Press release
Bio-Succinic Acid Market estimate to reach $1.1 Billion by 2020
Bio Succinic Acid Market
Succinic acid is used as an intermediate chemical for a wide range of applications such as industrial, food, cosmetics, and pharmaceuticals. Until now, common source of succinic acid at industrial level was fossil fuel. However, petroleum based succinic acid shows significant carbon footprint during manufacturing process. This concern is now taken care with the development process of bio-based succinic acid from agricultural feedstock. "Presently, price of bio-succinic acid may hinder market growth as it costs higher than petroleum based succinic acid. However, mass production and improvement in production techniques will quickly address the cost viability issue of the bio-succinic acid market" adds Ms. Clark. Moreover, lower volatility of feedstock prices will add to its stable adoption in various application segments.
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Bio Succinic Acid Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1.1 billion by 2020, registering a CAGR of 45.6% during the period 2013-2020.Increase in demand of bio-based chemicals is the major driver for this market. In addition, rising crude oil prices, adoption in newer industrial applications namely, 1, 4-Butanediol (BDO), PBS, polyester polyols (polyurethane), and plasticizers will enable faster growth of the market.
Bio-succinic acid is currently being adopted the most in non-industrial applications such as food, pharmaceuticals and cosmetics. However, BDO is one of the major application segments of bio-succinic acid in terms of volume as well as revenue. This is mainly due to higher application of BDO as an intermediate chemical in production of THF (tetrahydrofuran), PBT (polybutylene terephtalate), and polyurethanes. Additionally, the larger volume of bio-succinic acid consumed as compared to maleic anhydride for production of BDO will also be the contributory to the growth of bio-succinic acid market. On the other hand, alkyd resins application is the fastest growing segment in terms of volume, growing at a CAGR of 93.6% during 2013-2020.
Geographical analysis of the market revealed that Europe is and will continue to be the leading revenue generating regional market till 2020. This is mainly due to strict regulatory imposition on the use of certain hazardous chemicals which pose as a threat to environment and human beings. Hence, to comply with the requirements, manufacturers are shifting to greener substitutes (bio-succinic acid). Asia Pacific is expected to be the fastest growing market at a CAGR of 49.5% during the analysis period.
The report has profiled some of the key players of the market such as BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi, BASF, Roquette Freres S.A., Purac and Reverdia.
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Bio-Succinic Acid Market Segments
By Application
• Industrial Application
o 1,4-Butanediol (BDO)
o Polyester Polyols
o PBS
o Plasticizers
o Solvents & lubricants
o Alkyd Resins
o Resins, coatings, pigments
o De-icer solutions
• Food Application
• Pharma Application
• Cosmetics Application
• Others
By Geography
• North America
• Europe
• Asia Pacific
• RoW
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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