Bio-Based Succinic Acid Market

SKU: DMCH690 | Last Updated On: Nov 10 2022 | Available Formats

> Bio-Based Succinic Acid Market Expected to reach a high CAGR of 12.2% By 2029: DataM Intelligence

Bio-Based succinic Acid Market is segmented By Application (1, 4-Butanediol, Polybutylene Succinate, Plasticizers, Polyester Polyols, Polymers and Esters, Others), By End User (Chemical Industry, Food, and Beverages, Pharmaceutical, Personal Care, Agriculture, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[195 Pages Report] The Global "Bio-Based Succinic Acid Market" is expected to grow at a high CAGR of 12.2% during the forecasting period (2022-2029).

Metrics

Details

Market CAGR

12.2%

Segments Covered

By Application, By End-User, And By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Drivers and Restraints

  • The growing manufacturing industries are increasing the demand for Bio-based succinic acid. Growing demand for green chemicals has also boosted the market for bio-based succinic acid as it helps in the production of bioplastics.

  • Also, expanding need to replace butane-based maleic anhydride and upgrading improvement in the bio-refining process has additionally filled the market for bio-based succinic acid globally.

  • Bio-succinic acid is principally being utilized as a replacement for petroleum-based succinic acid in a few utilization, for example, solvents and oils, de-icer solutions, beautifiers, food, and pharma. Moreover, new applications, for instance, 1,4-Butanediol (BDO), PBS, plasticizers, and polyester polyols market will quicken the future development of the market.

  • However, the high processing cost of Bio-Based Succinic Acid is a significant restraint to the growth of the market.

Market Outlook

  • The global Bio-Based Succinic Acid market report segments the market by application and end-user. The demand for bio-based Bio-Based Succinic Acid is estimated to increase exponentially in the coming years because of the increasing use and adoption of greener and sustainable chemicals globally.

  • Further, the end-user segment classifies the market as chemical, food and beverages, pharmaceutical, agriculture, personal care, and others. The chemical industry segment holds the highest market share in 2017 and is expected to create an increasing demand for the bio-based succinic acid market.

  • New applications to use bio-based succinic acid are continuously required in the chemical sector. Additionally, implementing bio-based succinic acid in the chemical industry will further surge the market to draw sustainable solutions.

  • Thus, these solutions will help in developing new products and further benefit enhancing environmental footprints. Bio-based succinic acid is used mainly in the production of 1,4 Butanediol (BDO) as a substitute for maleic anhydride. It is estimated that 1.2 MT of bio-succinic acid is needed to replace 1 MT of maleic anhydride.

Market Geographical Analysis

  • The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and the rest of the world.

  • North America is the largest market for Bio-Based Succinic Acid owing to the high investments, significant production facilities, and a robust industrial base for chemical, pharmaceutical, food and beverages, and end-user sectors.

  • Manufacturers in the North American region are highly focused on the development of bio-based succinic acid because of the stringent regulations in the area over the use of chemicals which pose a threat to the environment as well as humans.

  • The growing demand for eco-friendly bio-based materials in the food and beverages and pharmaceuticals sector is also leading to the growth of bio-based succinic acid in the region.

  • Thus, the increasing demand for bio-based succinic acid is expected to propel the North American bio-based succinic acid market during the forecast period.

  • Asia-Pacific is estimated to be the fastest-growing region during the forecast period owing to the high development in the application industries for bio-based succinic acid.

  • Factors like low-cost labor, easy availability of raw materials, and favorable government policies in countries like India and China are boosting the manufacturing sector in the region, and the number of production plants is continuously increasing in this region.

  • Thus, the growth in the manufacturing sector in the region will boost the demand for bio-based succinic acid in the area because of its various applications in the industry.

Market Key Players

  • The global succinic market is highly fragmented with many local and international players. However, international players such as BASF, DSM N.V, and BioAmber are leading producers of succinic acid. Other prominent players in the report include Myriant, Nippon Shokubai, Succinate, Kawasaki Kasei Chemicals, Mitsubishi Chemical Holdings, Anhui Sensing Chemicals, Reverdia, Linyi Lixing Chemical Co., Ltd., Gadiv Petrochemical Industries Ltd., Yantai Shanshui Chemical Technology.

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FAQ

What is the Growth Rate of the Bio-Based Succinic Acid Market?

Throughout the forecast period (2022-2029) it'll develop a CAGR of 12.2%

What Companies Are Included in the Bio-Based Succinic Acid Market?

Leading producers of succinic acid are BSF, DSM N. V.and BioAmber. Kawasaki Kasei Chemicals, Reverdia, Linyi Lixing Chemical Co., Limited. and Yantai Shanshui Chemical Technology is also prominent players in the report.

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