The global itaconic acid market is foreseen to be very concentrated, with leading 3 players in 2014, accounting for over 60% of entire market share. The major firms operating in global itaconic acid market are Chengdu Jinkai Biology Engineering Co., Ltd., Itaconix Corporation, Jinan Huaming Biological Technology Co., Ltd., Shandong Kaison Biochemical Co., Ltd., and Zhejiang Guoguang Biochemistry Co., Ltd. The market is currently a niche in itself due to its high cost, limited consumption, credited to easy availability of its alternatives in the global market. The global itaconic acid market is projected to be immensely consolidated with very few players all over. Certain firms for example, Chengdu Jinkai Biology Engineering Co., Ltd. and Itaconix Corporation project high-level integration in second and third level of value chain.
According to a recent report by Transparency Market Research, the global itaconic acid market is likely to expand at a steady CAGR of 5.5% within the forecast period from 2015 to 2023. In 2014, the market was worth US$ 126.4 Mn, which is estimated to reach around worth of US$ 204.6 Mn by the end of forecast period.
In terms of application, superabsorbent polymers (SAP) segment is leading in the global itaconic acid. Itaconic acid hold a huge capacity to supplant petroleum-based acrylic acid utilized in the making of SAP. The acid is also a potential replacement for a chemical – maleic anhydride in making of unsaturated polyester resins (UPR) due to its similar properties like maleic anhydride. Geographically, Asia Pacific region in 2014, led the global itaconic acid market as far as revenue and volume was concerned. Increased focus on production strength owing to shutdown of many manufacturing units of itaconic acid fuels the growth in regional market in future.
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Itaconic acid is a significant structure in the compound business. It is a white crystalline powder and promptly biodegrades in soil. Subsequently, it is an ideal substitute for petro-based chemical compounds, for example, maleic anhydride, acrylic acid, or acetone cyanohydrin in different end-client enterprises. The demand regarding itaconic acid is growing in the manufacturing of superabsorbent polymers. Itaconic acid is utilized as a cross-linking because of its capacity to productively partake additional polymerization. SAP is widely utilized in adult incontinence, diapers, and female hygiene products. It likewise discovers enormous application in root dipping, seed coating, ornamental gardens, artificial snow, and food packaging. Besides, surging demand in Unsaturated Polyester Resins (UPR) in artificial stones, pipes, laminating resins, and electrical cabinets are foreseen to build the demand for itaconic acid. The costs of itaconic acid are as of now higher than its alternatives and subsequently, the potential for substitution is less noteworthy. Be that as it may, the development potential is slated to surge in coming years owing to progressing improvement and investigation of novel production innovation.
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High Production Cost to Hamper Market Development
The production expense is a significant factor deciding the price of itaconic acid. At present, the cost of itaconic acid is high which has brought about inability to trade the demand regarding its substitutes in a few application sectors including unsaturated polyester resins, synthetic latex, superabsorbent polymers, cleansers, and so on. Nonetheless, with progressing advancements and expanding production scale-up, the cost of itaconic acid is estimated to decrease notably in forthcoming years. Therefore, the utilization of itaconic acid in numerous application sectors is anticipated to surge in the upcoming years.
This analysis is based on a recent market research report by Transparency Market Research, titled, “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.”