Global Bio-Based Succinic Acid Market - Segmented by Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The market for bio-based succinic acid is expected to register significant growth during the forecast period, 2018 to 2023.This tremendous growth is significantly driven by increase in the number of emerging applications, like (non-phthalate) plasticizers, resins, and polyester polyols for polyurethanes.
Increasing Applications for Succinic Acid Derivatives
The potential consumption of succinic acid as starting feedstock for extensive array of products, such as polymers, food, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates, and cosmetics, is the major driver, which has been successful in the development of the technology for bio-based succinic acid production. Currently, bio-based succinic acid is gaining significance as a replacement for petroleum-based succinic acid, owing to being renewable and eco-friendly, which are key for bio-based succinic acid to increase its market share in the global succinic acid market during the forecast period.
1,4-Butanediol (BDO) & Derivatives Application Segment to Dominate the Market
Among the major applications, 1,4-butanediol (BDO) & derivatives is the largest market for bio-based succinic acid, with more than 45% share of the global market. BDO is an industrial chemical, which can be used as a solvent starting material for many important industrial chemicals, such as γ-butyrolactone (GBL), tetrahydrofuran (THF), 2-pyrrolidone (2-P), and N-methyl-2-pyrrolidone (NMP). Additionally, BDO can be combined with succinic acid to make biodegradable plastics, polybutylene succinate (PBS) and poly (butylene succinate-co-butylene terephthalate), which found many potential applications. In order to leverage the prominent applications, top manufacturers, like BioAmber and Mitsui & Co., are jointly planning to build additional bio-based succinic acid and BDO plants, which is expected to have a deeper impact on the global bio-based succinic acid market.
Asia-Pacific to Ignite the Market Growth
Though North America is the largest regional market for global bio-based succinic acid, Asia-Pacific represents the fastest-growing regional market. The increasing demand from pharmaceutical, automotive and personal care industries of countries, like China, India, Thailand, and Korea, are providing great opportunity for the bio-based succinic acid market to continue its fast pace of growth. Moreover, since, the product is an intermediate and is bio-degradable in nature, it has been widely accepted by the industries for various purposes, such as food packaging, paints, and polymer resins, amongst others. The large market, with huge growth in Asia-Pacific, is instrumental in the expansion of the global bio-based succinic acid market.
Key Developments in the Market
August 2017: BioAmber bought the bio-based acid plant, which is located in Sarnia in Canada, as part of a joint venture with Mitsui.
June 2017: Bioamber Inc. launched a BIO-SA pharmaceutical grade for its bio-succinic acid.
Major Players: BioAmber Inc., Myriant Corporation, Reverdia, Succinity GmbH, and Anqing Hexing Chemical Co. Ltd, amongst others.
Reasons to Purchase the Report
Identify the current developments and future of the global bio-based succinic acid market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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