Global Succinic Acid Market was valued at US$ 132 Mn in 2017 and is expected to reach US$ 221 Mn by 2026, at a CAGR of 6.7 % during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding succinic acid market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focus on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies and regional presence. The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to emerging segment in succinic acid market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Succinic is rising in concert of the foremost competitive bio primarily based chemicals. The US department of energy has enclosed succinic acid among the highest 12 value added bio-based chemicals. Succinic Acid is an intermediate in several chemical processes and is used in the production of several products in a fragmented trade that has multiple players in this production process. The market shows a large potential of growth depended vastly on the sustainable production of bio-based succinic acid.
Succinic acid is a chemical which has a sizeable number of applications starting from BDO, pharmaceuticals, food, polyurethanes, polymers, fibres, plasticizers to dyes and coatings. However the foremost demand originates from coating, resins, BDO, plasticizers and polyurethanes along with the food trade. Currently there is very less number of firms producing succinic acid in more amounts. Most of the companies are small scale and with restricted capacity.
The major drivers for the growth of the succinic acid market are growing applications and movement of the chemical industry towards bio-based sustainable development in chemicals. One more driving factor is the increase in demand for a bio-based chemical. The use of succinic acid as starting raw material for production of chemicals and consumer products with huge markets was the main driver that launched the development of technology for bio-based succinic acid production. Nevertheless, high processing cost and intense competition in the market are the key challenges. Bulk amount of production and an improvement in the production techniques are projected to address the cost possibility issue of the bio-succinic acid market.
Based on type, petro-based segment is expected to be largest contributor to the market growth during the forecast timeframe. Petro-based succinic acid is worthwhile and has better efficiency in comparison with bio-based type. Moreover, it can be widely used in the food & beverage industry. Greater cost and lower efficiency led to the reduced demand for bio-based succinic acid and resulted in the closure of major succinic acid manufacturing companies such as BioAmber, Myriant and Succinity GmbH.
In terms of Application, The growing demand for succinic acid is risen by its use for applications in the industrial applications. Succinic acid is mostly used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and also have well heat resistance and processability in comparison to other biopolymers. The major drivers for the succinic acid market are the increasing disposable income, changing customer lifestyle, widely use of plastics, and the growing packaging industry.
Geographically, Asia Pacific was the largest market for succinic acid with a market share of 41%, in terms of value, in 2017. Emerging nations like China, India, and Japan in this region that together accounted for a share of 70%, in terms of value, in 2017. APAC is the largest and the fastest-growing market for succinic acid due to the rapid economic growth in the region, Moreover, the availability of low-cost labor, thereby, boosting the growth of major industries such as food & beverage, coating, chemical, and pharmaceutical which in turn, is driving the demand for succinic acid.
The Scope of Global Succinic Acid Market:
Global Succinic Acid Market, by Type:
• Bio-Based Succinic Acid
• Petro-Based Succinic Acid
Global Succinic Acid Market, by Application:
• Food & Beverage
Global Succinic Acid Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• South America
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