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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