Succinic Acid Market to Reach Valuation of US$ 290.72 Mn by 2031

𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

Transparency Market Research delivers key insights on the global succinic acid market. In terms of revenue, the global succinic acid market is estimated to expand at a CAGR of 6.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global succinic acid market.

𝐑𝐞𝐚𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 - https://www.transparencymarketresearch.com/succinic-acid.html

The global succinic acid market has been positively impacted by the rise in production of plastics, coatings, lubricants & solvents, and pharmaceuticals across the globe.

𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

Various end-use industries of succinic acid such as food & beverages, pharmaceutical, plastic, paints & coatings, and lubricants have been expanding significantly across the globe since the last few years. According to QuintilesIMS Institute, total spending on medicines is forecast to reach US$ 1.5 Trn by 2021, an increase of 33% from that in 2016.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1008

The pharmaceutical industry is the key consumer of succinic acid. Manufacturers of succinic acid are focusing on production and processing of bio-based succinic acid in order to meet the growing demand for bio-based chemicals in the pharmaceutical industry. Succinic acid can be used as an excipient in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, anrhoers, and contraceptives.

Rise in environmental awareness and stringent governmental regulations to reduce chemical-based pollution have boosted the demand the bio-based chemicals. Biomethanol, bioethanol, glycerol, acetone, lactic acid, 1-butanol, and succinic acid are some of the key bio-based chemicals that are gaining momentum in the bio-based chemical industry.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1008

Governments of various countries have introduced several initiatives and regulations to promote the adoption of bio-based products. For instance, the Renewable Chemicals Act was introduced in the U.S. to create an allocated tax credit for the production of qualifying renewable chemicals from biomass. This trend is expected to boost the demand for succinic acid across the globe.

𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐬

In terms of value, Asia Pacific dominated the global succinic acid market in 2020. It has emerged as a highly lucrative region of the global succinic acid market over the last few decades. China held major share of the succinic acid market in Asia Pacific in 2020. The growth of the market in the country can be ascribed to the continuous rise in demand for food, along with rapid urbanization and industrialization. According to a report by the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, China will experience an urbanization ratio of 70% by 2035. Thus, demand for succinic acid is expected to remain high in China during the forecast period.

Europe was another lucrative region of the global succinic acid market in 2020. Supportive government policies toward business sustainability programs, intensive fluctuations in crude oil prices, and usage of eco-friendly products are the some of the major factors boosting the demand for bio-chemical products in the region. Furthermore, increase in focus on enhancing the utilization of sustainable products is anticipated to propel the succinic acid market in Europe during the forecast period.

North America also accounts for key share of the global succinic acid market. This trend is expected to continue during the forecast period due to the increase in demand for polyurethanes in several applications such as building & construction, automobile, and footwear industries. The building & construction segment accounted for nearly 41% of polyurethane consumption in the U.S. in 2019, making it the largest end-use market for polyurethane materials. Polyurethane is used in wall and roof insulation, insulated panels, and gap fillers for space around doors and window products.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1008

𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Key players operating in the global succinic acid market are thyssenkrupp AG, BASF SE, Roquette Frères, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventós, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO., LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co.,Ltd., and Novomer Inc.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

Succinic Acid Market, by Type

Bio-based
Petrol-based
Succinic Acid Market, by Application

1,4-Butanediol (BDO)
Polybutylene Succinate (PBS)
Resins, Coatings, and Dyes & Inks
Polyurethanes
Plasticizers
Solvents & Lubricants
De-icing Solutions
Food
Pharmacy
Cosmetics
Others (Including Dyes And Photographic Chemicals)
Succinic Acid Market, by End-use Industry

Pharmaceutical
Food & Beverages
Cosmetics & Personal Care
Others (including Footwear, Automotive, and Plastic)
Succinic Acid Market, by Region

North America
U.S.
Canada
Europe
U.K.
Italy
France
Germany
Spain
Russia & CIS
Rest of Europe
Asia Pacific
Japan
China
India
ASEAN
Rest of Asia Pacific
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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This release was published on openPR.