Succinic Acid Market| Size | Share | Trend | Research | Statics by Merck KGaA, Ernesto Ventos. S.A., ThyssenKrupp AG, BioAmber, Succinity GmbH, Reverdia, NIPPON SHOKUBAI, KAWASAKI KASEI CHEMICALS, Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL

Market Segmentation

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.

On the Basis of Application, the Global Succinic Acid Market has been categorized as chemical intermediate, food additive, medicine, and others.

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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.

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.

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.

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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.

The manufacturers of Succinic Acid are adopting strategies such as product launches, expansions, joint ventures, agreements, and acquisitions to capture a larger market share. For instance, in December 2016, BioAmber Inc. and the South Korean CJ CheilJedang Corporation established a joint venture to produce up to 36,000 metric tons of bio-succinic acid annually in China and commercialize its output in Asia. In June 2017, BioAmber Inc. launched a pharmaceutical-grade succinic acid under the brand name BIO-SA to widen its product portfolio.

The growth of the synthetic succinic acid market is likely to be hampered in developed regions such as North America and Europe due to stringent environmental regulations by the US Environmental Protection Agency (EPA) and the European Union such as the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). Bio-based alternatives of succinic acid are expected to compensate for the loss of revenue in these markets.

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