Bio-based Itaconic Acid Market Size, Share, Growth, and Industry Analysis, By Type (Styrene Butadiene Itaconic Acid, Methyl Methacrylate & Polyitaconic Acid), By Application (Adhesives, Sealants, Finishing Agents & Paints and Coatings) and Regional Forecast to 2032

Updated On: 02 September 2024

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BIO-BASED ITACONIC ACID MARKET REPORT OVERVIEW

The Global Bio-based Itaconic Acid Market Size was USD 71.45 million in 2023 and the market is projected to touch USD 90.32 million by 2032, exhibiting a CAGR of 2.37% during the forecast period.

The Bio-based Itaconic Acid Market is expanding as companies are in a continuous search for eco-friendly chemicals instead of petroleum-derived products. Muco and hydrophilic itaconic acid that has been synthesized using renewable feedstock is biodegradable, thus ideal for use in adhesives and sealants, paints, coatings, and finishing agents. Its use makes it possible for various products to be used with better performance and long-lasting than before with less harm to the environment. Thus, bio-based itaconic acid, being a valuable component of green chemicals, is ready to expand the effective application of sustainable industrial policies.

COVID-19 Impact: Market Growth During Pandemic Due to sustainable product demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak affected the Bio-based Itaconic Acid Market sharply through supply chain deficits and minimized industrial production. However, the pandemic also informed the use of sustainable materials as the companies’ focus changed to incorporate environment-friendly approaches. In addition to that, the market for bio-based itaconic acid benefited from this shift, as the increasing demand in personal protective equipment or hygiene products during the spread of COVID-19 was satisfied through it. Thus, there was significant growth in the market throughout the pandemic: increased concern about the environment and the search for environmentally friendly products.

LATEST TRENDS

"Market growth driven by eco-friendly, high-performance bio-based itaconic acids"

One trend is the rising popularity of bio-based itaconic acids for the next generation of adhesives and sealants, owing to the fact that customers seek products with higher bonding strength and flexibility and that have a reduced impact on the environment. Indeed, the concentration on boosting adhesive performance resonates with the general trends towards developing eco-friendly materials with improved characteristics. On the same note, enhancement of production methods is enhancing efficacy and economic feasibility of bio-based itaconic acid.

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SEGMENTATION

• By Type

Based on type the market can be categorized into Styrene Butadiene Itaconic Acid, Methyl Methacrylate & Polyitaconic Acid.

"Styrene Butadiene Itaconic Acid": These include Synthetic rubbers and adhesives Styrenic butadiene itaconic acid Usually styrene butadiene is used in the manufacture of synthetic rubber and adhesives. This leads to an improvement in the flexibility and durability of these products through their incorporation. This segment is relevant for all industries that deal with high-performance materials.

"Methyl Methacrylate": Methyl methacrylate itaconic acid is used in the making of acrylic polymers and copolymers. It enhances the transparency, chemical resilience, as well as the toughness of those substances. This application becomes essential in the production of tough and resilient plastic goods.

"Polyitaconic Acid": Polyitaconic acid is used to manufacture superabsorbent polymers that are used in agriculture, hygiene products, and baby diapers. It provides good absorption and wicking properties—that is, the ability to take up and hold water. This makes it useful in products such as diapers and soil conditioners.

• By Application

Based on application the market can be categorized into Adhesives, Sealants, Finishing Agents & Paints and Coatings.

"Adhesives": A biodegradable material, itaconic acid, improves the functionality of adhesives by increasing the bond strength and elasticity. In adhesives, it results in significantly enhanced bond strength and striant of the joining surfaces. This application is critical when it comes to creating high-quality adhesive products that are expected to have longevity.

"Sealants": While in sealants, bio-based itaconic acid affords better adhesion and flexibility as a result of the formation of a better barrier against moisture and air. This enhances the reliability and efficiency of sealants in different uses, which in turn increases their durability. Its role is a vital one for the consistent upkeep of the seal’s integrity.

"Finishing Agents": Itaconic acid used as a finishing agent helps in increasing the life and polished look of the treated surfaces; it is bio-based. Thus, it gives enhanced durability, or rather resistance to wear and tear, and a better finish of the surface. This application is crucial in achieving quality polish in textiles and additional related materials.

"Paints and Coatings": In paints and coatings, bio-based itaconic acid plays a role in enhancing the film-forming property besides enhancing adhesion. This play makes the usage of the varnish coating more uniform and gives it better protection against the environment. This makes it important for creating long-lasting and aesthetically pleasing coatings.

DRIVING FACTORS

"Market growth driven by global demand for eco-friendly, non-petrochemical products"

The growing consciousness globally regarding the usage of eco-friendly products and minimizing carbon emissions motivates the global consumption of bio-based itaconic acid. Concerns for preserving the environment by using non-petrochemicals have become a priority for both the companies and the consumers driving the market demand. This effect contributes to the emergence and application of environmentally friendly industrial materials.

"Market growth driven by efficient, cost-effective bio-based itaconic acid advancements"

Recent advancements in the synthesis of bio-based itaconic acid are describing growth in the level of efficiency and decreased costs. Advanced methods of production and power utilization of renewable materials cause an increase in the competitiveness of bio-itaconic acid compared to traditional variants. These advancements do help in expanding the scope of market adoption and its utilization.

RESTRAINING FACTOR

"High production costs limit market growth "

The major factor that might limit the Bio-based Itaconic Acid Market Growth is the relatively high production cost in contrast to the petrochemical counterparts. This makes it expensive due to the challenges of obtaining sources of renewable materials and the complicated technologies that go into its manufacture. This can edge out other players and blunt market expansion and hence a wider use of bio-based itaconic acid.

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BIO-BASED ITACONIC ACID MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America's Market Growth Driven By Green Production And R&D"

North America holds the largest Bio-based Itaconic Acid Market Share because of its emphasis on something new and green in terms of chemical production. Due to the advanced research and development sector in the region, companies feel the pressure to switch to environment-friendly materials. Moreover, the policies of the government and the ever-growing consumer awareness regarding environmental issues and their preference towards green products are another pillar for the market expansion. Along with successful outsourcing performers and well-developed purchase infrastructures in North America, it also holds the leading position.

KEY INDUSTRY PLAYERS

"Market growth driven by R&D, new applications, and industry collaboration"

The Bio-based Itaconic Acid Market is developing at a rapid pace due to investment put in by the key players of the industries through research and development. Their invention of production technologies as well as new applications creates market demand. In this regard, the market growth is orchestrated via the collaboration and supply of high-value and sustainable bio-based itaconic acid products applicable across various industries and functions.

"List of Market Players Profiled"

• Lucite International Group (U.K)
• DSM Netherlands (Netherlands)
• Qingdao Langyatai Group Co., Ltd. (China)
• Nanjing Huajin Biologicals Co., Ltd. (China)
• Chengdu Lucky Biology Engineering Industry Co., Ltd. (China)

INDUSTRIAL DEVELOPMENT

"April 10, 2024": Genomatica Inc. announced their “Bio-based Itaconic Acid Production Technology”,  which uses renewable feedstocks to produce itaconic acid with a significantly reduced carbon footprint compared to traditional methods. This new technology aims to enhance the sustainability of industrial applications involving itaconic acid, such as in the production of bioplastics and specialty chemicals.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Bio-based Itaconic Acid Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.