Succinic Acid Market: Current Analysis and Forecast (2022-2028)

Succinic Acid Market: Current Analysis and Forecast (2022-2028)

The global succinic acid market is likely to showcase a growth of around 8% during the forecast period. Succinic acid is a versatile chemical compound used in a range of industries. It has tremendous potential as a platform chemical for a number of industrial chemicals. It is currently used as an intermediate in the production of polyesters, alkyd resins, polyurethanes, plasticizers, 1,4-butanediol, and solvents. Besides this, it is used as a flavoring agent for food and beverages. In the pharmaceutical industry, it is used in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, contraceptives, and cancer-curing. As the global end-use industry has showcased tremendous growth over the year and is expected to maintain its historical performance, the demand for chemicals and intermediates including succinic acid would propel during the forecast period. Further, succinic acid is identified as the top twelve building-block chemicals that could be produced from renewable feedstocks is increasing the interest of chemical manufacturers to increase their investment in the area.

Based on type, the market is categorized into petro-based and bio-based. Of both, the bio-based category is likely to showcase faster growth over the forecast period. The high cost associated with the conventional way of succinic acid production using the petroleum-derived maleic anhydride route along with environmentally unfriendly production method is increasing interest in bio-based succinic acid. Moreover, the global target to become carbon neutral is increasing the focus of the chemical industry to use fossil fuel alternatives for chemical production supporting the growth of the bio-based category.

Based on end-user, the market is categorized into general industrial, paints & coatings, food & beverages, personal care & cosmetics, pharmaceutical, and others. Among these, general industrial application held a strong position in the market and is expected to maintain the position during the forecast period. Succinic acid is used in tetrahydrofuran, 1,4-butanediol, urethane, and plasticizers, to name a few. These products find application in a range of industries. For instance, 1,4-butanediol is used as a solvent in the chemical industry whereas it is used as a crucial raw material in fiber manufacturing like Spandex.

For a better understanding of the market adoption of succinic acid, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. The Asia-Pacific region held a strong position in the market and is expected to maintain a positive momentum during the forecast period. The region is a global manufacturing hub and is among the largest producers and consumers of products where succinic acid is used as a key building block. The large demography of the region along with improving per capita income and increasing focus of regional economies in the export market is bringing a greater number of end-use industries to the region. Owing to such factors, the demand for succinic acid is showing positive growth.

The key players with a considerable market share in the global succinic acid market include Nippon Shokubai Co. Ltd., Air Water Performance Chemicals Inc., REVERDIA V.O.F., Ernesto Ventós S.A., Anhui Sunsing Chemicals Co. Ltd., BioAmber Inc., Succinity GmbH, PTT Global Chemical Public Company Limited, Spectrum Chemical Mfg. Corp., and Shandong Sparrow Chemical Co. Ltd. These companies are taking several strategic decisions to meet the growing demand and increase their market share. Show more