Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based Succinic Acid), End-Use Industry (Industrial, Food & Beverage, Coatings, Pharmaceutical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Forecast to 2023
“The succinic acid market is projected to register a CAGR of 6.8% between 2018 and 2023.”
The global succinic acid market is estimated to be USD 132 million in 2018 and is projected to reach USD 183 million by 2023, at a CAGR of 6.8%. The increasing demand from the industrial, personal care and food & beverage industries fuels the succinic acid market. The increasing demand from the APAC region, and the increasing adoption of succinic acid as a substitute of adipic acid in polyurethane production are the factors driving the succinic acid market. However, the high R&D cost for manufacturing bio-succinic acid is majorly restraining the growth of the succinic acid market.
“Industrial application is the largest and fastest-growing end-use industry of succinic acid.”
The demand for succinic acid is driven by its use for applications in the industrial applications. Succinic acid is used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and also have better heat resistance and processability in comparison to other biopolymers. The key drivers for the succinic acid market are the increasing disposable income, changing consumer lifestyle, increased use of plastics, and the growing packaging industry. These factors have fueled the demand for non-toxic, bio-degradable PET bottles, food containers, disposable syringes, blood bags, and other consumer goods in countries such as China, India, Japan, US, and Germany that have led to the growth of the succinic acid market in the PBS/PBST segment.
“APAC is estimated to be the largest succinic acid market.”
APAC is estimated to be the largest market for succinic acid. The growth is mainly attributed to the presence of a large number of succinic acid manufacturers, rising foreign investments, and growing demand for succinic acid from the plastic, food & beverage, and personal care industries. China leads the market owing to the increasing use of succinic acid in the chemical industry for applications such as food& beverages, polyurethanes, resins, coatings & pigments, pharmaceuticals, PBS/PBST, and plasticizers and numerous developmental strategies adopted by the manufacturers.
Breakdown of primary interviews for the report on the succinic acid market
• By Company Type – Tier 1 – 33%, Tier 2 –17%, and Tier 3 – 50%
• By Designation – C Level Executives – 17%, Director Level – 17%, and Others – 66%
• By Region – North America – 20%, APAC– 40%, Middle East & Africa – 40%
The leading succinic acid manufacturers, globally, profiled in this report are BioAmber (Canada), GC Innovation America (US), Succinity GmbH (Germany), Reverdia (Netherlands), Nippon Shokubai (Japan), Shandong Lixing Chemical (China), Kawasaki Kasei Chemicals (Japan), Anqing Hexing Chemical (China), Anhui Sunsing Chemicals (China), and Gadiv Petrochemical Industries (Israel).
The report covers the succinic acid market on the basis of type, end-use industry, and region. This report aims at estimating the size and future growth potential of the succinic acid market across various segmentation types. The report also includes an in-depth competitive analysis of the key market players along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the succinic acid market, high-growth regions, and drivers, restraints, opportunities, and challenges in the market.