The global Succinic Acid Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Succinic Acid Market size is expected to value at USD 237.8 million by 2022. The succinic acid industry is subject to witness a substantial growth due to the substantial demand from various application verticals such as 1,4 butanediol, pharmaceuticals, and polyurethanes. Rapid growth of building &construction sector and automotive industry, particularly in the Asia Pacific region is expected to foster market growth over the forecast period.
Key Players:
- Anqing Hexing Chemical Co. Ltd.
- BASF SE
- Reverdia
- BioAmber
- Gadiv Petrochemical Industries Ltd.
- Kawasaki Kasei Chemicals
- Myriant Corporation
- Showa Denko K.K.
- Succinity GmbH
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Growth Drivers:
High-end demand for production of resin, coating, and polyurethanes is positively affecting market growth as well. Succinic acid is considered as primary building block for the production of polyurethanes, resins, polybutylene succinate (PBS) and plasticizers. Succinic acid acts as a precursor for chemicals such as 1,4 butanediol (BDO). Globally, the succinic acid market is predicted to grow at CAGR of 12% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
However, volatility in the cost of crude oil price and limited availability of raw materials are expected to hamper market growth to a certain extent over the coming years. Yet, massive increase in the demand for bio-succinic acid owing to eco-friendly nature and favorable government policies for the use of green products among chemical manufacturers are anticipated to drive market growth over the next seven years. Bio-derived succinic acid is predicted to replace conventional chemicals such as butane-based maleic anhydride during production of succinic anhydride, fumaric acid, diethylmaleate, glyoxylic acid, and other plastics.
Application Outlook:
- 1,4 BDO
- Resins, Coatings, Dying, and Inks
- Pharmaceuticals
- Polyurethanes
- Food
- Plasticizers
- Cosmetics
- Solvent and Lubricants
- De-icing Solutions
The resins & coatings is considered as one of the fastest growing segment in the succinic acid market with substantial revenue generation in the last few years.Growing popularity of succinic acid in the resins & coatings segment is attributed for the rise in demand from construction and the automotive industry. The pharmaceuticals segment has also witnessed substantial growth owing to the increasing medical tourism across the globe.
Regional Outlook:
- North America
- Europe
- Asia Pacific
- RoW
North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in pharmaceuticals and resins & coatings sector, increase in number of research & development activities in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the succinic acid market displaying a massive growth in the forecast period. Countries such as India, China, South Korea and Japan are leading the Asia-Pacific market with strong economic growth in the region, rapid growth of automotive and construction sector, and significant investment by leading industry players considering potential growth opportunities in the region.
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