The global itaconic acid market is foreseen to be very concentrated, with leading 3 players in 2014, accounting for over 60% of entire market share. The major firms operating in global itaconic acid market are Chengdu Jinkai Biology Engineering Co., Ltd., Itaconix Corporation, Jinan Huaming Biological Technology Co., Ltd., Shandong Kaison Biochemical Co., Ltd., and Zhejiang Guoguang Biochemistry Co., Ltd. The market is currently a niche in itself due to its high cost, limited consumption, credited to easy availability of its alternatives in the global market. The global itaconic acid market is projected to be immensely consolidated with very few players all over.
Certain firms for example, Chengdu Jinkai Biology Engineering Co., Ltd. and Itaconix Corporation project high-level integration in second and third level of value chain.
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According to a recent report by Transparency Market Research, the global itaconic acid market is likely to expand at a steady CAGR of 5.5% within the forecast period from 2015 to 2023. In 2014, the market was worth US$ 126.4 Mn, which is estimated to reach around worth of US$ 204.6 Mn by the end of forecast period.
In terms of application, superabsorbent polymers (SAP) segment is leading in the global itaconic acid. Itaconic acid hold a huge capacity to supplant petroleum-based acrylic acid utilized in the making of SAP. The acid is also a potential replacement for a chemical – maleic anhydride in making of unsaturated polyester resins (UPR) due to its similar properties like maleic anhydride. Geographically, Asia Pacific region in 2014, led the global itaconic acid market as far as revenue and volume was concerned. Increased focus on production strength owing to shutdown of many manufacturing units of itaconic acid fuels the growth in regional market in future.
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Itaconic acid is a significant structure in the compound business. It is a white crystalline powder and promptly biodegrades in soil. Subsequently, it is an ideal substitute for petro-based chemical compounds, for example, maleic anhydride, acrylic acid, or acetone cyanohydrin in different end-client enterprises. The demand regarding itaconic acid is growing in the manufacturing of superabsorbent polymers. Itaconic acid is utilized as a cross-linking because of its capacity to productively partake additional polymerization.