Global Succinates Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Succinates Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Succinic acid is a dicarboxylic acid with the chemical formula (CH₂)₂(CO₂H)₂. Succinic acid is a white, odorless solid with a highly acidic taste. The meaning of Succinate is a salt or ester of succinic acid.

Market Overview:

The latest research study on the global Succinates market finds that the global Succinates market reached a value of USD 161.54 million in 2023. It’s expected that the market will achieve USD 533.77 million by 2029, exhibiting a CAGR of 22.04% during the forecast period.

Policies in Europe, the United States and other regions support the development of biotechnology and promote the development of bio-based Succinates products in the region.

In recent years, developed economies such as Europe and the United States have focused on the biomanufacturing industry to further consolidate their leading position while promoting sustainable development. In the National Bioeconomy Blueprint, the U.S. government clearly regards “supporting research to lay the foundation for the 21st century bioeconomy” as a priority for its science and technology budget. Prospects for Manufacturing Technology Challenges in 2020 lists biomanufacturing technology as one of the 11 main strategic directions for manufacturing technology challenges in 2020. In the Biomass Technology Roadmap and other planning tasks, the ambitious goal of replacing 25% of organic chemicals and 20% of petroleum fuels by 2030 has been set. In Innovation for Sustainable Growth: European Bioeconomy, the EU regards the biomanufacturing industry as a key element in implementing the Europe 2020 strategy and achieving smart development and green development. The Industrial Biotechnology 2025 Vision Plan proposes that it hopes to complete a grand transformation to a society based on biotechnology and strive to achieve bioenergy will replace fossil energy by 20% and chemicals by 10% to 20% by 2025. Germany proposed in the National Bioeconomy Policy Strategy that by vigorously developing the biomanufacturing industry, it will achieve economic and social transformation, increase employment opportunities, and improve Germany's global competitiveness in the economic and scientific research fields. Under the guidance of European and American governments, the capital market is increasingly favoring the field of biomanufacturing. Policies in Europe, the United States and other regions support the development of biotechnology and promote the development of bio-based Succinates products in the region.

Region Overview:

In 2022, the share of the Succinates market in Asia (excluding India) stood at 37.97%.

Company Overview:

Shandong Land Biological Technology Co., Ltd. is one of the major players operating in the Succinates market, holding a share of 11.67% in 2023.
Shandong LanD Biological Technology Co., LTD. is located in the high-tech industrial park in shouguang, shandong province, which is on the south shore of the bohai laizhou Bay and it is the town of the fishing, salt and vegetables. The company is the only high-tech enterprises who buy out the patent technology of Chinese academy of sciences to produce bio-based succinic acid by biological fermentation and to produce bio-based PBS biodegradable plastic using succinic acid as raw material.

Segmentation Overview:

By type, Petro-based segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Food segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Succinates market covered in Chapter 3:

Manus Aktteva Biopharma LLP 
Jost Chemical
NIPPON SHOKUBAI CO., LTD.
Shandong Feiyang Chemical Co., Ltd.
Anhui Sanxin Chemical Co., Ltd.
Kawasaki Kasei Chemicals Ltd.
Muby Chemicals
Shandong Land Biological Technology Co., Ltd.
LCY Biosciences Inc
BASF

In Chapter 4 and Chapter 14.2, on the basis of types, the Succinates market from 2019 to 2030 is primarily split into:

Petro-based
Bio-based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Succinates market from 2019 to 2030 covers:

Pharmaceuticals
Food
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)