The market for bio-based succinic acid in Asia-Pacific is expected to register a significant growth during the forecast period, 2018 to 2023.This tremendous growth is significantly driven by the increase in the number of emerging applications in the pharmaceutical and food industries.
The potential consumption of succinic acid as starting feedstock for extensive array of products, such as polymers, food products, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates, and cosmetics, is the major market driver, which is successful in the development of technology for bio-based succinic acid production. Recently, bio-based succinic acid is gaining significance as a replacement for petroleum-based succinic acid owing to the renewability and the eco-friendly property which is are the key tools for the bio-based succinic acid to increase its market share in the Asia-Pacific succinic acid market in the forecast period.
Among the major applications, 1,4-butanediol (BDO) & its derivatives are the largest market for bio-based succinic acid with more than 55% share of the Asia-Pacific market. BDO is an industrial chemical which can be used as a solvent starting material for many important industrial chemicals, such as γ-butyrolactone (GBL), tetrahydrofuran (THF), 2-pyrrolidone (2-P), and N-methyl-2-pyrrolidone (NMP). Additionally, BDO can be combined with the succinic acid to make biodegradable plastics polybutylene succinate (PBS) and poly (butylene succinate-co-butylene terephthalate), which has found many potential applications.
China registered the largest share with more than 60 % of the bio-based succinic acid market in Asia-Pacific. The increasing demand from the pharmaceutical, automotive, and personal care industries are providing a great opportunity for the bio-based succinic acid market to continue the fast pace of growth. Moreover, the product is an intermediate and is bio-degradable in nature, therefore, it has been widely accepted by the industries for various purposes, such as food packaging, paints, and polymer resins, among others. The large market size coupled with the huge market growth of the bio-based succinic acid in the country, is quite instrumental in the expansion of the Asia-Pacific bio-based succinic acid market.
Major Players: BioAmber Inc., Myriant Corporation, Mitsui Chemicals Inc., Koninklijke DSM N.V., and Anqing Hexing Chemical Co.Ltd, among others.
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