Press release
Succinic Acid Market to Undertake Strapping Growth During 2024 - 2031 | Kawasaki Kasei Chemicals Ltd., BioAmber
Succinic Acid Market
Succinic acid is an organic acid that is used as building blocks for production of biodegradable polymers and glycol synthetic chemicals. It finds applications as food additive, solvent, and fertilizer.
Market Dynamics:
The succinic acid market is driven by increasing demand from polyurethanes industry. Polyurethanes possess properties like flexibility, durability and strength and find wide usage in furniture, bedding, automotive, footwear and insulation. Also, succinic acid is witnessing rising demand from industrial applications like 1,4-butanediol, polybutylene succinate and plasticizers which is further expected to support market growth over the forecast period. Additionally, shifting preference towards bio-based and sustainable chemicals due to stringent environmental regulations will also contribute to the succinic acid market expansion between 2024-2031.
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Succinic Acid Market Drivers
Increasing Demand from Polyester Polyols & Polyurethane Sector
The demand for succinic acid is increasing significantly from the polyester polyols and polyurethane sector. Succinic acid is a important feedstock used in manufacturing polyurethane and polyesters which finds wide applications in construction, packaging, automotive and furniture industries. The growing construction and automoblie industries globally is driving the demand for polyurethane and polyesters which in turn is propelling the succinic acid market.
Wide Applications in Food & Beverage Industry
Succinic acid has wide applications in food & beverage industry as a flavoring agent and preservative. It is used as a flavor enhancer in foods, beverages and dietary supplements. The rapidly growing packaged and processed food industry is augmenting the consumption of succinic acid. It serves as an alternative to chemical preservatives and provides tart and tangy flavor in numerous food products like candies, chewing gums, beverages and baked goods. The increasing health consciousness among consumers is further fueling the demand for natural food preservatives like succinic acid.
Succinic Acid Market Trends
Increasing Adoption in 1,4-Butanediol Production
1,4-Butanediol is a important bulk chemical used in manufacturing spandex fibers, polytetramethylene ether glycol (PTMEG), gamma-butyrolactone (GBL) and other polymers. Around 30-40% of the succinic acid produced globally is being utilized for manufacturing 1,4-butanediol. With the increasing applications of spandex, PTMEG and other derivatives, the demand for 1,4-butanediol is surging exponentially. This growing adoption of succinic acid as a key feedstock in 1,4-butanediol production is one of the major trends being witnessed in the global succinic acid market. It signifies huge opportunities for market participants over the coming years.
Top Companies Featured in This Report:
★ Kawasaki Kasei Chemicals Ltd.
★ BioAmber
★ Myriant
★ Reverdia (Netherlands)
★ Succinity
★ Nippon Shokubai
★ Linyi Lixing Chemical Co.
★ Anhui Sunsing Chemicals
★ Gadiv Petrochemical Industries Ltd.
Market Segmentation:
By Product Type:
★ Petro based
★ Bio Based
★ De-icer Solutions
★ Polyurethanes
★ Resins, pigments & coatings
★ PBS/PBST
★ Pharmaceuticals
★ Food & Beverage
★ Personal Care
★ Plasticizers
★ Solvents & Lubricants
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Succinic Acid Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Succinic Acid Market.
• Explore the Succinic Acid Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Succinic Acid Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Succinic Acid Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Succinic Acid Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
Key Questions Answered:
• What was the size of the Succinic Acid Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Succinic Acid Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Succinic Acid Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Succinic Acid Market?
• Which segments of the Succinic Acid Market are in high demand?
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