Global Bio-based Itaconic Acid Market By Type (Styrene Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic Acid), By Application (Adhesives, Sealants, Finishing Agents, Paints and Coatings), By...

In the estimated duration of time span, the global market for bio-based itaconic acid is anticipated to develop at the fastest rate. In this duration, a growing awareness of greenhouse gas emissions and a trend toward more environmentally friendly products are expected to expand market expansion. It is expected that government laws limiting the use of chemical-based itaconic acid in various applications would drive the expansion of the bio-based itaconic acid market. According to analysis, the market for bio-based itaconic acid was estimated to be worth USD 75.2 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.27% from 2022 to 2030, or USD 105.1 million.  

Drivers:

Increased demand of bio-based itaconic acid due to environmental concerns

Because of chemical-based itaconic acid usage, environmental problems are increasing due to which, bio-based itaconic acid is coming more into sight. Bio-based itaconic acid's properties are better in quality compared to the traditional chemical based itaconic acids, and because of this very reason, it is used in vast applications including unsaturated polyester resins, methyl methacrylate, detergent builders, SBR latex, synthetic latex, chillant dispersant agent, superabsorbent polymer, and others. It is predicted that these reasons will drive the market expansion for bio-based itaconic acid.

Increasing demand of bio-based itaconic acid in adhesives and sealants industry

It is predicted that bio-based itaconic acid will be used in the production of sealants and adhesives. Some significant factors which are expected to expand the market growth rate include the growing demand for bio-based adhesives and the tendency of key chemical sector firms to reduce their carbon footprints. Bio-based itaconic acid's success in transmitting light color and adhesion quality is the major contributing aspect to the growth of bio-based itaconic market. 

Restraints:

Two very main reasons that are hampering the growth of bio-based itaconic acid are the availability of low-cost replacements and changes in the price of raw material. Moreover, it is expected that the absence of bio-based itaconic acid can pose a challenge to the market expansion. 

Opportunities:

Growing awareness regarding environment

Due to the growing awareness of greenhouse gas emissions among consumers, a shift in consumer preferences toward environmentally friendly products is observed, which can help to support the expansion of the bio-based itaconic acid market. Additionally, the increasing commonness of bio-based unsaturated polyester resin during the projected period of 2022 to 2030, will generate significant impact for the market growth rate.

Increasing demand for eco-friendly coatings and paints

Due to increasing awareness of VOC emissions in various sectors like construction and automotive industries, there is a rising demand for environmentally friendly paints and coatings, which is expected to positively affect the growth of the market for bio-based itaconic acid.

Market by System Type Insights:

The global bio-based itaconic acid market is segmented into Styrene Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic Acid, and other categories, by system type. There are different applications for each type and each one of them drives specific market demands. For example, for the production of synthetic rubber and adhesives due to its superior binding properties, Styrene Butadiene Itaconic Acid is widely used. Methyl Methacrylate finds applications in coatings and plastics, providing durability and resistance. Polyitaconic Acid plays its role in biodegradable polymers, which are currently in demand for sustainable packaging solutions. Factors such as environmental regulations promoting bio-based products, technological advancements in production processes, and the rising preference for sustainable and eco-friendly materials across various industries are influencing the overall market.  

Market by End Use Insights:

A number of end-use industries contribute to potential growth in the global market for bio-based itaconic acid. The synthesis of artificial latex, sealants, adhesives, and superabsorbent polymers are some important uses. One of the major driving factors is the growing preference for eco-friendly products, preferably in the building and automotive sectors where bio-based paints and coatings are becoming more and more well-liked because of their lower volatile organic compound (VOC) emissions. Additionally, bio-based itaconic acid is also utilized in the production of detergents, textile treatment agents, and dispersing agents which is contributing to growing market demand. 

