Global Succinic Acid Market Insights, Opportunity Analysis, Market Shares and Forecast 2016 – 2022
Succinic is emerging as one of the most competitive bio based chemicals. The US department of energy has included succinic acid among the top 12 value added bio-based chemicals. Succinic Acid is an intermediate in many chemical processes and is used in the production of various products in a fragmented industry that has multiple players in this production process. The market shows a huge potential of growth depended vastly on the sustainable production of bio-based succinic acid.
Succinic acid is a chemical which has a large number of applications ranging from BDO, polymers, fibres, pharmaceuticals, food, polyurethanes, plasticizers to dyes and coatings. However the major demand originates from coating, resins, BDO, plasticizers and polyurethanes along with the food industry. Currently there is very small number of companies producing succinic acid in large amounts. Most of the companies are small scale and with limited capacity.
Developing countries like China and India are dotting with small scale producers of succinic acid.