Report Code: A07316 | Nov 2023 | Pages: NA | ||
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Itaconic acid is an organic compound that is also known as methyllidenesuccnic acid. It is a white solid and highly soluble in water, ethanol, and other organic solvents. Itaconic acid is obtained by the distillation of citric acid. It is mainly used in plastic and paint industries. The derivatives of itaconic acid, such as ethyl, vinyl, and methyl, are used as adhesives, elastomers, coatings, and plastics. Itaconic acid exhibits excellent flexibility and strength. Additionally, it has a waterproofing capacity with good electrical insulation power. It also possesses anti-inflammatory properties, and is used in the pharmaceutical industry widely for medicine production. Therefore, it is expected to witness significant growth of the itaconic acid market over the forecast timeframe.
COVID-19 scenario analysis:
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The growth of the pharmaceutical industry and demand for finishing agents, sealants, paints, & coatings are the major driving factors for the itaconic acid market. It has the potential to replace a wide range of petroleum-based chemicals and can decrease the dependency on petroleum. Furthermore, itaconic acid is a biodegradable organic archival and nontoxic. Additionally, increase in the manufacturing of chemicals from biomass feedstock augments the growth of the itaconic acid market growth. However, volatility in the prices of raw materials and high production costs are the major restraints for the itaconic acid market, which are expected to hamper the growth of the market over the forecast timeframe.
The itaconic acid market trends are as follows:Â Â Â Â Â
Surge in usage in healthcare and industrial applications
Manufacturers focus on production of new products for specific applications as there is varying demand based on utilization. A small quantity of itaconic acid is used as an acidulant. Itaconic acid possesses wide applications in the pharmaceutical industry due to its therapeutic effect. It is also used as adhesives and water-proof coatings. Additionally, it is widely used for production of poly-itaconic acid, resins biofuel components, and ionomer cements, which are used in textile, chemical, and pharmaceutical industries.
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Itaconic Acid Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights
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Key Market Players | Zhejiang Guoguang, Ronas Chemical, Aekyung Petrochemical, Jinan Huaming, Itaconic Corporation, Ronas Chemicals Ind. Co, Shandong Kaison Biochemical, Alpha Chemika, Iwata Chemical, Qingdao Langyatai (China) |
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