Global Itaconic Acid Market to be dominated by utilization of itaconic acid in agriculture industry through 2028
Initiatives
taken by the government to support the production of itaconic acid are the
major drivers for the Global Itaconic Acid Market.
According to TechSci Research report, “Itaconic
acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the Global Itaconic Acid
Market is anticipated to register a high CAGR during the forecast period.
This can be ascribed to collaborations and partnerships among leading companies
with a diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
Research studies have demonstrated that itaconic
acid has the potential to function as a plant growth promoter, enhancing crop yields.
By stimulating the synthesis of plant hormones and improving nutrient
absorption, itaconic acid facilitates the growth and development of crops. It
promotes root growth, enhances drought tolerance, and improves overall plant
health, thereby increasing agricultural productivity. Itaconic acid can be
utilized as a soil amendment to augment soil fertility and nutrient
availability. Its chelating properties enable it to form complexes with metal
ions, rendering essential nutrients more accessible to plants. Moreover,
itaconic acid facilitates the release of bound nutrients in the soil, enhancing
their efficiency and utilization by crops. This application optimizes nutrient
management and diminishes the requirement for excessive fertilizer usage,
resulting in cost savings and reduced environmental impact. The antimicrobial
properties of itaconic acid make it an effective tool for disease control in
agriculture. It has been proven to inhibit the growth of various plant
pathogens, including fungi and bacteria. The incorporation of itaconic acid
into agricultural practices aids in disease management and reduces reliance on
synthetic chemicals. Itaconic acid-based biopesticides provide a sustainable
and environmentally friendly alternative for disease control in crops. The
utilization of itaconic acid in the agriculture industry is driving the global
demand for this bio-based chemical. As farmers and agricultural organizations
seek sustainable and efficient farming methods, itaconic acid offers a
multitude of benefits, including improved crop growth, nutrient efficiency,
disease control, and environmentally friendly mulching solutions.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on "Global Itaconic Acid Market”
These factors
contribute to the expansion of the global itaconic acid market. Numerous
governments have recognized the potential of bio-based chemicals in reducing
environmental impact and fostering a greener economy. They actively promote the
development and adoption of bio-based products, including itaconic acid,
through financial incentives, grants, and subsidies. These initiatives
encourage companies to invest in research and development, scale up production,
and commercialize bio-based chemicals, ultimately propelling the growth of the
itaconic acid market. Stringent environmental regulations and sustainability
targets established by governments are fueling the demand for eco-friendly
alternatives to conventional chemicals. Itaconic acid, being a bio-based and
biodegradable chemical, aligns well with these regulations and targets.
Governments are urging industries to embrace sustainable practices and reduce
their carbon footprint by substituting traditional chemicals with bio-based
alternatives. This shift in demand toward itaconic acid is driving the growth
of the global market. Collaborative research and development initiatives have
played a pivotal role in advancing the production processes and applications of
itaconic acid. By fostering collaboration among academia, research
institutions, and industry players, these initiatives stimulate innovation and
drive technological advancements. Joint efforts in research and development
facilitate the development of more efficient and cost-effective methods for
producing itaconic acid, ultimately leading to increased market adoption and
growth. However, fluctuations in prices of raw materials
and limitations in supply chain are expected to slow down the growth of the
market in the coming years.
The Global Itaconic Acid Market segmentation is
based on Derivative, Application, By Company, and Region
Based on End User,
Synthetic Latex held the largest market share in the forecast period. Synthetic
latex, encompassing styrene-butadiene latex and acrylate latex, finds extensive
applications in industries such as paints and coatings, adhesives, textiles, and
paper. These industries are major consumers of itaconic acid-derived products.
Itaconic acid serves as a raw material for producing specialty esters that act
as crosslinkers and modifiers in synthetic latex formulations, enhancing their
performance characteristics. The versatility of synthetic latex in diverse
applications contributes significantly to its market share.
Some
of the major companies operating in the Global Itaconic Acid Market include:
- Itaconix Corporation
- Jinan Huaming Biochemistry Co. Ltd.
- Qingdao Langyatai Group Co., Ltd.
- Zhejiang Guoguang Biochemistry Co., Ltd.
- Alpha Chemika
- Chengdu Jinkai Biology Engineering Co., Ltd.
- Ronas Chemicals Ind. Co., Ltd.
- Iwata Chemical Co., Ltd.
- Shandong Kaison Biochemical Co., Ltd.
- Aekyung Petrochemical Co. Ltd.
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“Certain regions, particularly the Asia Pacific,
are projected to exert significant demand for itaconic acid worldwide. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhancing their itaconic acid productivity
each year, are expected to contribute to a remarkable growth of the Global
Itaconic Acid Market in the forecast period," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Global Itaconic Acid Market By
Derivative (Styrene Butadiene Itaconic Acid, Methyl Methacrylate, Polyitaconic
Acid and Others), By Application (SBR Latex, Synthetic Latex, Chillant
Dispersant Agent, Superabsorbent Polymer, and Others), By Region, By
Competition Forecast &
Opportunities, 2018-2028F has evaluated
the future growth potential of Global Itaconic Acid Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide innovative market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Itaconic Acid Market.
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