Increasing demand for bio-based unsaturated polyester resin are propelling the market growth.
Europe Itaconic Market Size – USD 94.5 Million in 2020, Growth - CAGR of 4.3%, Trends – Surge in methyl methacrylate (MMA) production in order to replace petrochemicals.
The global Europe Itaconic Market is forecast to reach USD 133.2 Million by 2028, according to a new report by Reports and Data. Europe Itaconic acid or methylidenesuccinic acid is an organic compound, which is soluble in water. This dicarboxylic acid is a white solid, and it is obtained by the distillation of citric acid. But currently, the fermentation process is more popular among the processes. This chemical has usage in SRB latex, synthetic latex, chillant dispersant agent, and superabsorbent polymers.
The market for Europe Itaconic Acid is influenced by the rising demand for skincare products, the evolution of environment friendly chemicals required by end-use industries, and increasing demand for bio-based unsaturated polyester resin.
The factors mentioned above collectively create opportunities for market growth, while factors such as availability of low-cost substitutes in the market pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the Europe Itaconic Acid market owing to innovative efforts have enhanced the efficiency of Europe Itaconic acid.
The Europe Itaconic acid market in the Asia Pacific region is forecasted to grow at a significant speed due to the increasing demand for Europe Itaconic acid from countries such as India, China, South Korea, Indonesia, and Thailand, among others, for use in various applications. Moreover, increasing foreign direct investment (FDI) in multiple industries in these economies are also contributing to the growth of the Asia Pacific Europe Itaconic acid market.
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Top Companies: Itaconix Corporation, Qingdao Langyatai Group Co., Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Jinan Huaming Biochemistry Co. Ltd., Iwata Chemical Co., Ltd., Alpha Chemika, Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Chengdu Jinkai Biology Engineering Co., Ltd., and Ronas Chemicals Ind. Co., Ltd. among others.
Further Key Finding from the Report Suggestion:
- The fermentation process segment held a larger market share of 71.3% in the year 2018. Due to the depletion of fossil fuels, the fermentation process has replaced all the petroleum-based methods.
- Styrene Butadiene segment is forecasted to grow with the highest CAGR of 4.9% during the forecast period. Styrene butadiene Europe Itaconic acid possesses superior properties such as excellent bonding, tensile strength, binder strength, frothing machinability, and anti-oxidation properties. This portrays in the glossy finish and smoothness in paper processing and paper coating application.
- The superabsorbent polymers segment is forecasted to grow with the highest CAGR of 4.9% during the forecast period. The Europe Itaconic acid-based superabsorbent polymers are primarily used in cosmetics, skincare, personal care, and hygiene care industries. Superior properties of Europe Itaconic acid are expected to increase its use in these applications and will boost the market for Europe Itaconic acid in the forecast period.
- The Asia Pacific region held the largest market share of 56.3% in the year 2018. The region is the major producer as well as the consumer for Europe Itaconic acid market. Countries such as China, India, and Thailand are some of the major exporters of Europe Itaconic acid in the market.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Europe Itaconic Acid market is segmented into:
Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
Derivatives Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
- Styrene Butadiene
- Methyl Methacrylate
- PolyEurope Itaconic Acid
Applications Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
- SBR Latex
- Synthetic Latex
- Chillant Dispersant Agent
- Superabsorbent Polymer
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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