Global Succinic Acid Market 2022-2028

Global Succinic Acid Market 2022-2028

The global succinic acid market is anticipated to grow at a significant CAGR during the forecast period. The continuous growth of the food and beverages industry, increase in personal care such as anti-aging products and other industrial sectors are the factors that are driving the global succinic acid market. The other factors which are propelling the growth of the market include advancement in the rising of bio-based sustainable chemicals used by chemical industries.Further, as succinic acid is used as a neutralizing agent in various food items therefore it has a wide application in food industries. Moreover, rising awareness about eco-friendly products along with considering the environmental issue is resulting in the growth of the bio-succinic acid industry. However, the presence of alternate chemicals such as malic, citric acid is a major challenge for the market.

Segmental Outlook

The global succinic acid market is segmented based on end-user and raw materials. Based on the end-user, the market is segmented into chemical, industrial, pharmaceutical, food and beverages, and others. Based on the raw material, the market is segmented into corn-based bio-succinic acid, sugarcane-based bio-succinic acid, cassava-based bio-succinic acid, other raw materials-based bio-succinic acid.

Chemical industry is anticipated to hold a major market share globally

Bio-based succinate is gaining considerable attention as a potential intermediary feedstock to replace a large petrochemical-based bulk chemical market. There are several potential chemical applications of bio-succinic acid, which include 1,4-butanediol (BDO), plasticizers, and PBS. Among these, bio-succinic acid has potential application in BDO an industrial chemical with several uses. Moreover, the plasticizer is an emerging area for bio-succinic acid. Some of the major companies engaged in the development of plasticizers from bio-based succinic acid include Myriant Corp. and BioAmber.

Regional Outlooks

The global Succinic acid market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. The US is expected to hold a major market share in North America whereas Germany, UK, France were major countries contributing to the market in Europe. In Asia-Pacific; China, India, Japan, Indonesia are among the leading economies contributing to the market growth.

Asia-Pacific will have considerable shares in the global Succinic Acid Market

Asia-Pacific is expected to hold a major market share during the forecast period with a lucrative growth rate. The growth of the regional market is attributed to growing major industrial consumption. In addition, the growing industrialization, urbanization in countries such as China, India, Indonesia is driving the growth of succinic acid. Additionally, rising environmental concerns where industries are demanding more bio-based succinic acid that is sustainable and environment friendly fueling the growth of the market.

Moreover, the growing demand for polyurethanes in China, Japan, and India is also augmenting the market growth.The other factors which are boosting the market demand including increasing urbanization, growing coatings and food, and beverages industries, and others. For instance, according to the Institute of Food Technologists by 2030, almost 61.0% of the people will start living in urban areas where urban consumers will most likely buy organic food and will be convenience-oriented. Also, specialty foods and bereaves will be the third fasted growing sector and the sales will be increasing up to 28.0% by 2028.

Market Players Outlook

The key players of the succinic market include BASF SE, BioAmber Inc., Koninklijke DSM N.V., Roquette Freres S.A. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in September 2021 Roquette announced that it has completed its acquisition with Sethness Products Co. The acquisition will be contributing towards the strategic growth of healthy food and nutrition by addressing its customers' current needs and demands.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Succinic Acid

market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.

The global succinic acid market is anticipated to grow at a significant CAGR during the forecast period. The continuous growth of the food and beverages industry, increase in personal care such as anti-aging products and other industrial sectors are the factors that are driving the global succinic acid market. The other factors which are propelling the growth of the market include advancement in the rising of bio-based sustainable chemicals used by chemical industries.Further, as succinic acid is used as a neutralizing agent in various food items therefore it has a wide application in food industries. Moreover, rising awareness about eco-friendly products along with considering the environmental issue is resulting in the growth of the bio-succinic acid industry. However, the presence of alternate chemicals such as malic, citric acid is a major challenge for the market.

Segmental Outlook

The global succinic acid market is segmented based on end-user and raw materials. Based on the end-user, the market is segmented into chemical, industrial, pharmaceutical, food and beverages, and others. Based on the raw material, the market is segmented into corn-based bio-succinic acid, sugarcane-based bio-succinic acid, cassava-based bio-succinic acid, other raw materials-based bio-succinic acid.

Chemical industry is anticipated to hold a major market share globally

Bio-based succinate is gaining considerable attention as a potential intermediary feedstock to replace a large petrochemical-based bulk chemical market. There are several potential chemical applications of bio-succinic acid, which include 1,4-butanediol (BDO), plasticizers, and PBS. Among these, bio-succinic acid has potential application in BDO an industrial chemical with several uses. Moreover, the plasticizer is an emerging area for bio-succinic acid. Some of the major companies engaged in the development of plasticizers from bio-based succinic acid include Myriant Corp. and BioAmber.

Regional Outlooks

The global Succinic acid market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. The US is expected to hold a major market share in North America whereas Germany, UK, France were major countries contributing to the market in Europe. In Asia-Pacific; China, India, Japan, Indonesia are among the leading economies contributing to the market growth.

Asia-Pacific will have considerable shares in the global Succinic Acid Market

Asia-Pacific is expected to hold a major market share during the forecast period with a lucrative growth rate. The growth of the regional market is attributed to growing major industrial consumption. In addition, the growing industrialization, urbanization in countries such as China, India, Indonesia is driving the growth of succinic acid. Additionally, rising environmental concerns where industries are demanding more bio-based succinic acid that is sustainable and environment friendly fueling the growth of the market.

Moreover, the growing demand for polyurethanes in China, Japan, and India is also augmenting the market growth.The other factors which are boosting the market demand including increasing urbanization, growing coatings and food, and beverages industries, and others. For instance, according to the Institute of Food Technologists by 2030, almost 61.0% of the people will start living in urban areas where urban consumers will most likely buy organic food and will be convenience-oriented. Also, specialty foods and bereaves will be the third fasted growing sector and the sales will be increasing up to 28.0% by 2028.

Market Players Outlook

The key players of the succinic market include BASF SE, BioAmber Inc., Koninklijke DSM N.V., Roquette Freres S.A. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in September 2021 Roquette announced that it has completed its acquisition with Sethness Products Co. The acquisition will be contributing towards the strategic growth of healthy food and nutrition by addressing its customers' current needs and demands.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Succinic Acid

market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.