The global bio-based succinic acid market has been estimated to register a CAGR of 18.56% during the forecast period 2018-2023. The demand for bio-based succinic acid is growing because of the multiple utilities of the product.
On recognizing the potential offered by bio-based succinic acid, the United States Department of Energy (DOE) has placed it among the leading 12 chemicals derived from biomass that can be used as a crucial building block in the production of a commodity, as well as in specialty chemicals.
Succinic acid constitutes an important intermediate chemical that finds application as a building block substance 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. Succinic acid was earlier exclusively derived from petroleum but, current manufacturing procedures have commenced making use of renewable feedstock 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.
Market Dynamics of the Global Bio-based Succinic Acid Market:
The succinic acid is used in a wide range of applications, such as 1,4-butanediol, plasticizers, polyurethanes, and thermoplastics. Combining succinic acids with 1,4-butanediol results in opening up innovative applications for green biopolymers such as polybutylene succinate (PBS) in biodegradable packaging films and disposable cutlery. The succinic acid market is segmented, based on application, into 1,4-butanediol & derivatives, cosmetics, de-icer solutions, food, pharmaceuticals, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants and others.
The report offers an insight into the growth, forecast and market size of the global succinic acid market on the basis of geographical segmentation into Europe, North America, Asia-Pacific, and the Rest of the World. While Europe and North America hold the two largest market shares for Bio-Based Succinic acid, the growth is expected to be the fastest from Asia-Pacific because of the rapidly expanding markets of countries such as China and India.
Some of the key players in the global succinic acid market are:
Few Notable Developments in the Market:
Key Deliverables in the Study: