Succinic Acid Market Size, Share, Industry, Forecast and outlook (2023-2030)

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, 2023-2030

Succinic Acid Market Overview

The Global Succinic Acid Market reached US$ 256.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 530 billion by 2030. The market is growing at a CAGR of 9.5% during the forecast period 2023-2030.

The Succinic Acid Market is driven by the increasing demand for bio-based succinic acid, the growth of end-user industries, and the growing focus on sustainability. The food and beverages industry is expected to experience significant growth due to the increasing demand for natural preservatives and flavor enhancers. The need for bio-based succinic acid proliferates due to its eco-friendly nature and the growing focus on sustainable development.

Succinic Acid Market Scope

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Succinic Acid Market Dynamics

Increasing Demand for Bio-Based Succinic Acid Drives the Market Growth

The succinic acid market is driven by a growing preference for eco-friendly and sustainable solutions that reduce carbon footprint and promote renewable energy sources. As the demand for natural ingredients in food and beverages increases, the need for bio-based succinic acid is also expected to rise. The increasing usage of succinic acid in the pharmaceutical industry is expected to further drive the market demand for bio-based succinic acid.

Shifting Preference Toward Eco-Friendly and Sustainable Solutions Drives The Market Growth 

The succinic acid market is contributing to sustainability through the production of bioplastics. Bioplastics made using succinic acid are biodegradable and do not contribute to plastic pollution, making them a more sustainable option than traditional plastics made from petroleum. The succinic acid market also contributes to sustainability by using renewable energy sources in production.

Many succinic acid manufacturers use renewable energy sources such as wind and solar power to reduce their carbon footprint and promote sustainability, which are factors expected to boost the succinic acid market growth.

Succinic Acid Market Segment Analysis

The Global Succinic Acid Market is segmented based on type, application, and region.

Increased Adoption of Bio-Based Succinic Acid is Expected to Drive the Segment Growth

The bio-based segment has held the largest share of the Global Succinic Acid Market due to the increasing demand for sustainable and eco-friendly solutions across various end-use industries. Furthermore, bio-based succinic acid is cost-effective, biodegradable, and has multiple applications in producing biodegradable plastics, resins, coatings, and other chemical intermediates. These factors have contributed to the growing adoption of bio-based succinic acid.

 
Source: DataM Intelligence Analysis (2023)

Succinic Acid Market Geographical Share

Increased Demand for Succinic Acid With Recycling of Plastic Waste in Europe

In 2022, the European region held the largest revenue share of the global succinic acid market. The growth can be attributed to the increasing demand for succinic acid in the healthcare and chemical sectors in the region. According to PlasticsEurope (PEMRG) report in 2022, the European Union (EU 27), Norway, Switzerland, and the United Kingdom collected about 29.5 million metric tons of consumer plastic waste. However, only 35% of the waste was recycled, with most of the post-consumer treatments comprising energy recovery and landfilling. This situation has created opportunities for the succinic acid market, as it is used to manufacture bioplastics.

Source: DataM Intelligence Analysis (2023)

Succinic Acid Market Companies

The major global succinic acid market players include BioAmber, Myriant, Nippon Shokubai, Succinity, BASF, Koninklijke DSM N.V, Kawasaki Kasei Chemicals, Mitsubishi Chemical Holdings, Anhui Sunsing Chemicals, and Reverdia.

COVID-19 Impact Analysis

The pandemic outbreak and subsequent lockdowns and restrictions on movement have disrupted the supply chain of succinic acid. The market has experienced a decline in demand due to the closure of various industries and manufacturing units, leading to reduced production and supply. 

However, the market has also witnessed a surge in demand for bio-based succinic acid due to the increasing focus on sustainable and eco-friendly solutions during the pandemic. The rising demand for bio-based succinic acid can be attributed to the increasing preference for sustainable and eco-friendly solutions in various industries, including packaging and food and beverages.

Artificial Intelligence Impact Analysis

Artificial Intelligence (AI) has the potential to transform the global succinic acid market by improving production efficiency, reducing costs, and optimizing processes. AI-powered systems can help in the optimization of raw material usage, improving the yield and quality of succinic acid. This can lead to reduced costs of production and enhanced profitability for companies operating in the market. 

AI can also be used to monitor and control the production process, leading to improved quality control and a reduction in wastage. This can result in improved customer satisfaction and increased demand for succinic acid in the market.

By Type 

• Bio-Based
• Petro-Based

By Application

• Food and Beverage
• Pharmaceutical
• Industrial
• Others 

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In August 2022, Technip Energies expanded its portfolio of sustainable chemicals by acquiring the Biosuccinium technology from DSM, adding a technology solution to its offerings. The Biosuccinium technology enables the production of bio-based succinic acid (bio-SAc) on a commercial scale, which is widely used as a feedstock in manufacturing polybutylene succinate.
• In September 2021, Kemira announced a substantial investment in expanding alkenyl succinic anhydride sizing agent (ASA) production in China. The acquisition aims to establish a third production line, which is expected to significantly boost Kemira's ASA production capacity at its advanced Nanjing facility in Jiangsu province.
• In August 2021, LCY Biosciences acquired the biobased succinic acid plant in Sarnia, Ontario, Canada, from BioAmber. With this acquisition, LCY Biosciences has increased its succinic acid production capacity to 18 kilotons, and the company aims to produce 30 kilotons by the end of 2023.

Why Purchase the Report?

• To visualize the Global Succinic Acid Market segmentation based on type, application, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous succinic acid market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Succinic Acid Market Report Would Provide Approximately 53 Tables, 47 Figures And 100 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies