A white crystalline powder that is bio-degradable and widely used as a substitute for petro-derived chemicals is referred to as itaconic acid. It is an important type of chemical used in various applications owing to its multiple benefits.
Rising demand for unsaturated polyester resin (UPR) to be used in various industries is fueling demand for an itaconic acid market, as it is the primary ingredient used in production of UPR. Also, UPR being an essential component for manufacture for fiber reinforced polymer (FRP) composites, artificial stones, laminating resins, etc. is increasing its overall demand. Additionally, rising demand for bio-based unsaturated polymer resins is another factor boosting growth of the global market over the forecast period. But, high costs associated with production of itaconic acid and lack of proper technologies for mass production are major factors hampering growth of the global itaconic acid market.
The global itaconic market report has been segmented on the basis of derivative, application, and region. On the basis of region, the global itaconic market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in terms of revenue in the global itaconic acid market and is expected to maintain its dominance over the forecast period. This can be attributed to growing demand for itaconic acid from various industries in the region. Revenue from the market in Europe accounted for second-highest share in the global market and is anticipated to register a CAGR of X.X% over the forecast period. The markets in North America, Latin America, and Middle East & Africa are also anticipated to witness moderate growth over the forecast period. Moreover, the market in Asia Pacific is projected to witness fastest growth over the forecast period, owing to rapid industrialization and growing demand for unsaturated polyester resin (UPR) from various end use industries in emerging economies in the region.
Prominent players in the global itaconic market include Itaconix Corporation, Chengdu Jinkai Biology Engineering Co., Ltd., Jinan Huaming Biological Technology Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Shandong Kaison Biochemical Co., Ltd., and Qingdao Langyatai (Group) Co., Ltd., Ronas Chemicals Ind. Co. Ltd., Aekyung Petrochemical Co., Ltd., and Iwata Chemical Co. Ltd.