The industry encounters some obstacles such as varying raw material prices and the presence of reasonably priced substitutes. Technological developments and increased support from the government for environmentally friendly practices are anticipated to propel the bio-based itaconic acid market forward, despite these obstacles . Due to favorable government laws and growing environmental concerns, North America and Europe contribute significantly to the market share held by Asia-Pacific. 

Market by Region Insights:

Bio-based itaconic acid market covers the following countries: the United States, Canada, and Mexico in North America; Germany, France, United Kingdom; Netherlands, Switzerland, Belgium; Russia, Italy, Spain, Turkey; Rest of Europe in Europe; China, Japan, India, South Korea; Singapore, Malaysia; Australia, Thailand, Indonesia, Philippines; Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC); Saudi Arabia, U.A.E.; South Africa, Egypt, Israel; Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina, and Rest of South America as a part of South America.

Leading countries in terms of market share due to increased regulatory spending on infrastructure development in India and China, is Asia-Pacific. Due to their advantageous political environments, Europe and North America are expected to grow at a fastest rate between 2022 and 2030, leading to the prohibition of the production of sodium tripolyphosphate, and their environmental concerns.

The country’s geography is the section that specifies the exact market parameters and regulatory transition that is affecting present and prospective future trends of the market. The case study, technical trend, porter’s five forces analysis and up and downstream value chain analysis are among the variety of data points through which the market scenario for various nations is predicted.

Other considerations, aside from the country data forecast analysis, are availability and presence of global brands; challenges encountered by these brands in view of local or indigenous brands’ stiff or minimum competitions; influence of local tariffs and trade routes.

Competitive Scenario:

The global bio-based itaconic acid market is experiencing robust growth, driven by increasing demand for sustainable products and environmentally friendly applications. Key market drivers include the rising adoption of bio-based unsaturated polyester resins and eco-friendly coatings in various industries. However, challenges such as fluctuating raw material prices and geopolitical tensions impacting supply chains pose significant hurdles. Major players are focusing on innovation, strategic investments, and collaborations to navigate these challenges and capitalize on emerging opportunities.Market Overview:

Scope of Work:

Market Segmentation:

By type:

• Styrene Butadiene Itaconic Acid

• Methyl Methacrylate

• Polyitaconic Acid

• Others

By geography:

• North America (United States, Canada, Mexico)

• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)

• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)

• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)

• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

By system type:

• Polymerization

• Methyl Methacrylate (MMA)

• Chillant Dispersants

• Adhesives and Sealants 

By end use:

• Automotive

• Construction

• Textile

• Consumer Goods

• Others

 Key Developments:

Beijing University of Chemical Technology announced the development of a biomass-derived taconate-butadiene polymer in July 2021. It is claimed that the overall qualities of the functionalized bio-based itaconate butadiene rubber that is produced are either comparable to or superior to those of conventional rubbers. For every ton of rubber produced, 1.44 tons less carbon emissions are anticipated from the manufacturing of bio-based itaconate butadiene. 

FAQs

Q1. What is the projected market growth rate of Itaconic Acid Market?

Itaconic Acid Market was valued at USD 105.04 Million in 2024 and is projected to reach USD 177.79 Million by 2031, growing at a CAGR of 6.80% from 2024 to 2031.

Q2. What are the key driving factors for the growth of the Itaconic Acid Market?

The market for itaconic acid is expected to grow due to factors such as the rising demand for environmentally friendly goods, the increasing use of unsaturated polyester resins made from bio-based sources, rising consumer awareness of the advantages of itaconic acid, and its readily biodegradable nature.

Q3. What are the top players operating in the Itaconic Acid Market?

The Major Players are Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co., Ltd., Zhejiang Guoguang, Biochemistry Co., Ltd., Alpha Chemika, Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd.

Q4. What segments are covered in the Itaconic Acid Market report?

The Global Itaconic Acid Market is segmented based on Derivative, Application, and Geography.

Q5. How can I get a sample report/company profiles for the Itaconic Acid Market?

The sample report for the Itaconic Acid Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.