Given the fact that Europe has adopted the use of bio-based succinic acid in a wide range of chemical manufacturing processes, the demand for this compound in the region is estimated to have the fastest growth during the 2015-2020 forecast periods.
Succinic acid is an important intermediate chemical that finds application in the production of a variety of specialty and commodity chemicals which are further utilized for an extensive array of applications, such as polymers, food, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates and cosmetics among others.
Earlier succinic acid was exclusively derived from petroleum but with the advancement of the current manufacturing procedures, renewable feedstock has been utilized for deriving this vital platform chemical. This biological method of obtaining succinic acid is renewable, cost effective and eco-friendly and has a greater demand in the market.
The market is segmented based on geography as Germany, France, Italy, U.K., and Spain. The entire continent of Europe has stringent regulations on the use of non-renewable sources and thus, strongly encourages the use of renewable sources that are environment-friendly which increases the demand for bio-based succinic acid further. Germany remains the largest, as well as the fastest growing market for bio-based succinic acid in Europe, followed by France and the United Kingdom.
Market Dynamics of the Bio-based Succinic Acid Market:
Fusing succinic acid with 1,4-butanediol results in opening up of innovative applications for green biopolymers such as polybutylene succinate (PBS) in biodegradable packaging films and disposable cutlery. The market is also segmented based on applications as 1,4-butanediol & derivatives, cosmetics, de-icer solutions, food, pharmaceuticals, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants and others.
Some of the key players in the market are:
Key Deliverables in the Study: