Succinic Acid Market by Type (Bio-based, Petro-based), Application (Polyurethane, Resins, Coatings & Pigments, Pharmaceuticals, Plasticizers, Food & Beverage, PBS/PBST, Solvents & Lubricants, De-Icer Solutions, Personal Care, and Others), and by Region - Global Forecast to 2021
“Increasing demand from polyurethanes, plastics, and food packaging driving the global succinic acid market”
The global succinic acid market is projected to reach USD 701.0 million by 2021, registering a CAGR of 28.0% from 2016 to 2021. The market is projected to register a CAGR of 27.2% from 2016 and reach 251.3 kilotons by 2021. The increasing demand from the polyurethanes, plastic, and food packaging industries fuels the growth of the succinic acid market.
“PBS/PBST: The fastest-growing application for succinic acid”
Bio-based succinic acids used in the PBS/PBST segment is also used in packaging of food, as these are non-toxic, biodegradable, and also have better heat resistance and processability in comparison to other biopolymers. They also provide high quality, low volatility, and durability to the plastics. The key drivers for the succinic acid market in this application segment are the increasing disposable income, changing consumer lifestyles, 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, the U.S., and Germany, among others that have led to the growth of succinic acid in the PBS/PBST application segment.
“Asia-Pacific: The fastest-growing market for succinic acid”
Asia-Pacific is the fastest-growing market of succinic acid, in terms of value and volume. High economic growth, growing manufacturing industries, cheap labor, increasing foreign investments, agreement/collaboration, expansion, increasing consumption of plastics, and a global shift in production capacity from the developed markets to emerging markets are the major factors leading to the growth of succinic acid in this region.
China dominates the succinic acid market in Asia-Pacific. Its consumption of succinic acid has grown significantly, and is expected to witness further growth in the near future. The rise in connectivity, growing levels of urbanization, and strong industrial base for the automotive, packaging, and construction industries are the driving factors for the growth of megacities, which lead to an increasing demand for succinic acid in the country.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided into three categories, namely, by company, by designation, and by region.
• By Company Type- Tier 1- 35%, Tier 2- 45%, and Tier 20%
• By Designation- C Level- 35%, Director Level- 25%, and Others- 40%
• By Region- North America- 45%, Asia-Pacific- 30% , Europe- 20%, and Others-5%
The report also provides company profiles and competitive strategies adopted by the major market players, such as BioAmber (Canada), Myriant (U.S.), Succinity GmbH (Germany), Reverdia (Netherlands), Nippon Shokubai (Japan), Mitsubishi Chemical Holdings Corporation (Tokyo), Kawasaki Kasei Chemicals Ltd. (Japan), Linyi Lixing chemical Co., Ltd (China), Anhui Sunsing Chemicals (China), and Gadiv Petrochemical Industries Ltd. (Israel), among others.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which 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 market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on succinic acid offered by the top players in the global succinic acid market.
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the succinic acid market.
• Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for succinic acid across regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global succinic acid market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global succinic acid market.
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