According to Stratistics MRC, the Global Succinic Acid Market is accounted for $278.7 million in 2017 and expected to grow at a CAGR of 24.7% to reach $2036.5 million by 2026. Increase in the petroleum prices and supportive government policies are some of the factors driving the market growth. However the price fluctuation in raw materials is restricting the market growth. The improved bio-refining processes are providing ample opportunities in the market.
Succinic acid is a water-soluble, colorless, crystalline, four-carbon di-carboxylic acid. C4H6O4 is its chemical formula. It can be produced from petroleum feedstock or from bio based raw materials such as maize, wheat, sugarcane, and tapioca (cassava). Generally, succinic acid is produced from maleic anhydride, whereas, synthetically succinic acid is produced from butane via maleic anhydride. Furthermore, succinic acid is used as a chemical intermediate in the manufacturing of lacquers and perfume esters, in pharmaceutical products. Also, succinic acid is used in foods as a sequestrant, a neutralizing and buffering agent. Being a chemical intermediate, succinic acid is used for the production of polymers such as 1,4-butanediol (BDO) and is used in the production of resins and solvents. It has wide range of applications in manufacturing dyes, lacquers, perfumes, industrial solvents, plasticizers, photographic chemicals, alkyd resins and coatings.
By type, the Bio-Based succinic is expected to grow at a major rate. The fluctuation in fossil fuel prices, rise in carbon footprints, and an interest in using locally available raw materials are driving the market. In addition, rising global requirement of green chemicals will trigger its adoption in wide range of applications, especially, in bio plastics, making it a strong platform chemical. Bio succinic acid is primarily being used as a replacement for petrol based succinic acid in few applications such as solvents and lubricants, de-icer solutions, cosmetics, food and pharma.
By geography, Europe is one of the largest markets for succinic acid owing to the rising investment relations, improving production facilities and strong industrial base for construction, packaging, and automotive sectors. In addition increase in spending power and rise in standard of living are the major factors contributing to the growth of the succinic acid market in this region. The increase in demand for eco-friendly bio-based materials and low volatile products in automotive coatings, packaging, furniture, and pharmaceuticals have led to the growth of succinic acid in this region.
Some of the key players in the Succinic Acid market are Mitsubishi Chemical Holdings Corporation, Nippon Shokubai Co. Ltd (Japan), Evonik Industries, Mitsui & Co. Ltd. (Japan), Anhui Sunsing Chemicals Co., Ltd., Gadiv Petrochemical Industries Ltd. (Israel), Kawasaki Kasei Chemicals Ltd. (Japan), Linyi Lixing Chemical Co., Ltd (China), Bioamber, Natureworks LLC, R-Biopharm Ag, Reverdia (The Netherlands), Thyssenkrupp, Succinity, Myriant Technologies LLC (US), Thirumalai Chemicals Limited, Yantai Shanshui Chemical Technology Co., Ltd., Shandong Chemical Co., Ltd., Spectrum Chemical Mfg. Corp. and DC Chemical Co., Ltd.
- Food Additive
- Chemical Intermediate
- Other Applications
End Users Covered:
- Food & Beverage
- Resins, Paints & Coatings
- Dyes & Pigments
- Cosmetics & Personal Care
- De-icing Solutions
- Solvents & Lubricants
- Polybutylene succinate (PBS)/PBST
- Other End Users
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·South Korea
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements