Succinic Acid Market Current Scenario and Future Prospects 2024 - 2031 | Kawasaki Kasei Chemicals Ltd., BioAmber

Market Overview:

Succinic acid or butanedioic acid is a dicarboxylic acid which is produced from fermentation of biomass. It is used in production of polyurethanes, food additives, solvents and in personal care products.

Market Dynamics:

The succinic acid market is expected to witness significant growth over the forecast period owing to increase in application of succinic acid in polyurethanes market. Polyurethanes find wide application in furniture, bedding, carpet underlay, automotive and construction industries among others. According to India Brand Equity Foundation (IBEF), the Indian polyurethane market is projected to grow at 8-10% CAGR during 2022-2027. Another major driver bolstering the succinic acid market growth is increasing use of succinic acid as a replacement for petroleum based adipic acid, which is used in production of polyurethanes. Succinic acid provides environmental benefits over adipic acid due to its bio-based origin.

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Growing Demand for BDO and PBS Contribute to Increasing Adoption of Succinic Acid

One of the key drivers boosting the succinic acid market growth is the rising demand for 1,4-butanediol (BDO) from various end-use industries such as textiles, automotive, etc. Succinic acid finds wide applicability in the production of BDO, which is further used in the manufacturing of polybutylene terephthalate (PBT), gammabutyrolactone (GBL), and tetrahydrofuran (THF). The demand for BDO from the textile and automotive industries is increasing at a rapid pace with the growing population and increasing disposable income. This rising demand for BDO is directly influencing the growth of the succinic acid market.

Another market driver augmenting the succinic acid demand is the increasing usage of polybutylene succinate (PBS) in various applications including packaging, agriculture, and consumer goods. PBS is a biodegradable polymer produced from succinic acid and 1,4-butanediol. It provides properties similar to traditional plastics and finds usage as an eco-friendly substitute for polyethylene (PE), polypropylene (PP), polystyrene (PS), and polyurethane (PU). The stringent government regulations against the usage of non-biodegradable plastics are promoting the adoption of bioplastics including PBS. This growing preference for sustainable PBS is anticipated to propel the succinic acid market in the coming years.

Moreover, the easy availability of glutaric acid and pentanedioic acid further intensifies the competition faced by succinic acid producers. Glutaric acid and pentanedioic acid can replace succinic acid in the manufacturing of polyester polyols, nylons, resins, and plasticizers. The lower production costs of these alternatives allow manufacturers to provide substituted end-products at competitive prices, thereby affecting the succinic acid demand. However, growing sustainability trends and stringent regulations are expected to relatively offset the impact of substitutes in the upcoming decade.

Use of Succinic Acid in 1,4-BDO Production from Renewable Resources Presents Tremendous Opportunities

The rising focus on the development of sustainable chemical and material production processes from renewable feedstock presents lucrative opportunities for the participants in the succinic acid industry. Stakeholders are investing in R&D activities to utilize the potential of succinic acid produced through fermentation of renewable resources such as sugarcane, corn, and beet molasses in bio-based applications. One such promising application gaining attention is the fermentation-based production of 1,4-butanediol (BDO) using succinic acid.

Traditionally, BDO is manufactured from fossil fuel-based petrochemicals like maleic anhydride and butadiene. However, the development of a renewable route for BDO synthesis employing succinic acid instead of petroleum feedstock can help reduce dependency on crude oil. This bio-based production process of BDO offers economic and environmental benefits. The growing sustainability consciousness is driving research into developing such green routes, thereby presenting lucrative opportunities for both succinic acid and BDO market in the coming time.

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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 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)

Key Insights from the Global Succinic Acid Market Analysis:

Market Size Evaluation: Assessing the value and sales volume of the Succinic Acid market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Succinic Acid market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Succinic Acid market.
Segment Analysis: Examining the market value and sales volume of Succinic Acid by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Succinic Acid market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Succinic Acid sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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