Succinic Acid Industry Overview
The global succinic acid market size is expected to reach USD 512.8 million by 2030, registering a CAGR of 9.7% during the forecast period, according to a new report published by Grand View Research, Inc. The growth is attributed to a surge in demand from the end-use industries, such as food & beverages, pharmaceutical, and personal care & cosmetics. In the food & beverages industry, Succinic Acid (SA) is used as a food additive in dietary supplements and food preservation. In the pharmaceutical industry, the product finds application in the preparation of vitamin A and many anti-inflammatory products. It is also used in the formulation of cosmetics and personal care products, such as toothpaste, perfumes, nail polish, and liquid soaps.
Succinic acid is produced from Liquefied Petroleum Gas (LPG). Petroleum gas is often expensive. As an alternative to LPG-based production, succinic acid is generated by different microbes and is naturally formed by undertaking the process of anaerobic digestion. It is regarded as a common organic acid that is used in a variety of applications. Bio-based SA is similar in structure to petroleum-based products. However, it helps reduce carbon emission, as well as optimize and enhance the performance of the acid. Rising customer preference for biodegradable plastics and other greener materials is a key factor driving the market growth.
Succinic Acid Market Segmentation
Grand View Research has segmented the global succinic acid market based on type, end-use, and region:
Based on the Type Insights, the market is segmented into Petro-based and Bio-based
- The petro-based type dominated the global market with a revenue share of more than 50.0% in 2021. This is attributed to the use of petro-based succinic acid as an alternative to adipic acid in polyurethane production.
- The bio-based segment is the second-largest revenue contributor. Increasing health consciousness among consumers and the rising focus of the governments on environmental concerns have created a large barrier to the market growth of petro-based products.
- Increasing preference for succinic acid over butane-based maleic anhydride in the production of chemicals such as fumaric acid, succinic anhydride, plastics, diethylmaleate, polymers, and glyoxylic acid, which are conventionally manufactured from butane, is also anticipated to positively influence the demand for a bio-based product.
Based on the End-use Insights, the market is segmented Food & Beverages, Pharmaceutical, Coatings, Industrial, Personal Care & Cosmetics, and Others
- The industrial -use segment dominated the succinic acid market with the largest revenue share of more than 39.0% in 2021. This significant share of the segment can be attributed to the increasing use of the products, such as 1,4-butanediol (BDO), polyurethane, and tetrahydrofuran, in various industries where succinic acid is the primary raw material.
- The coatings segment held the second-largest revenue share in 2021, attributed to the rising demand from the construction and automotive industries.
Succinic Acid Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The presence of many multinational players has resulted in high competition in the market. These companies are keen on expanding their operations in untapped markets to generate higher revenues. They are following various business strategies to establish a widespread dealer network, a strong customer database, and a variety of products to gain an advantage over other players. Companies, with the help of technological advancements, are also trying to adapt to innovative production techniques to gain maximum profit with minimal input and investment. For instance, in 2019, BASF SE launched a novel technique based on crude glycerol and whey permeate for effective succinic acid synthesis.
Some prominent players in the global Succinic Acid market include:
- BASF SE
- Myriant Corporation
- BioAmber
- Parchem
- Dow Chemicals
- Ernesto Ventos S.A.
- The Chemical Company
- Kawasaki Kasei Chemicals Ltd.
- Mitsubishi Chemical Corporation
Order a free sample PDF of the Succinic Acid Market Intelligence Study, published by Grand View Research.
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