Itaconix PLC (AIM:ITX, OTCQB:ITXXF) has launched a new line of plant-derived ingredients aimed at replacing fossil-based chemicals in paints, coatings and adhesives.
The BIO*Asterix range includes three products made from itaconic acid, a substance derived from natural fermentation.
These can substitute for widely used fossil-based monomers such as acrylate, methacrylate and styrene, which are typically found in resins and composite materials.
One of the new products is based on a patented monomer developed by Itaconix.
The company is targeting the $2.6bn market for butyl acrylates in Europe and North America.
These chemicals are used to make polymeric binders that hold together the components in paint and coating formulations. Itaconix says its new products offer a safer and more environmentally sustainable option.
BIO*Asterix will be sold through the company’s first online store, aimed initially at researchers and industrial laboratories in North America. These early adopters are expected to play a role in developing new, more sustainable polymers.
The launch marks a shift from Itaconix’s previous commercial strategy, which focused on supplying a narrow group of potential customers.
By expanding its product line and embracing e-commerce, the company hopes to open up new avenues for growth in the broader acrylic acid market.
"Increasing the use of itaconate derivatives represents an important new opportunity for improving the safety, performance, and sustainability of everyday products," said CEO John Shaw.
"The commercial product launch of our BIO*Asterix offerings and ecommerce site represents key first steps in Itaconix leading the long-term development and use of new generations of safer paints and coatings."