Succinic Acid Market Highlights:
Succinic Acid Market is expected to reach USD 750 Million at the end of the forecasted period and is expected to grow at CAGR of 29% from 2018 to 2023.
Succinic acid is a water-soluble, colourless, and odourless solid. It is produced using both natural and synthetic processes. It can be produced naturally by microbial fermentation of glucose from raw material feedstock such as maize, wheat, sugarcane, and tapioca (cassava). Synthetically, it is manufactured from maleic anhydride.
Succinic Acid Market Key Players:
Succinic Acid Market are: Merck KGaA (Germany), Ernesto Ventos. S.A. (Spain), ThyssenKrupp AG (Germany), BioAmber, Inc. (US), Myriant Corporation (US), Succinity GmbH (Germany), Reverdia (Netherlands), NIPPON SHOKUBAI CO., LTD. (Japan), KAWASAKI KASEI CHEMICALS (Japan), Anhui Sunsing Chemicals Co., Ltd. (China), Gadiv Petrochemical Industries Ltd. (Israel), Spectrum Chemical Manufacturing Corp. (US), FUSO CHEMICAL CO., LTD. (Japan), S.S. Pharmachem (India), and R-Biopharm AG (Germany).
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Succinic acid is widely used as a flavouring agent in food and beverages. It finds application as a chemical intermediate for manufacturing dyes, industrial solvents, perfumes, lacquers, photographic chemicals, alkyd resins, plasticizers, metal treatment chemicals, and coatings. It is also used in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, anrhoers, contraceptives, and cancer.
Succinic Acid Market Segmentation:
Succinic Acid Market has been segmented by type, grade, application, end-use industry, and region.
On the basis of type, the global succinic acid market has been segmented into bio-based and synthetic.
On the basis of grade, the global succinic acid market has been divided into food, pharmaceutical, and industrial.
On the basis of application, the global succinic acid market has been categorized as chemical intermediate, food additive, medicine, and others.
On the basis of end-use industry, the global succinic acid market has been segmented into polymer, dyes and pigments, chemicals, paints and coatings, pharmaceuticals, cosmetics and personal care, and others.
Succinic Acid Market Application:
The global Over the years, global market has undergoing registered prolific growth, although, the trend may be change to significant growth. This has led by growing adoption of bio based succinic acid. Key industry participants have recognised the industry shifting trend towards bio-based products and according adopting strategies to developed bio-based product formulations. Growth in this market is highly credible to rising interest in green chemicals due to incising pressure of regulatory bodies to reduce environmental impact. In addition to this, increasing use of succinic acid in pharmaceutical sector and succinic acid has replaced the use of adipic acid.
Succinic Acid Market has seen a significant growth over the past few years and it has been expected that the global market will keep on growing during the forecast period. Succinic Acid are majorly used in the pharmaceuticals, food & beverage, polyester polyols, PBS & PBST, resins & coating, plasticizers, personal care and others. The growing applications are resulting in the increasing demand for Succinic Acid across the globe. The major factors behind the growth of global Succinic Acid market are growing application segment, rising interest in green chemicals, shifting trends towards bio based succinic acid, increase use in pharmaceutical sector and succinic acid has replaced the use of adipic acid and others.
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Succinic Acid Market Regional Analysis:
Succinic Acid Market has been analysed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest share of the global succinic acid market due to rapid industrialization on account of relaxed investment norms and low production and labour costs in the region. The market in Asia-pacific is expected to grow at a significant CAGR during the forecast period.
North America and Europe are also major markets for succinic acid due to the presence of strong end-use industries such as food & beverage, pharmaceuticals, chemicals, and cosmetics. Stringent environmental regulations are positively influencing the demand for bio-based succinic acid in these regions.
The market in the Middle East & Africa is expected to register moderate growth during the forecast period. Product demand is expected to be dominated by the regional cosmetics and food & beverage industries.
Latin America held the least market share in 2018 due to slow economic growth in the region.
As per analysis, Europe is expected to account the highest growth during the forecast period due to the huge demand from the application industries.
Succinic Acid Market Competitive Landscape:
Bio Amber emerged as major industry participants in succinic acid market over the other players including BASF SE, Nippon Shokubai, and Mitsubishi Chemical. Global succinic acid has seen strategic alliances among the industry players to collectively enjoy the growth served the industry. Bio-Amber holds the major shares in this market and has influencing its dominance on other market players. Most of the key development observed in 2018 has developed by this company including joint ventures and product launches. The company has set to increase such trends in the coming years as well, which in turn, expected to develop future demand. Moreover, Integration across various stages of the value chain is expected to result in continuous raw material supply as well as low production costs.
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