Bio-based Succinic Acid Market To Rise To US$ 900 Mn by 2026
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The report evaluates the opportunity in the global bio-based succinic acid market to rise at an exceptional CAGR of 20.00% during the period from 2017 to 2026. By the end of the forecast period, the overall valuation of this market is likely to reach US$900 mn. The increasing popularity of bio-based succinic acid as a cost-efficient alternative of petroleum-based production methods used for the manufacturing of various derivatives is boosting the growth of this market, significantly.
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North America to Overtake Europe
The report considers Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa as the main regional bio-based succinic acid markets. Among these, Europe occupied the leading position in 2017. However, this regional market is likely to lose ground TO North America in the near future. The increasing concentration of key producers of bio-based succinic acid in North America, especially the U.S., will drive the North America market to dominance over the forthcoming years. Both the regions, together will hold two third of the worldwide market over the period of the forecast. The increasing research activities and the augmenting number of commercial manufacturing units and development centers will support the growth of these regional markets.
Among others, Asia Pacific will display considerable growth potential in the years to come. The easy availability of raw material and the presence of low-cost labor are attracting many of the leading players towards Asia Pacific, especially India and China. The rise in the number of production units will propel the Asia Pacific bio-based succinic acid market in the long run, reports the market study.
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Increasing Trend of Green Chemicals to Boost Market's Growth
"The increasing demand for green chemicals from manufacturers has propelled the global bio-based succinic acid market, significantly," said an analyst at TMR. The augmenting concerns over the negative environmental impact of chemicals used in the manufacturing process are prompting manufacturers to look for green alternatives to be used for the production of derivatives, such as global bio-based succinic acid. The cost-efficiency offered by bio-based succinic acid in the manufacturing of derivatives has established it as a platform chemical. This, in turn, will benefit the market in the long run.
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Furthermore, the slowdown in the supply of crude oil and the constantly fluctuating oil prices are creating new growth opportunities for this market. It will also gain substantially from the increasing usage of this acid in feedstock for the production of various biodegradable products. However, the need for high capital to set up production facilities for the manufacturing of bio-based succinic acid and the increasing cost of raw materials may limit the growth of this market in the years to come, notes the market study.
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