies, such as agreements, acquisitions, expansions, and joint ventures to increase their global presence and enhance their position in the Itaconic Acid Market.
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