The Replacement of Certain Products with Eco-Friendly Options to Accelerate Growth Rate of Itaconic Acid Market

Dwindling fossil fuel resources is a major concern being addressed by various countries. It is a grave problem that has to be tackled effectively. Many methods are being implemented to prevent the consumption of fossil fuels. The replacement of petrochemicals with options like methyl methacrylate (MMA) may prove to be a prominent growth generator for the itaconic acid market. Itaconic acid is a major component in the production of methyl methacrylate.

In addition, the use of itaconic acid in diverse applications such as medical formulations, production of deodorants, reinforced glass fibers, fabric binders, styrene-butadiene rubber, polyesters resins, etc. may bring great growth opportunities for the itaconic acid market.

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Stringent Regulations on Volatile Organic Compounds (VOCs) to Boost Growth of Itaconic Acid Market

Numerous countries across the globe are trying to conserve the environment through campaigns and legislations. To prevent further harm to the environment, various countries have imposed several restrictions and regulations on the use of VOCs, eventually leading to a surge in the use of bio-based chemicals. As itaconic acid is used on a large scale in the production of bio-based chemicals, it may garner considerable steam across the forecast period.

The effectiveness of itaconic acid to improve the adhesion quality may assure good growth opportunities for the itaconic acid market. In addition, the growing demand for eco-friendly paints and coatings on the back of increasing awareness about the dangers of VOC emissions will assist in the growth of the itaconic acid market greatly.

Asia Pacific May Emerge as Champion of Growth

Asia Pacific is likely to contribute a significant growth share for the itaconic acid market. The factors leading to the massive growth of the itaconic acid market are the considerable increase in construction projects and the growing demand for adhesives, paintings, and coatings across the region.

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Increasing Demand from Application Segments to Drive Growth of Global Itaconic Acid Market

TMR Research has now come up with a new market research report that provides a detailed information about the overall working dynamics of the global itaconic acid market. The research report tries to shed light on the key factors that are responsible for the growth of the global market in recent years as well as in the coming years of the forecast period. In addition to this, the research report provides detailed insights about the key segments, geographical outlook, and the overall condition of the vendor landscape of the global itaconic acid market.

Asia Pacific to Witness Maximum Growth

As per the research report, the global itaconic acid market is segmented into five key regions. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global market is being dominated by the regional segment of Asia Pacific. The growth of the regional market is primarily attributed to the shutting down of the manufacturing plants in other parts of the globe. In addition to this, increasing activities in the construction sector is expected to play a key role in the overall development of the regional segment. Increasing demand for SBR latex is also projected to play a key role in the development of the Asia Pacific market for itaconic acid.

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On the other hand, the regional segment of North America is projected to witness sluggish growth in the near future. One of the key factors for this dwindling growth in the regional segment is due to the closing down of several manufacturing plants in the region because of low demands from the prominent end use industries. Whereas, the regional segment of Latin America is expected to witness a moderate growth in the coming years of the forecast period. The growth of the market can be attributed to the increasing demand from countries such as Venezuela, Argentina, and Brazil among others. The Middle East and Africa segment is also projected to witness a promising rate of growth in the near future.

Increasing Demand for UPR to Drive Market Growth

There are several factors that are responsible for the overall growth of the global itaconic acid market. One of the crucial growth factors for the market is the growing demand for UPR in manufacturing of fiber reinforced polymer composites, laminating resins, pipes, and electrical cabinets among others. UPR is the key application of itaconoic acid. Thus, increasing demand for UPR is responsible for the development of the global market.

In addition to this, itaconic acid also finds application in coatings and adhesives sector. It is expected to present lucrative growth opportunities in the near future. Furthermore, itaconic acid is also used as an alternative for carboxylate dispersant agent. It is also used as a key solvent in production of different cosmetic products. Such factors are also projected to help in the overall development of the global itaconic acid market in the coming years of the forecast period.

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The competitive landscape of the global itaconic acid market is quite fragmented in nature. This is due to the fact that there are several key companies operating in the global market. Some of the prominent brands in the global itaconic market are Itaconix Corporation, Zhejiang Guoguang Biochemistry, and Qingdao Langtayi Co. Ltd. among others.