The Asia-Pacific bio-based succinic acid market has been estimated at USD XX.XX billion in 2015 and is projected to reach USD XX.XX billion by 2020, at a CAGR of more than 40% during the forecast period.
Succinic acid is a pivotal intermediate chemical that has a myriad of applications in the production of a wide variety of specialty and commodity chemicals. It is known to offer an extensive array of utilities encompassing polymers, food, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates and cosmetics among many others. On earlier accounts, petroleum was the sole source of deriving succinic acid but, in the recent times, the current manufacturing procedures have commenced making use of renewable feedstock for extracting this vital compound. This biological procedure of obtaining succinic acid is sustainable, efficient, economical and environment-friendly which all work towards giving rise to a greater demand in the market.
Market Dynamics of the Asia-Pacific Bio-based Succinic Acid Market:
The following are the driving factors of the market,
The combination of succinic acids with 1, 4-butanediol results in coming to terms with several innovative applications for green biopolymers such as polybutylene succinate (PBS) in biodegradable packaging films and disposable cutlery. The APAC bio-based succinic acid market can be geographically divided into India, China, Japan and South Korea. There is a marked augmentation in the number of manufacturing industries being set up in the Asia-Pacific region because of the development in the economy and the relatively cheaper labor costs. This further increases the demand for products like succinic acid which serves as a raw material in the manufacture of a variety of other materials.
The market is segmented based on the applications as 1,4-butanediol & derivatives, cosmetics, de-icer solutions, food, pharmaceuticals, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants and others. The key players in the market are:
Key Deliverables in the Study: