Global Bio-based Itaconic Acid Market – Industry Trends and Forecast to 2029

Bio-based Itaconic Acid Market Analysis and Size

The global bio-based itaconic acid market is expected to witness the highest growth over the forecast period. Shifting trend toward the environment-friendly products due to increasing awareness of the emission of a greenhouse is projected to promote market growth during the forecast period. Furthermore, government regulations on restricting the consumption of chemical-based itaconic acid in several applications will expected to drive the bio-based itaconic acid market growth over the forecast period.

Data Bridge Market Research analyses that the bio-based itaconic acid market was valued at USD 1010.00 million in 2021 and is expected to reach USD 1447.35 million by 2029, registering a CAGR of 4.60% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Bio-based Itaconic Acid Market Scope and Segmentation

Market Definition

Bio-based itaconic acid is a non-toxic and bio-degradable organic intermediate which is used to manufacture finishing agents, adhesives, sealants, paints and coatings. They are generally used in several application including dispersant agent,  detergent builder, methyl methacrylate, synthetic latex, unbalanced polyester resin and SBR latex.

Global Bio-based Itaconic Acid Market Dynamics

Drivers

• High demand of bio-based itaconic acid due to environmental concern

Bio-based itaconic acid is the bio-based form of itaconic acid which are gaining traction due to the growing environmental concerns by the consumption of chemical based itaconic acid. These bio-based itaconic acid has advanced properties as compared to their traditional counterparts, which have increased the usage of this bio-based polyamide in several applications such as unsaturated polyester resins, methyl methacrylate, detergent builder, SBR latex, synthetic latex, chillant dispersant agent, superabsorbent polymer and others. These factors are expected to drive the growth of the bio-based itaconic acid market.

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

Bio-based itaconic acid is anticipated to be applied in manufacturing adhesives and sealants. The risng demand for the development of bio-based adhesives and the inclination of major chemical industry manufacturers toward decreasing their carbon footprints are some major factors expected to drive the market growth rate. The effectiveness of the bio-based itaconic acid in increasing the imparting properties of light color and adhesion quality which is expected to be a favourable factor for the bio-based itaconic market. 

Opportunities

• Growing awareness regarding environment

The changing trend of consumers toward environment-friendly products due to the increasing awareness regarding the emission of greenhouse gases will help to improve the bio-based itaconic acid market growth. Also, the growing incidence of bio-based unsaturated polyester resin will create immense opportunities for the market growth rate during the forecast period of 2022 to 2029. 

• Increasing demand for eco-friendly coatings and paints

Growing demand for the environment-friendly paints and coatings on account of increasing awareness regarding the emissions of VOC in construction and automotive industries is projected to have a positive impact on the growth of bio-based itaconic acid market over the forecast period

Restraints/ Challenges

• Fluctuating prices  of raw materials

Fluctuation in the price of raw materials and availability of low-cost substitutes are some major factors which is posing a major issue to the growth of the bio-based itaconic acid during the above mentioned forecast period.

Also, the lack of availability of advanced for manufacturing bio-based itaconic acid is expected to be a challenging factor for the growth of the market during the forecast period.

This bio-based itaconic acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the bio-based itaconic acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Bio-based Itaconic acid Market Scope

The bio-based itaconic acid market is segmented on the basis of derivative and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Derivative

• Styrene Butadiene Itaconic Acid
• Methyl Methacrylate
• Polyitaconic Acid
• Others

 Application

• SBR Latex
• Synthetic Latex
• Chillant Dispersant Agent
• Superabsorbent Polymer
• Unsaturated Polyester Resins
• Methyl Methacrylate
• Detergent Builder
• Others

Bio-based Itaconic Acid Market Regional Analysis/Insights

The bio-based itaconic acid market is analysed and market size insights and trends are provided by country, derivative and application as referenced above.

The countries covered in the bio-based itaconic acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., 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 part of South America.

Asia-Pacific dominates the bio-based itaconic acid market in terms of market share due to increasing regulatory expenditure on development of infrastructure in India and China.

Europe and North America are anticipated to be the fastest developing region during the forecast period of 2022-2029 due to favourable government regulations to stop manufacture of sodium tripolyphophate and environment concern in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Bio-based Itaconic Acid Market Share Analysis

The bio-based itaconic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bio-based itaconic acid market.

Some of the major players operating in the bio-based itaconic acid market are:

• Thermo Fisher Scientific (U.S.)
• Qingdao Kehai Biochemistry Co., LTD. (China)
• Ultimate Chem India Pvt. Ltd (India)
• Alpha Chemika, (India)
• Haihang Industry (china)
• Ronas Chemicals (China)
• Merck KGaA (Germany)
• Alfa Aesar (U.S.)
• Choice Organochem LLP (India)
• FUSO CHEMICAL CO., LTD. (China)
• Henan Haofei Chemical Co.,Ltd. (China)
• FUJIFILM Wako Pure Chemical Corporation (Japan)

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