The global bio-based itaconic acid market is anticipated to register growth over the forecast period. Shifting trend towards eco-friendly products on account of rising awareness towards greenhouse emissions is expected to promote market growth over the forecast period. Bio-based itaconic acid is a bio-degradable and non-toxic organic intermediate used to manufacture adhesives, sealants, finishing agents, paints and coatings. Stringent environment regulations aimed at reducing VOC (volatile organic compounds) emissions have forced the chemical manufacturers to deploy the use of bio-based chemicals for the production of their product offerings. Bio-based itaconic acid is expected to find its application in the manufacturing of specialty polymers where reducing VOC levels are taken into consideration owing to it being an eco-friendly alternative. Bio-based itaconic acid has a high boiling point, good solubility in water, and a distinct odor which makes it safe for use in different applications. Predominantly, itaconic acid is manufactured by heating calcium aconitate solution in sugar cane refining using the patented Montecatini method. Farmland availability of sugarcane in Brazil, China, and India is expected to ensure raw material access for manufacturing bio-based itaconic acid in the near future. High production cost along with the lack of technology available for manufacturing is expected to be a challenging factor for the market over the forecast period. The development of solid-state fermentation is expected to open new avenues for the bio-based itaconic acid market.
Bio-based itaconic acid is expected to find its application in manufacturing adhesives and sealants and is expected to foresee growth on account of the development of bio-based adhesives and the inclination of chemical manufacturers towards reducing carbon footprints. The effectiveness of bio-based itaconic acid to improve the adhesion quality and imparting properties of light color and water-fastness is expected to be a favorable factor for the market. Growing demand for eco-friendly coatings and paints on account of increasing awareness towards VOC emissions in automotive and construction industries is expected to have a positive impact on the bio-based itaconic acid market over the forecast period. Bio-based itaconic acid is expected to be utilized for retaining the strength for fibers and increasing abrasive quality used in the production of wrinkle-free shirts and carpets. Increasing demand for synthetically derived building blocks for the production of adhesives, sealants, paints and coatings, and their low price is expected to be a restraining factor for the market growth over the next seven years.
Asia Pacific is expected to be the largest bio-based itaconic acid market over the forecast period owing to increasing regulatory expenditure on infrastructure improvement in China and India which is expected to augment demand for adhesives, sealants, paints, and coatings. Automobile industry growth in Indonesia, South Korea, and China on account of rising domestic consumption of vehicles, new product launches, and increasing investments is expected to promote the market growth of adhesives, paints, and coatings. As a result, growing demand for the aforementioned products in Asia Pacific is expected to augment bio-based itaconic acid market growth in the near future. European Commission framed Horizon 2020 Strategy, intended for promoting the consumption and production of naturally derived products, which is expected to have a positive impact on the market. The U.S. EPA is committed to restricting VOC emissions in paints and coatings industry and is expected to force manufacturers to deploy the use of bio-based itaconic acid. Other applications of bio-based itaconic acid include its use as a hardening agent in contact lenses and as binders for use in personal hygiene products. Technological advancements pertaining to the deployment of bio-based itaconic acid to manufacture unsaturated polyester resin, detergent builders, and methyl methacrylate is expected to open new opportunities over the forecast period. The high price of bio-based itaconic acid as compared to chemicals such as acetone cyanohydrins is expected to remain a challenging factor for market growth.
In 2009, Itaconix and its partners Microbia Inc. and the University of Maine received a grant of USD 1.8 million from the US Department of Agriculture and the Department of Energy to develop new techniques for bio-based itaconic acid production. Major players in the bio-based itaconic acid market include DSM Netherlands, Chengdu Lucky Biology Engineering Industry Co., Ltd., Itaconix LLC, Lucite International Group, Nanjing Huajin Biologicals Co., Ltd. and Qingdao Langyatai Group Co., Ltd. Availability of sugarcane as a raw material on account of increasing demand from biofuels and predominant consumption in food & beverage industry is expected to be a challenging factor for market players in the near future.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.