Succinic Acid Market Is Estimated To Witness High Growth Owing To Increasing Demand From Food Industry

The Succinic Acid Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Succinic acid is an organic acid that occurs naturally and has applications in food additives, solvents, plasticizers, and specialty polymers like polyurethanes and polyesters. It is used in food additives as an acidity regulator, food preservative and flavoring agent.

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Major Players Are:

✤ Mitsubishi Chemical Holdings
✤ Kawasaki Kasei Chemicals Ltd.
✤ BioAmber
✤ Myriant
✤ Reverdia (Netherlands)
✤ Succinity
✤ Nippon Shokubai
✤ Linyi Lixing Chemical Co.
✤ Ltd
✤ Anhui Sunsing Chemicals
✤ Gadiv Petrochemical Industries Ltd

Market Dynamics:

The succinic acid market is driven by increasing use in polyester and polyurethane production. Polyesters are synthesized from succinic acid and have applications in packaging, textiles and engineered parts due to their strength and non-toxic nature. Similarly, succinic acid is used as the base monomer in alkyd and polyurethane resins which provide protection and durability to industrial and architectural coatings. Additionally, succinic acid produced from renewable agricultural feedstock helps lower carbon footprint which is further fueling its demand from end use industries. Stringent regulatory environment regarding environment safety is also propelling R&D towards developing bio-based succinic acid.

Major Driver to Boost Demand of Succinic Acid From Polyurethanes Industry:

Succinic acid is widely used in the production of polyurethanes, which is one of the major driving factors for its growing demand. Polyurethanes find widespread applications in furniture, automobile, bedding, footwear, construction and other industrial sectors. As the global demand for polyurethanes continue to rise owing to increasing adoption across different end use industries, the demand for succinic acid is also witnessing considerable growth.

Growing Use of Succinic Acid in the Production of 1,4-Butanediol:

The growing utilization of succinic acid for producing 1,4-butanediol (BDO) is another key factor expanding the global succinic acid market. 1,4-Butanediol is an important industrial chemical that serves as a building block for producing polybutylene terephthalate (PBT), gamma-butyrolactone (GBL), tetrahydrofuran (THF) and other chemicals. With rising demand for these BDO-derived chemicals from various industries like automotive, packaging, construction and textiles, the consumption of succinic acid as an intermediate for 1,4-butanediol manufacturing is increasing consistently. Recent technological advancements have enabled cost-effective production of 1,4-butanediol from succinic acid via catalytic hydrogenation process. This is positively influencing the growth dynamics of succinic acid market.

Supply Chain Disruptions and Trade Barriers Pose Major Restrain:

The succinic acid market growth is negatively impacted by supply chain disruptions and rising trade barriers between countries. Being an agriculturally-produced chemical, the succinic acid supply chain is prone to disruptions caused due to factors like unfavorable weather conditions, diseases, labor shortages and logistic issues. Any disruption in raw material supply creates shortage in the market and increases production costs. Additionally, ongoing trade wars and increasing protectionism across nations have led to new or higher import/export tariffs on chemicals. This makes cross-border trade of succinic acid difficult and raises the overall business costs. The trade restrictions pose a major challenge for the industry players regarding easy procurement of raw materials as well as export of end products. Such supply-demand misbalances and trade barriers restrain the stable growth of global succinic acid market.

Growing Adoption in Biodegradable and Sustainable Products Opens New Avenues:

The escalating demand for eco-friendly and sustainable products across the globe provides significant growth opportunities for succinic acid market players. Succinic acid is a renewable bio-based building block that can replace petro-based chemicals in various end-use industries. It is gaining increasing preference from manufacturers who want to reduce their reliance on non-renewable resources and aim for more sustainable production processes. The adoption of succinic acid is growing in bioplastics/biopolymers industry as it helps in producing home/personal care compounds, pharmaceuticals, coatings, solvents, food additives and various other bi

Segmentation

On the basis of product type, the global market is classified into:

Petro based
Bio Based

On the basis of end use industry, the global market is classified into:

De-icer Solutions
Polyurethanes
Resins, pigments & coatings
PBS/PBST
Pharmaceuticals
Food & Beverage
Personal Care
Plasticizers
Solvents & Lubricants

Regional Analysis for Succinic Acid Market:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Why Choose This Report:

→» A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
→» Data on market value for each section and sub-segment
→» Indicates the region and market segment that is likely to expand the fastest and dominate the market.
→» The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
→» The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

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FAQ's

What are the key factors hampering growth of the Succinic Acid Market?
What are the major factors driving the Market growth?
Which is the leading component segment in the Market?
Which are the major players operating in the Market?
Which region will lead the Market?

Table of Content (TOC):

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Succinic Acid Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Succinic Acid Industry Impact

Chapter 2 Global Succinic Acid Competition by Types, Applications, and Top Regions and Countries
2.1 Global Succinic Acid (Volume and Value) by Type
2.3 Global Succinic Acid (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Succinic Acid Sales, Consumption, Export, Import by Regions (2018-2023)
Chapter 5 North America Succinic Acid Market Analysis
Chapter 6 East Asia Succinic Acid Market Analysis
Chapter 7 Europe Succinic Acid Market Analysis
Chapter 8 South Asia Succinic Acid Market Analysis
Chapter 9 Southeast Asia Succinic Acid Market Analysis
Chapter 10 Middle East Succinic Acid Market Analysis
Chapter 11 Africa Succinic Acid Market Analysis
Chapter 12 Oceania Succinic Acid Market Analysis
Chapter 13 South America Succinic Acid Market Analysis
Chapter 14 Company Profiles and Key Figures in Succinic Acid Business
Chapter 15 Global Succinic Acid Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
Continued....

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