Press release
Bio Succinic Acid Market Research Report 2024 Size, Share, Business Strategies Growth Forecast and Industry Statistics Until 2030
Bio Succinic Acid Market Research
Publisher: Allied Market Research
Market Size:
2020: $126.80 million
2030: $235.02 million
CAGR: 6.41% (2021-2030)
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Market Dynamics
Prime Growth Determinants:
- Fossil Fuel Volatility: Shifts in fossil fuel prices drive interest in bio-based alternatives.
- Carbon Footprint Reduction: Environmental concerns promote the use of bio succinic acid.
- Local Raw Material Utilization: Availability of locally sourced raw materials supports market growth.
Restraints:
High Cost: The high price of bio succinic acid is a barrier.
Complex Extraction Processes: Lengthy and complicated extraction processes hinder growth.
Opportunities:
Application Expansion: Growing use in bio-plastics and other diverse applications creates new market opportunities.
Segment Analysis
By End Use:
Industrial Segment: Held the largest market share in 2020 (>40%). This segment is driven by demand for polyurethane, tetrahydrofuran, and polybutylene production.
Cosmetics Segment: Expected to have the highest CAGR (7.5%) from 2021 to 2030, driven by increasing demand for organic products.
End Use Applications:
- Industrial
- Food
- Pharmaceuticals
- Cosmetics
- Others
Regional Insights
Asia-Pacific: Dominant in 2020, holding nearly two-fifths of market revenue. Expected to grow at the fastest CAGR (6.8%) due to the eco-friendly nature of bio succinic acid and rising concerns over synthetic dye reactions.
Regional Breakdown:
- Asia-Pacific
- North America
- Europe
- LAMEA (Latin America, Middle East, Africa)
Leading Market Players
- BASF SE
- Bio Amber
- DSM
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- Roquette Freres S.A.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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