The Global Bio-Based Succinic Acid Market is expected to grow at a CAGR of 45.60% during the forecasting period (2020-2027).
Bio-Based Succinic Acid is a dicarboxylic acid with the chemical formula (CH2)2(CO2H)2 that occurs naturally in plant and animal tissues.
It is also known as the “Spirit of Amber.” It is used as a flavoring agent for food and beverages, intermediate for dyes, perfumes, lacquers, photographic chemicals, alkyd resins, plasticizers, metal treatment chemicals, and coatings.
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 few of utilization, for example, solvents and oils, de-icer solutions, beautifiers, food, and pharma. Moreover, new application, for instance, 1,4-Butanediol (BDO), PBS, plasticizers and polyesters 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.
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, by 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 to enhance 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.
The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and 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 focussed 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 human.
The growing demand for eco-friendly bio-based materials in 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 America 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 of bio-based succinic acid in the area because of its various applications in the industry.
The global succinic market is highly fragmented with many local and international players. However, the international players such as BASF, DSM N.V, and BioAmber are leading producers of succinic acid. Other prominent players of the report include Myriant, Nippon Shokubai, Succinity, Kawasaki Kasei Chemicals, Mitsubishi Chemical Holdings, Anhui Sunsing Chemicals, Reverdia, Linyi Lixing Chemical Co., Ltd., Gadiv Petrochemical Industries Ltd., Yantai Shanshui Chemical Technology.
Visualize the composition of the Bio-Based Succinic Acid market across each indication, regarding type and application highlighting the key commercial assets and players.
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Excel data sheet with thousands of data points of the Bio-Based Succinic Acid market level 4/5 segmentation
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Product mapping in excel for the key Bio-Based Succinic Acid market products of all major market players.
Raw Material Suppliers/ Buyers
Product Suppliers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
1.1. Research Methodology
1.2. The scope of the Report
2.1. Key Trends & Developments
3.1. Industry Impact Factors (Drivers & Restraints)
3.2. Competitive Intensity- Porter 5 Forces
3.3. Regulatory Analysis
4.1. 1, 4-Butanediol
4.2. Polybutylene Succinate
4.4. Polyester Polyols
4.5. Polymers and Esters
5.1. Chemical Industry
5.2. Food and Beverages
5.4. Personal Care
6.1. North America
6.1.1. The United States
6.2. South America
6.2.3. Rest of South America
6.3.2. United Kingdom
6.3.5. Rest of Europe
6.4.5. Rest of Asia-Pacific
6.5. Rest of the World
7.1. Market Player Analysis
7.2. Key Strategies adopted by Manufacturers
7.3. Product Benchmarking
8.3. Nippon Shokubai
8.6. Koninklijke DSM N.V
8.7. Kawasaki Kasei Chemicals
8.8. Mitsubishi Chemical Holdings
8.9. Anhui Sunsing Chemicals
8.11. Linyi Lixing Chemical Co., Ltd.
8.12. Gadiv Petrochemical Industries Ltd.
8.13. Yantai Shanshui Chemical Technology
*Additional company profiles will be included on client request.
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