Succinic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global succinic acid market is segmented by Type (Bio-Based and Petro-Based), By Application (Food & Beverage, Pharmaceutical, Industrial, and Others), and Geography.

Market Snapshot

MARKET SUM
Study Period: 2016 - 2026
Base Year: 2018
Fastest Growing Market: Asia Pacific
Largest Market: Europe

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Market Overview

Global succinic acid market is  is projected to grow at a CAGR of 8.23% during the forecast period (2019-2024).

  • Succinic acid, an approved additive which is also known as E363, is a bulk chemical with a global production of 16,000–30,000 tons and records an annual growth of 10% in 2014. Succinic acid, can be used as an acidifier and taste enhancer in food like relishes, beverages, and sausages.
  • The increase in demand for a bio-based chemical. The potential use of succinic acid as starting feedstock for production of industrial chemicals and consumer products with large markets was the main driver that launched the development of technology for bio-based succinic acid production.

 

Scope of the Report

Global succinic acid market is segmented by type and application. On the basis of type, the market is segmented into bio-based and petro-based. On the basis of application,  the market is segmented into food & beverage, pharmaceutical, industrial, and others. Also, the study provides an analysis of the  succinic acid market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

By Type
Bio-Based
Petro-Based
By Application
Food & Beverage
Pharmaceutical
Industrial
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of MEA

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Key Market Trends

Increase in Demand for a Bio-based Chemical

Bio-based succinic acid, derived from the fermentation of sugars, is gradually becoming a replacement for phthalic anhydride and maleic anhydride (both crude-oil based products), thereby becoming a cost-competitive replacement for the aforementioned. As a result, with increasing demand for bio based chemicals, manufacturers are adopting bio-based succinic acid, as they perform in a similar way in formulations, which use phthalic anhydride. For instance, companies, such as Myriant, have developed bio-based succinic acid, which possess structural similarity to maleic anhydride and phthalic anhydride, in turn enhancing the performance and minimizing the performance changes.thus, in turn, boosting the bio- based chemical segment in the market studied.

TREND 1

Asia-Pacific is Expected to be the Fastest-Growing Market

Global succinic acid market is segmented into North America, South America, Asia-Pacific, Europe, and Middle East & Africa. A significant development in application drives the market in the Asia-Pacific region. Moreover, the availability of low-cost labor is boosting production plants in Asia-Pacific, with China holding the highest production capacity, among all the other countries in the region. Europe is the leading revenue generating market for succinic acid, which is mainly due to the strict regulatory imposition on the use of certain hazardous chemicals that pose a threat to the environment and human beings. Hence, to comply with the requirements, manufacturers are shifting to greener substitutes (bio-succinic acid). 

TREND 2

Competitive Landscape

Some fo the major players in the global succinic acid market are Myriant, Succinity, Reverdia, Gadiv Petrochemical Industries Ltd., Purac, Nippon Shokubai, Mitsubishi Chemical Holdings, Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co., Ltd., Anhui Sunsing Chemicals, and BASF, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Bio-Based

      2. 5.1.2 Petro-Based

    2. 5.2 By Application

      1. 5.2.1 Food & Beverage

      2. 5.2.2 Pharmaceutical

      3. 5.2.3 Industrial

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of MEA

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SA

      2. 6.4.2 Myriant

      3. 6.4.3 Succinity

      4. 6.4.4 Reverdia

      5. 6.4.5 Nippon Shokubai

      6. 6.4.6 Mitsubishi Chemical Holdings

      7. 6.4.7 Kawasaki Kasei Chemicals Ltd.

      8. 6.4.8 Linyi Lixing Chemical Co., Ltd.

      9. 6.4.9 Anhui Sunsing Chemicals

      10. 6.4.10 Gadiv Petrochemical Industries Ltd.

      11. 6.4.11 Corbion

      12. 6.4.12 Novomer

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Succinic Acid Market market is studied from 2016 - 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2018.

BASF SA, Myriant, Corbion, Mitsubishi Chemical Holdings, Succinity are the major companies operating in Succinic Acid Market.

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