The North American bio-based succinic acid market is expected to grow at a CAGR of 25% by volume and 18% by value. The demand for this crucial chemical in the region is estimated to be lower than anticipated due to the greater requirement from other regions, which would counter the market for bio-based succinic acid in North America.
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.
Market Dynamics of the North American Bio-based Succinic Acid:
In earlier cases, petroleum was the exclusive source of succinic acid 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.
The market is segmented based on application as 1,4-butanediol & derivatives, cosmetics, de-icer solutions, food, pharmaceuticals, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants and others. Combining succinic acids with 1,4-butanediol leads to the opening up of innovative applications for green biopolymers, such as polybutylene succinate (PBS) in biodegradable packaging films and disposable cutlery.
The market is segmented based on geography into U.S.A and Canada. Some of the key players in the North American bio-based succinic acid market are:
Key Deliverables in the Study: