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Published Date: 2015-07-27Number of Pages: 115

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


Itaconic acid, also known as methyl succinic acid, is one of the important bio-based platform chemicals. Itaconic acid was recognized as one of the twelve promising chemicals obtained from biomass by the U.S. Department of Energy (DoE) in 2004. The itaconic acid market is niche in nature due to its limited consumption in various end-user industries on account of the large availability of substitutes. The cost of production is an important factor determining the pricing of itaconic acid. Currently, the price of itaconic acid is high which has resulted in failure to replace the demand for its substitutes in several application industries including synthetic latex, unsaturated polyester resins, detergents, superabsorbent polymers, etc. However, with ongoing developments and increasing production scale-up, the price of itaconic acid is expected to decline significantly in the near future. As a result, the use of itaconic acid in several application industries is projected to increase during the forecast period from 2015 to 2023. 

Superabsorbent polymers (SAP) is one of the key applications of itaconic acid. Itaconic acid offers vast potential to replace the petroleum-based acrylic acid used in the production of SAP. It is also emerging as a prospective replacement for maleic anhydride in the production of unsaturated polyester resins (UPR) since it offers characteristics similar to maleic anhydride. Rising demand for UPR to produce fiber reinforced polymer (FRP) composites, artificial stones, pipes, electrical cabinets, and laminating resins is expected to boost the demand for itaconic acid. However, the production cost of itaconic acid is exorbitant, which is expected to impede market growth for the period from 2015 to 2023. 

Limited exploration and narrow potential of itaconic acid as drop-in replacement in application industries hampers its market growth. This can be primarily ascribed to the limited exploration of technology for the manufacture of itaconic acid. Moreover, itaconic acid offers limited potential as a drop-in replacement in several application industries such as UPR, detergents, and SAP. Adhesives and coatings applications are expected to provide significant growth opportunities in the global itaconic acid market. Itaconic acid is used to prepare resins that find extensive application in emulsion coatings, coatings for car, leather coatings, refrigerators, and other electrical appliances. 

Synthetic latex, unsaturated polyester resins (UPR), detergents, superabsorbent polymers (SAP), and others including lubricant oils, adhesives, paints and coatings, pharmaceuticals, herbicides, and acrylic fiber are the major applications in the global itaconic acid market. Synthetic latex is the largest application segment that held a share of 55.6% in 2014. Itaconic acid is used as a cross-linking agent in the copolymerization of styrene butadiene rubber (SBR) latex. Detergents, which is another application segment of the itaconic acid market, is expected to witness the slowest growth rate for the period from 2015 to 2023. Poly itaconic acid (a derivative of itaconic acid) has the potential to replace amino carboxylate dispersant agents in detergents. However, availability of several other bio-based substitutes hampers the growth of itaconic acid in detergents application. 

Asia Pacific dominated the global itaconic acid market both in terms of volume and revenue in 2014. It held a share of more than 50% of the global itaconic acid market in 2014. High concentration of production capacities due to the shutdown of the manufacturing plants of itaconic acid in other parts of the world has led to this growth. The Middle East and Africa region is expected to witness below average growth rates as a result of economic transition; however, the region is expected to witness high growth potential for the period from 2015 to 2023. Latin America is projected to witness a moderate growth rate as demand for itaconic acid is likely to be significant in Brazil, Venezuela, and Argentina. North America is projected to witness a sluggish growth rate during the forecast period due to the closure of manufacturing facilities as a result of limited demand from end-user industries. Similarly, Rhodia has stopped production in France as a result of low volume demand for itaconic acid in the region.     

The global itaconic acid market is highly concentrated in nature. Some manufacturers such as Itaconix Corporation and Chengdu Jinkai Biology Engineering Co., Ltd. exhibit a high degree of integration in the second and third stage of the value chain. Key players in the itaconic acid market include Jinan Huaming Biological Technology Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Itaconix Corporation, Shandong Kaison Biochemical Co., Ltd., and Qingdao Langyatai (Group) Co., Ltd. among others.

itaconic-acid-market

Itaconic acid is a white, crystalline, unsaturated dicarboxylic acid that often easily degrades into soil. It is one of the promising chemicals within the group of organic acids. Itaconic acid is stable at room temperature; however, due to the presence of two carboxylic groups, it effectively takes part in the co-polymerization reaction. Itaconic acid is mostly produced by the fungal fermentation of glucose syrup. Itaconic acid is mostly used in the form of derivatives in several end-user industries. For instance, poly itaconic acid, an important derivative of itaconic acid, is produced by the polymerization of itaconic acid monomers. A few other important derivatives include unsaturated ester, 2-methyl-1, 4-butanediol, and 3-methyltetrahydrofuran (3-methyl-THF). Poly itaconic acid is the largest derivative segment of the itaconic acid market. Itaconic acid is employed in several end-user industries. Some of its applications include synthetic latex, unsaturated polyester resins (UPR), superabsorbent polymers (SAP), detergents, and others. 

This report provides the estimates and forecast for the itaconic acid market on the global, regional, and country level. The study provides forecast for the period from 2015 to 2023 based on volume (Tons) and revenue (US$ Mn). 

The study provides a conclusive view of the itaconic acid market by bifurcating it into application segments such as: synthetic latex, unsaturated polyester resins (UPR), superabsorbent polymers (SAP), detergents, and others. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated for the period from 2015 to 2023 in terms of volume (Tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Furthermore, country level analysis has also been provided in the report. Major countries such as the U.S., the U.K, France, Germany, Italy, Spain, China, Japan, ASEAN, Brazil, GCC, and South Africa are included in the study. Segmentation includes demand for individual applications in all the regions and countries.

The report includes a detailed value chain analysis, which provides a comprehensive view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report comprises drivers and restraints for the aromatic solvents market along with their impact on demand during the forecast period. Additionally, the report comprises the study of opportunities in the aromatic solvents market on the global level. 

The report evaluates Porter’s Five Forces model to gauge the degree of existing competition in the aromatic solvents market. The report comprises a qualitative write-up on the market attractiveness analysis, wherein end-users have been analyzed based on their attractiveness. Growth rate, market size, raw material, profit margin, technology, potential substitution in end-user industry, competition and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report includes price trend analysis for itaconic acid from 2014 to 2023. A brief qualitative description about the manufacturing process to produce itaconic acid is also included in the report.    

Secondary research sources that were typically referred to include, but were not limited to company websites, broker reports, investor presentations, financial reports, annual reports, and SEC filings. Other sources such as internal and external proprietary databases, national government documents, news articles, statistical databases and market reports, and webcasts specific to companies operating in the market have also been referred for the report. 

In-depth interviews and discussions with a wide range of key industry participants and opinion leaders were conducted to compile this research report. Primary research represents the bulk of the research efforts, supplemented by extensive secondary research. Key players’ product literature, press releases, annual reports, and relevant documents were reviewed for competitive analysis and market understanding purposes. This helped in validating and strengthening the secondary research findings. Primary research further developed the analysis team’s expertise and market understanding.

The report covers a detailed competitive outlook that includes the market share and profiles of key participants operating in the global market. Key players profiled in the report include Itaconix Corporation, Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Qingdao Langyatai (Group) Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Nanjing Huajin Biologicals Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Spectrum Chemical Manufacturing Corp., and Alpha Chemika. Company profiles include attributes such as company overview, business strategies, brand overview, business overview, key competitors, financial overview (financial year), and recent/key developments and acquisitions.

This report segments the global itaconic acid market as follows:
  • Itaconic Acid Market & Application Analysis
    • Synthetic latex
    • Unsaturated polyester resins
    • Detergents
    • Superabsorbent polymers (SAP)
    • Others (including lubricant oil, adhesives, paints and coatings, pharmaceuticals, herbicides, emulsifiers, printing chemicals, and acrylic fiber)
  • Itaconic Acid Market – Regional Analysis
    • North America
      • U.S.
      • Rest of North America
    • Europe
      • France
      • U.K.
      • Spain
      • Germany
      • Italy
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • ASEAN
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Rest of Latin America
    • Middle East and Africa (MEA)
      • GCC
      • South Africa
      • Rest of MEA


 
 
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