Succinic Acid Market Size, Competitive Landscape and Market Forecast - 2029
Global Succinic Acid Market is segmented By Type (Bio-based, Petro-based), By Application (Food & Beverage, Pharmaceutical, Industrial, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The Global "Succinic Acid Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
- 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. It is also used in the manufacture of medicines for sedatives, contraceptives, and cancer curing. The U.S. Department of Energy (USDOE) considers succinic acid as one among the top twelve chemical building blocks.
Market Drivers and Restraints
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The growing manufacturing industries are increasing the demand for Bio-based succinic acid. The increasing bio-succinic acid demand because of stringent regulations in developed regions like North America and Europe. Also, growing demand & adoption of succinic acid in large market base industries like PBS and polyurethanes are significant drivers for the succinic acid market.
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However, the high processing cost of succinic acid is a significant restraint to the growth of the market.
Market Segmentation Analysis
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The global succinic acid market report segments the market by type and application. By type, the segment includes bio-based and petrol-based succinic acid.
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The demand for bio-based succinic acid is estimated to increase exponentially in the coming years because of the increasing application and adoption of greener and sustainable chemicals globally.
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The market for bio-based succinic acid is also being driven by its ability to reduce carbon footprint by reducing greenhouse gas emissions and lowering energy consumption. Bio-based succinic acid is increasingly being used in food, pharma, solvents and lubricants, de-icer solutions, cosmetics, and many more applications.
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Further, the application segment classifies the market as industrial, food & beverage, pharmaceuticals, and others. The industrial sector was the largest segment in 2017 and held more than half of the total demand followed by pharmaceuticals and food & beverages respectively.
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The Industrial segment can further be segmented as resins, coatings, pigments, solvents & lubricants, plasticizers, de-icer solutions, PBS, polyurethanes, and others. PBS is the fastest-growing sub-segment in this category. Bio-based is the most preferred type of succinic acid in the PBS sector. The increasing demand for non-toxic plastic packaging components from PET bottles & plastic containers is also fuelling the growth of bio-based succinic acid in the PBS application market.
Geographical Share
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The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and the rest of the world. Europe is the largest market for succinic acid owing to the high investments, significant production facilities, and a robust industrial base for construction, packaging, automotive, and other end-user sectors.
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Manufacturers in the European 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 human. The growing demand for eco-friendly bio-based materials in automotive coatings, packaging, 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 European succinic acid market during the forecast period.
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Asia-Pacific is estimated to be the fastest-growing region during the forecast period owing to the high development in the application industries for succinic acid.
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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.
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Thus, the growth in the manufacturing sector in the region will boost the demand for succinic acid in the area because of its various applications in the industry.
Competitive Trends
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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.
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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.
Trending Topics
Bio-Based Succinic Acid Market