Succinic Acid Market Forecasts to 2030 – Global Analysis By Type (Bio-based Succinic Acid and Petro-based Succinic Acid), Application, End User and By Geography

Succinic Acid Market Forecasts to 2030 – Global Analysis By Type (Bio-based Succinic Acid and Petro-based Succinic Acid), Application, End User and By Geography

According to Stratistics MRC, the Global Succinic Acid Market is accounted for $310.6 million in 2024 and is expected to reach $603.3 million by 2030 growing at a CAGR of 11.7% during the forecast period. Succinic acid is a colorless, crystalline solid with a melting point of 185-187°C. It is primarily found in its anion, succinate, which plays a crucial role in the Krebs cycle, a key metabolic pathway for energy production in living organisms. As a diprotic acid, it can donate two protons and undergo two successive deprotonation reactions with pKa values of 4.3 and 5.6. Succinic acid is derived from amber and is used as a precursor in the synthesis of various chemicals, including polymers, resins, and pharmaceuticals

According to European Bioplastics, with 48% (1.15 million tonnes) of the global market for bioplastics in 2021, packaging will continue to be the leading market category for these materials.

Market Dynamics:

Driver:

Growing demand for bio-based chemicals

The preference for bio-based succinic acid over petrochemical-derived succinic acid is growing due to its eco-friendly nature and reduced environmental impact. This shift is driven by consumer demand for sustainable products and stricter regulations. Bio-based succinic acid is emerging as an alternative to chemicals in biodegradable plastics production, leveraging the trend towards sustainable materials.

Restraint:

Commercialization challenges

The adoption of bio-based succinic acid has been limited due to its low yields and cost-intensive separation processes, making it difficult for manufacturers to produce at competitive prices. This has led to the closure of major bio-based production plants, resulting in reduced demand and the closure of facilities due to the high costs and technical challenges which impedes the market growth.

Opportunity:

Advancements in biotechnology

Biotechnology has led to improved fermentation processes for producing bio-succinic acid. Innovations in microbial strains and fermentation conditions have increased yields and efficiency, making bio-based succinic acid more competitive with petrochemical alternatives. This advancement is crucial as it reduces production costs and enhances the viability of bio-succinic acid in various applications.

Threat:

Competition from fossil-based alternatives

The affordability of fossil-based succinic acid can deter industries from adopting bio-based alternatives, leading to slower adoption rates for sustainable products. This reluctance can stifle innovation and investment in bio-based production technologies. The market for succinic acid is experiencing oversupply issues, particularly in low-demand sectors like automotive and consumer products drives the growth of the market.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the succinic acid market, disrupting supply chains and reducing demand across key sectors such as automotive, consumer products, and pharmaceuticals. Lockdowns and movement restrictions led to factory closures and halted production, resulting in decreased sales and revenue for manufacturers. However, as industries gradually reopened, a resurgence in demand for succinic acid, particularly bio-based variants, is anticipated.

The bio-based succinic acid segment is expected to be the largest during the forecast period

The bio-based succinic acid is expected to be the largest during the forecast period owing to the rising awareness of environmental issues and the shift towards sustainability are driving demand for bio-based succinic acid. As consumers and industries seek eco-friendly alternatives to petrochemical products, bio-succinic acid is gaining traction across various applications, including pharmaceuticals, food, personal care, and bioplastics.

The flavor enhancer segment is expected to have the highest CAGR during the forecast period

The flavor enhancer segment is expected to have the highest CAGR during the forecast period due to its non-toxic and antimicrobial properties. This aligns with health trends and supports the growth of bio-based succinic acid, a sustainable option. Manufacturers can differentiate their products by using succinic acid as a flavor enhancer, attracting consumers seeking innovative food options.

Region with largest share:

Europe is projected to hold the largest market share during the forecast period the rising healthcare and agricultural sectors in the region. Europe is expected to witness a stagnant product demand due to the growing preference for bio-based products among consumers as a drop-in replacement. In Europe, succinic acid is extensively used in the personal care & cosmetics industry. The strong presence of aircraft manufacturers in various parts of Germany and the U.K. has led to the growth of the aerospace sector.

Region with highest CAGR:

North America is projected to witness the highest CAGR over the forecast period attributed to the presence of various opportunities to build and expand new production facilities in the region. The production of succinic acid from the microbial conversion of renewable feedstock has piqued interest in North America as a means to achieve sustainable development in this era of petroleum scarcity.

Key players in the market:

Some of the key players in Succinic Acid market include Anhui Sunsing Chemicals, BASF SE, Corbion N.V., Dow Chemicals, Ernesto Ventos S.A., Gadiv Petrochemical Industries Ltd, GC Innovation America, Kawasaki Kasei Chemicals Ltd, Linyi Lixing Chemical Co. Ltd, Mitsubishi Chemical Corporation, Myriant, Nippon Shokubai, Novomer Inc, Parchem, Reverdia, Succinity Gmbh and The Chemical Company

Key Developments:

In September 2024, Dow announced the introduction of its first bio-circular product* for the flooring industry, an addition to the ENGAGE™ REN Polyolefin Elastomers (POE) product portfolio. The flooring innovation* will be used in the manufacturing of carpet tile backing to provide dimensional stability and adhesion support for fibers.

In July 2024, BASF has introduced Haptex® 4.0, sustainable synthetic leather that aims to address environmental concerns associated with traditional synthetic leathers. This innovative product is designed to meet the growing demand for eco-friendly materials in the fashion and automotive industries.

In July 2024, BASF and ‘Pragati’ extends full transparency & traceability to bio-based footwear solutions with SuCCESS code. This initiative focuses on enhancing sustainability within the footwear industry by ensuring that castor oil and its derivatives

Types Covered:
• Bio-based Succinic Acid
• Petro-based Succinic Acid

Applications Covered:
• Polymers & Plastics
• Coatings & Adhesives
• Biofuels
• Flavor Enhancer
• Acidity Regulator
• Preservative
• Other Applications

End Users Covered:
• Automotive
• Packaging
• Textiles
• Personal Care
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements