Bio Succinic Acid Market Study 2023: Industry Size, Emerging Trend, Regional Overview, Key Players, Forecast by-2030

Allied Market Research Says, Bio Succinic Acid Market is anticipated to reach $235.02 million by 2030, and registering a CAGR of 6.41% from 2021 to 2030. Allied Market Research published a new report, titled, "Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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Volatility in fossil fuel prices, rise in carbon footprints, and increase in usage of locally available raw materials drive the growth of the global bio succinic acid market. However, high price of bio succinic acid and lengthy extraction processes hinder the market growth. On the other hand, increase in its adoption in wide range of applications, especially, in bio-plastics, which presents new opportunities in the coming years.

Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global bio succinic acid market. Moreover, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period, owing to its eco-friendly nature and increase in prevalence of allergic or adverse reactions to synthetic dyes. The research also analyzes regions including North America, Europe, and LAMEA.

Based on end use, the industrial segment held the highest market share in 2020, accounting for more than two-fifths of the global bio succinic acid market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in demand in the production process of polyurethane, tetrahydrofuran, Polybutylene, and many other products. Moreover, the cosmetics segment is projected to manifest the highest CAGR of 7.5% from 2021 to 2030, due to surge in usage of bio succinic acid for preparing cosmetics with rise in demand for organic products.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global bio succinic acid market, owing to unavailability of raw materials, absence of labor force, and reduction in demand for bio-succinic acid from the end use industries.
The pandemic led to the global lockdown, which halted the production facilities and disrupted the supply chain. This, in turn, hampered the market growth.
However, the market is going to recover soon in 2022, as the demand from end use industries regains steadily.

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Leading Market Players

BASF SE
Bio Amber
DSM
Kawasaki Kasei chemicals
Mitsubishi Chemical Holdings
Mitsui Chemicals
Myriant
Purac
Reverdia
RoquetteFreres S.A.

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