Press release
Succinic Acid Market Report Size 2018 and Demand Application 2023 by Merck KGaA, Ernesto Ventos. S.A., ThyssenKrupp AG, BioAmber, Reverdia, Anhui Sunsing Chemicals, Gadiv Petrochemical Industries, Spectrum Chemical Manufacturing, FUSO CHEMICAL
Succinic Acid Market has been segmented by Type, Grade, Application, End-Use Industry and Region
The Global Succinic Acid Market has been segmented by Type, Grade, Application, End-Use Industry, and Region.
On the Basis of Type, the Global Succinic Acid Market has been segmented into bio-based and synthetic.
On the Basis of Grade, the Global Succinic Acid Market has been divided into food, pharmaceutical, and industrial.
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On the Basis of Application, the Global Succinic Acid Market has been categorized as chemical intermediate, food additive, medicine, and others.
On the Basis of End-Use Industry, the Global Succinic Acid Market has been segmented into polymer, dyes and pigments, chemicals, paints and coatings, pharmaceuticals, cosmetics and personal care, and others.
Market Synopsis
Succinic Acid is a water-soluble, colorless, and odorless solid. It is produced using both natural and synthetic processes. It can be produced naturally by microbial fermentation of glucose from raw material feedstock such as maize, wheat, sugarcane, and tapioca (cassava). Synthetically, it is manufactured from maleic anhydride. Succinic acid is widely used as a flavoring agent in food and beverages. It finds application as a chemical intermediate for manufacturing dyes, industrial solvents, perfumes, lacquers, photographic chemicals, alkyd resins, plasticizers, metal treatment chemicals, and coatings. It is also used in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, anrhoers, contraceptives, and cancer.
The growing demand from the food & beverage industry is likely to be the major driver for the growth of the Global Succinic Acid Market. Factors such as changing dietary patterns, increasing number of working women, and growing per-capita income across the globe are boosting the growth of the food & beverage industry. Another key driver for the growth of the product market is the availability of bio-based alternatives. Stringent environmental regulations in developed regions such as North America and Europe are expected to boost the demand for bio-based succinic acid and, thus, provide a growth impetus for the global succinic acid market. Succinic acid is used to manufacture the industrial solvent 1, 4-Butanediol, which is used for manufacturing plastics, elastic fibers, and polyurethanes. The growing use of polyurethane and plastics in various end-use industries is also contributing to product demand.
Regional Analysis
The Global Succinic Acid Market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest share of the Global Succinic Acid Market due to rapid industrialization on account of relaxed investment norms and low production and labor costs in the region. The market in Asia-pacific is expected to grow at a significant CAGR during the forecast period.
North America and Europe are also major markets for Succinic Acid due to the presence of strong end-use industries such as food & beverage, pharmaceuticals, chemicals, and cosmetics. Stringent environmental regulations are positively influencing the demand for bio-based succinic acid in these regions.
The market in the Middle East & Africa is expected to register moderate growth during the forecast period. Product demand is expected to be dominated by the regional cosmetics and food & beverage industries.
Latin America held the least market share in 2017 due to slow economic growth in the region.
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