Bio Succinic Acid Market Targets $1.1 Billion with a CAGR of 45.6% by 2020
Bio-succinic Acid Market was valued at $115.2 million, and is expected to reach $1.1 billion by 2020, supported by a CAGR of 45.6%.
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The bio succinic acid market is forecast to grow at a significant rate over the next seven years. The major drivers in the Bio succinic Acid Market will be volatility in fossil fuel prices, rise in carbon footprints, and an interest in using locally available raw materials. Furthermore, increasing global demand of green chemicals will trigger its adoption in wide range of applications, especially, in bio plastics, making it a strong platform chemical.
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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