Bio-Succinic Acid Market to show $1.1 Billion by 2020 End : Europe region is expected to continue to lead the industry during forecast period

Succinic acid is used as an intermediate chemical in a wide range of applications such as industry, food, cosmetics and pharmaceuticals. So far, the common source of succinic acid has been fossil fuels. However, petroleum-based succinic acid exhibits significant carbon footprint during the manufacturing process. These concerns are addressed through the bio-based succinic acid development process of agricultural raw materials. "At present, the price of bio-succinic acid can inhibit market growth at a cost greater than that of petroleum-based succinic acid." However, mass production and improvement of production technology will quickly solve the cost survival problem of the biosuccinic acid market. Clark. In addition, stable adoption in a variety of applications will reduce volatility in raw material prices.

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.

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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.

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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