Itaconic Acid Market Analysis :
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:
- Extended lockdown leads to complete shutdown of industrial activities for paper and pulp, painting, and other commercial industries, which negatively impacted the market growth.
- Paints, paper, and chemical industries are the significant users of itaconic acid for production of poly-itaconic acid, resins, biofuel components, and ionomer cements.
- Additionally, insufficiency in raw material supply is expected to further affect the production rate of the itaconic acid market, thus affecting the itaconic acid supply chain management.
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:
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.
Key benefits of the report:
- This study presents the analytical depiction of the itaconic acid market along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the itaconic acid market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed itaconic acid market analysis based on competitive intensity and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Questions answered in the itaconic acid market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Itaconic Acid Market Report Highlights
By End User
Key Market Players
Ronas Chemical, Itaconic Corporation, Iwata Chemical, Zhejiang Guoguang, Shandong Kaison Biochemical, Aekyung Petrochemical, Ronas Chemicals Ind. Co, Jinan Huaming, Alpha Chemika, Qingdao Langyatai (China)