Succinic acid Market market is expected to grow at a CAGR of 10.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Succinic acid Market size accounted for USD 500.1 Million in 2023, growing at a CAGR of 10.1% from 2023 to 2033. Succinic acid is a dicarboxylic acid with the chemical formula C4H6O4. It is a naturally occurring compound that plays a crucial role in various biological processes, including the citric acid cycle. Succinic acid can be produced through chemical synthesis or fermentation processes.

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There is a growing interest in sustainable and bio-based alternatives to traditional petrochemicals. Succinic acid can be produced through fermentation processes using renewable resources such as glucose, making it an attractive option for bio-based chemicals. Succinic acid is a key component in the production of bio-based polyurethane, which is used in the manufacturing of various products, including foams, adhesives, and coatings. The demand for sustainable and eco-friendly materials has led to an increased use of bio-based polyurethane, driving the succinic acid market. Succinic acid is used in the pharmaceutical industry for the production of certain drugs and medicines. The pharmaceutical sector's growth contributes to the demand for succinic acid.

Key Players
Some of the major Succinic acid Market players holding high market shares include BASF SE; Myriant Corporation; BioAmber; Parchem; and Dow Chemicals. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Ernesto Ventos S.A.; The Chemical Company; Kawasaki Kasei Chemicals Ltd.; Mitsubishi Chemical Corporation

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Segmental Analysis
Based on type, the Succinic acid market is segmented into Petro-based and bio-based. The bio-based succinic acid segment is expected to be the largest segment. This growth is driven by the increasing demand for sustainable and environmentally friendly products. Bio-based succinic acid is produced from renewable resources, such as corn and sugarcane, and has a lower environmental impact than petro-based succinic acid.
Based on End Use, the Succinic acid market is Food and beverages, pharmaceuticals, Coatings, Industrial, Personal Care and Cosmetics, and Others. The food & beverages segment is the largest end-use segment of the succinic acid market. Succinic acid is used in a variety of food and beverage products, including as an acidulant, flavoring agent, and preservative. It is also used in the production of biodegradable packaging materials.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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