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Succinic Acid Market Product Quality, Competitive Analysis and Opportunity Assessment 2019-2027

Succinic Acid Market: Introduction
In terms of value, the global succinic acid market is anticipated to expand at a CAGR of ~7% from 2019 to 2027. Succinic acid is widely used in various industries such as pharmaceuticals, chemical, and food. Currently, major proportion of succinic acid is derived from petroleum feedstock Increase in construction and infrastructure development activity is expected to trigger the demand for resin, coating, and polyurethanes, which in turn is expected to drive the growth of the market. High cost of production associated with the petroleum-based process is the major challenge facing the succinic acid market. However, the cost of production is expected to decline with the advent of bio-derived succinic acid. This is expected to propel the demand for succinic acid across the globe. Bio-based succinic acid is gaining popularity due to high degree of government intervention to reduce industrial waste and air pollutants
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Application in Plasticizers and Polyurethanes Drives Succinic Acid Market
Based on application, resins, coatings, and dyes & inks segment accounted for major share of the global succinic acid market in 2018. This can be ascribed to the application of these in industries such as infrastructure and automotive, which are expanding significantly in Asia Pacific. However, plasticizers and polyurethanes expected to exhibit significant growth rate during the forecast period. Elastomers, sealants, coatings, and adhesives are major applications driving the demand for polyurethanes, whereas, Plasticizers are primarily employed as additives in the production of polyvinyl chloride (PVC) making plasticizer highly attractive application segment
Volatility in Prices of Raw Materials Followed by Stringent Regulations May Hamper Overall Demand
Petroleum derived maleic anhydride is the conventional feedstock material used in the manufacture of succinic acid. Price of the conventionally derived succinic acid is vulnerable to any ups and down in petroleum prices. Raw material price has remained a major concern for succinic acid manufacturers. Moreover, growing environmental concern among the end users has resulted in increasing demand for green products. To overcome these restraints, succinic acid manufacturers are gradually shifting towards development and commercialization of bio-based succinic acid.
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