Global Succinic Acid Market 2017-2021
About Succinic Acid
Succinic acid is also known as butanedioic acid, 1,2-ethanedicarboxylic acid, and amber acid. Succinic acid is conventionally manufactured by the catalytic hydrogenation of maleic anhydride. It can also be manufactured using either petroleum feedstock or bio-based feedstock. The diminishing supplies of oil and gas have forced manufacturers to look for alternative sources of manufacturing succinic acid. The bio-based method is the way toward manufacturing using sustainable and renewable resources.Technavio’s analysts forecast the global succinic acid market to grow at a CAGR of 27.32% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global succinic acid market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Succinic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global succinic acid market: BioAmber, KAWASAKI KASEI CHEMICALS, Myriant, Reverdia, and Succinity.
Other Prominent Vendors in the market are: Anhui Sunsing Chemicals, Anqing Hexing Chemical, Gadiv Petrochemical Industries, New Japan Chemical, Nippon Shokubai, Shandong Yuhuang Chemical, and Thirumalai Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising demand for polybutylene succinate. New biotechnological courses now permit the production of succinic acid based on sustainable feedstocks, such as glucose, sucrose, and bio-based glycerol. Bio-based succinic acid is favored due to reducing carbon footprint. In this view, the succinic acid produced sustainably for the manufacture of biopolymers is gaining popularity.”
According to the report, one driver in the market is increasing environmental concerns. Rising ozone-depleting substance (ODS) fixations, unpredictable oil costs, security of supply, and the need to assemble a manageable worldwide economy are the key driving factors for the shift from petroleum-based economy to a bio-based economy. The development of productive and efficient biorefineries is essential for the creation of a bio-based economy. The cost of delivering regular petrochemicals is comparatively lower than bio-based compounds, because of streamlining and incorporation of multiple production lines.
Further, the report states that one challenge in the market is volatile prices of raw materials. The fluctuation in raw material prices is expected to be a hindrance for the global succinic acid market especially when the feedstock is crude oil-based. Fluctuation in the prices of crude oil, over the years, has had significant negative impact on the operating costs of the vendors and their profit margins. Crude oil prices affect the prices of raw materials, such as methylene diphenyl diisocyanate and toluene diisocyanate, in the case of succinic acid, maleic anhydride.
BioAmber, KAWASAKI KASEI CHEMICALS, Myriant, Reverdia, Succinity, Anhui Sunsing Chemicals, Anqing Hexing Chemical, Gadiv Petrochemical Industries, New Japan Chemical, Nippon Shokubai, Shandong Yuhuang Chemical, and Thirumalai Chemicals.
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