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Succinic Acid Market Report, Insights, Size, Industry Forecast, Growth | Valuates Reports
In 2020, the global Succinic Acid market size was USD 141 Million and it is expected to reach USD 205.4 Million by the end of 2027, with a CAGR of 5.5% during 2021-2027.
Major factors driving the growth of the succinic acid market are:
The succinic acid market is predicted to develop due to strong growth in bio-succinic acid production as a result of the growing popularity of green products among chemical producers.
Furthermore, the succinic acid market is predicted to develop due to the increasing number of end-user applications. Polyurethanes, resins, polybutylene succinate (PBS), and plasticizers are all made with this product as a building block.
Succinic aid is a flavor enhancer that can be found in a wide range of packaged goods. As a result, the succinic acid market is predicted to increase in tandem with the food industry. Furthermore, the increased use of succinic acid as a substitute for adipic acid in polyurethane manufacturing is driving the succinic acid market.
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SUCCINIC ACID MARKET SHARE ANALYSIS
Based on type, the bio-based segment is expected to be the most lucrative. This is attributed to the strict environmental regulations which mandate sustainable alternatives.
Based on application, the largest segment is Resins, Coatings, and Pigments, followed by PBS or PBST, Food, and Beverage, Pharmaceuticals, Polyester Polyols, etc.
The Asia Pacific is the largest market, with a share of over 40%, followed by Europe, and North America, both have a share of about 55 percent. This is attributed to the growing demand for succinic acid derivatives from China.
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TOP COMPANIES IN THE SUCCINIC ACID MARKET ARE:
Global Succinic Acid key players include BioAmber, GC Innovation America, Mitsubishi Chemical, Reverdia, Succinity GmbH, etc. Global top five manufacturers hold a share of over 60%.
Key Companies:
• Kawasaki Kasei Chemicals
• Nippon Shokubai
• Feiyang Chemical
• Sunsing Chemicals
• Jinbaoyu Technology.
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Similar Reports:
1. Biosuccinic Acid Market: https://reports.valuates.com/market-reports/GENC-Chem-1B33/bio-succinic-acid
2. Petro based succinic acid market: https://reports.valuates.com/market-reports/QYRE-Auto-26J3870/global-and-china-petro-based-succinic-acid
3. Bio organic acid market: https://reports.valuates.com/market-reports/QYRE-Auto-0R4484/global-bio-organic-acid
4. Biological Leavening Agents Market: https://reports.valuates.com/market-reports/QYRE-Auto-27I1798/global-biological-leavening-agents
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