Succinic Acid Market Size Worth USD 573.9 Million in 2032 | Emergen Research

The global succinic acid market size was USD 234.8 Million in 2022 and is expected to register a revenue CAGR of 9.3% during the forecast period. The global succinic acid market is poised for substantial growth over the forecast period, propelled by various factors such as urbanization, rising disposable incomes, and growing demand from industries such as pharmaceuticals and cosmetics. Succinic acid, known for its multifaceted applications in food, skincare, and pharmaceuticals, is gaining prominence owing to its eco-friendly nature and diverse utility.

Market Drivers

The surge in urbanization and escalating consumer disposable income are driving the demand for succinic acid, particularly in the pharmaceutical sector, where it finds extensive usage. Additionally, the growing awareness and acceptance of bio-based chemicals are fueling market growth, with companies investing significantly in research and development to enhance the availability of food-grade and FDA-approved succinic acid.

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Antimicrobial Properties Driving Demand

Succinic acid's antimicrobial and anti-inflammatory properties are increasingly valued in cosmetics and personal care products. Its effectiveness in treating acne with minimal risk of skin irritation has made it a sought-after ingredient in skincare formulations. Manufacturers are ramping up production to meet the rising demand for dermatologist-approved skincare solutions, including hydrating serums enriched with succinic acid and hyaluronic acid for enhanced skin hydration.

Environmental Concerns Boost Bio-Based Succinic Acid Segment

The global succinic acid market is witnessing a shift towards bio-based succinic acid, driven by concerns over carbon footprint and environmental sustainability. Bio-based succinic acid, derived from renewable resources such as sugar, corn, and wheat, is gaining traction as a greener alternative to petro-based succinic acid. Its use in the production of biodegradable plastics is expected to witness significant growth as environmental consciousness among consumers rises.

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Market Restraints

Despite the promising growth prospects, the succinic acid market faces challenges such as high production costs and lack of awareness. Fluctuating prices of raw materials and the lengthy extraction process pose additional hurdles to market expansion. The dependency on crude oil for petro-based succinic acid production contributes to high production costs, although efforts are underway to mitigate this through advancements in biorefinery technologies.

Segment Insights

• Bio-Based vs. Petro-Based Succinic Acid: The dominance of the bio-based succinic acid segment is attributed to its eco-friendly attributes and growing acceptance in various industries. However, the petro-based succinic acid segment is expected to witness rapid growth owing to its cost-effectiveness and efficiency, particularly in applications requiring heat resistance.

• End-Use Industries: The food & beverages segment leads the market, fueled by succinic acid's role as a flavor enhancer and food additive. Meanwhile, the pharmaceuticals segment is poised for rapid growth, driven by the increasing demand for safer drug delivery systems and the therapeutic benefits of succinic acid in treating various health conditions.

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Outlook

The global succinic acid market presents lucrative opportunities for manufacturers and investors, driven by the growing demand for sustainable and eco-friendly solutions across various industries. As companies continue to innovate and expand their product portfolios, the market is expected to witness robust growth in the coming years.

Succinic Acid Top Companies and Competitive Landscape

The global succinic acid market is fragmented, with several medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing succinic acid derivatives.

• Nippon Shokubai Co., Ltd.
• Gadiv Petrochemical Industries Ltd.
• BASF SE
• Roquette Frères.
• Anhui Sunsing Chemicals Co.,Ltd.
• Kawasaki Kasei Chemicals Ltd.
• R-Biopharm.
• S.S.Pharmachem
• Fuso Chemical Co., Ltd.
• Spectrum Chemical
• Merck KGaA
• Ernesto Ventós S.A.
• Parchem.
• Corbion N.V.
• Novomer Inc.
• ESIM Chemicals GmbH
• Reverdia
• Showa Denko America, Inc.
• Mitsubishi Chemical Corporation
• BioAmber, Inc.

Succinic Acid Latest Industry News

• In August 2022, Technip Energies announced the acquisition of DSM's Biosuccinium technology, adding a technical solution to its expanding Sustainable Chemicals portfolio. This technique works in tandem with recently established patented bio-polymer technologies to provide a commercially referenced production of bio-based Succinic Acid (bio-SAc), which is used as a feedstock in the Synthesis of Polybutylene Succinate (PBS).

• In August 2021, LCY Biosciences, a leading producer of succinic acid, announced the production of 18 KT of bio-based succinic acid at a plant in Sarnia, Ontario, Canada. BioAmber previously owned the plant, which produced 8 KT at the time.

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Succinic Acid Segment Analysis

For the purpose of this report, Emergen research has segmented the global succinic acid market on the basis of source, end-use industry, and region:

• Source Outlook (Revenue, USD Million, Volume Kilotons, 2019-2032)
o Bio-based Succinic Acid
o Petro-based Succinic Acid

• End-Use Industry Outlook (Revenue, USD Million, Volume Kilotons, 2019-2032)
o Industrial
o Coatings
o Food & Beverages
o Cosmetics
o Pharmaceutical
o Others

• Regional Outlook (Revenue, USD Million, Volume Kilotons, 2019-2032)

o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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