Global Succinic Acid Market - Growth, Trends, And Forecasts (2018- 2023)
Succinic acid, an approved additive which is also known as E363, is a bulk chemical with a global production of 16,000–30,000 tons and records an annual growth of 10% in 2014. Succinic acid, can be used as an acidifier and taste enhancer in food like relishes, beverages, and sausages. The global succinic acid market is expected to register a CAGR of 7.6% during 2018-2023 (forecast period).
BioAmber has opened a new plant in Sarnia, Ontario, which aims to produce succinic acid through fermentation, which displays the significance of the bio-form of succinic acid production.
The primary drivers for the growth of the succinic acid market are increasing applications and movement of the chemical industry towards bio-based sustainable chemicals. Another driving factor is the increase in demand for a bio-based chemical. The potential use of succinic acid as starting feedstock for production of industrial chemicals and consumer products with large markets was the main driver that launched the development of technology for bio-based succinic acid production. However, high processing cost and intense competition in the market are the major challenges. Mass production and an improvement in the production techniques are expected to address the cost viability issue of the bio-succinic acid market.
The application of succinic acid covers the largest segment in the global market and has a wide variety of applications, which include industrial applications, pharmaceuticals, food & beverages, and others. All these applications have high growth potential, which ultimately drive the succinic acid market.
By type, the global succinic market is segmented as bio-based and petro-based succinic acid. In the food industry, succinic acid can be classified as a flavoring & softening agent, preservative, anti-microbial agent and others.
Geographically, the global succinic acid market is segmented into North America, South America, Asia-Pacific (APAC), Europe, and Africa. A significant development in application drives the market in the Asia-Pacific region. Moreover, the availability of low-cost labor is boosting production plants in Asia-Pacific, with China holding the highest production capacity, among all the other countries in the region.
Europe is the leading revenue generating market for succinic acid, which is mainly due to the strict regulatory imposition on the use of certain hazardous chemicals that pose a threat to the environment and human beings. Hence, to comply with the requirements, manufacturers are shifting to greener substitutes (bio-succinic acid). Asia-Pacific is expected to be the fastest-growing market, with a CAGR of 44.6% during the analysis period.Major PLAYERS: BIOAMBER, MYRIANT, SUCCINITY, REVERDIA, NIPPON SHOKUBAI, MITSUBISHI CHEMICAL HOLDINGS, KAWASAKI KASEI CHEMICALS LTD., LINYI LIXING CHEMICAL CO., LTD., ANHUI SUNSING CHEMICALS, GADIV PETROCHEMICAL INDUSTRIES LTD., PURAC, NOVOMER and BASF SA., amongst others.
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