Succinic Acid Market Likely to Experience a Tremendous Growth in Near Future
๐๐ฎ๐๐๐ข๐ง๐ข๐ ๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐ง๐ญ๐ซ๐จ๐๐ฎ๐๐ญ๐ข๐จ๐งTransparency 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.
๐๐๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ - 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.
๐๐ฎ๐๐๐ข๐ง๐ข๐ ๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
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.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ - 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.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก - 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.
๐๐ฎ๐๐๐ข๐ง๐ข๐ ๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ ๐ข๐จ๐ง๐ฌ
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.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1008
๐๐ฎ๐๐๐ข๐ง๐ข๐ ๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
Key players operating in the global succinic acid market are thyssenkrupp AG, BASF SE, Roquette Frรจres, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventรณs, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO., LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co.,Ltd., and Novomer Inc.
๐๐ฅ๐จ๐๐๐ฅ ๐๐ฎ๐๐๐ข๐ง๐ข๐ ๐๐๐ข๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
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
๐๐๐ญ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ:
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๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
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.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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Transparency Market Research Inc.
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Succinic Acid Market to Grow Globally
Succinic acid, also known as succinate is present in the tissues of animals and plants, where it plays a key role in the metabolic process. The name succinic acid is derived from the Latin โsuccinumโ, meaning amber, and earlier it was also known as "spirit of amber." Succinic acid is either extracted from amber, manufactured synthetically or prepared through a fermentation process. Succinic acid is used as a supplement toโฆ