Shifting trend towards eco-friendly products on account of rising awareness towards green house emissions is expected to promote bio-based itaconic acid market growth over the forecast period. Bio-based itaconic acid is a bio-degradable and non-toxic organic intermediate used to manufacture of adhesives, sealants, finishing agents, paints and coatings. Stringent environment regulations aimed at reducing VOC (volatile organic compounds) emissions have forced the chemical manufacturers to deploy the use of bio-based chemicals for the production of their product offerings. Bio-based itaconic acid is expected to find its application in manufacturing of specialty polymers where reducing VOC levels are taken into consideration owing to it being an eco-friendly alternative. Bio-based itaconic acid has high boiling point, good solubility in water and a distinct odour which makes it safe for use in different applications. Predominantly, itaconic acid is manufactured by heating calcium aconitate solution in sugar cane refining using the patented Montecatini method. Farm land availability of sugarcane in Brazil, China and India is expected to ensure raw material access for manufacturing bio-based itaconic acid in the near future. High production cost along with lack of technology available for manufacturing is expected to be a challenging factor for bio-based itaconic market over the forecast period. Development of solid state fermentation is expected to open new avenues for bio-based itaconic acid market.
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Bio-based itaconic acid is expected to find its application in manufacturing adhesives and sealants and is expected to foresee growth on account of development of bio-based adhesives and inclination of chemical manufacturers towards reducing carbon footprints. The effectiveness of bio-based itaconic acid to improve the adhesion quality and imparting properties of light colour and water-fastness is expected to be a favourable factor for market. Growing demand for eco-friendly coatings and paints on account of increasing awareness towards VOC emissions in automotive and construction industries is expected to have a positive impact on bio-based itaconic acid market over the forecast period. Bio-based itaconic acid is expected to be utilised for retaining the strength for fibers and increasing abrasive quality used in the production of wrinkle free shirts and carpets. Increasing demand for synthetically derived building blocks for the production of adhesives, sealants, paints and coatings and their low price is expected to be restraining factor for bio-based itaconic acid market growth over the next seven years.
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Asia Pacific is expected to be largest bio-based itaconic acid market over the forecast period owing to increasing regulatory expenditure on infrastructure improvement in China and India which is expected to augment demand for adhesives, sealants, paints and coatings. Automobile industry growth in Indonesia, South Korea and China on account of rising domestic consumption of vehicles, new product launches and increasing investments is expected to promote the market growth of adhesives, paints and coatings. As a result, growing demand for aforementioned products in Asia Pacific is expected to augment bio-based itaconic acid market growth in the near future. European Commission framed Horizon 2020 Strategy, intended for promoting the consumption and production of naturally derived products, which is expected to have a positive impact on market. The U.S. EPA is committed on restricting VOC emissions in paints and coatings industry and is expected to force manufacturers to deploy the use of bio-based itaconic acid.
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