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.
Metrics |
Details |
CAGR |
9.5% |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (US$) |
Segments Covered |
Type, Application, and Region |
Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Fastest Growing Region |
Europe |
Largest Region |
North America |
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, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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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.
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.
The Global Succinic Acid Market is segmented based on type, application, and region.
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)
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)
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.
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 (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
By Application
By Region
Why Purchase the Report?
The Global Succinic Acid Market Report Would Provide Approximately 53 Tables, 47 Figures And 100 Pages.
Target Audience 2023