Press release
Succinic Acid Market Expecting Huge Demand in Upcoming Years 2024 - 2031 | Kawasaki Kasei Chemicals Ltd., BioAmber
Succinic Acid Market
The succinic acid market is expected to reach the revenue of US$ 290 Mn by 2031.
Market Dynamics:
The succinic acid market is expected to witness significant growth over the forecast period owing to increasing demand from polyester production. Polybutylene succinate is a biodegradable polyester that is synthesized using succinic acid. It is finding increasing usage in bioplastics production as an alternative to traditional plastics. Additionally, favourable government policies and regulatory norms pertaining to adoption of bio-based chemicals and materials are also contributing to the growth of succinic acid market.
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Major Growth Drivers for Demand of Succinic Acid from Polyurethanes Industry
Growing demand for polyurethane foam from construction and automotive industry have been driving the growth of succinic acid market worldwide. Polyurethane foam finds major application in insulation in construction and interiors of automobiles. As succinic acid is a raw material used in the production of polyurethane, greater production of polyurethane foam translates to increased consumption of succinic acid. Many countries worldwide have been witnessing increased investments and construction activities which has positively influenced the demand for insulating polyurethane foam from the construction sector. Furthermore, automotive production has been rising globally with advances being witnessed in automotive interiors. This has augmented the need for flexible and lightweight foam from automotive interior manufacturing which use succinic acid as a raw material.
Opportunity for Succinic Acid with Growing Demand for Bio-based Chemicals
With rising environmental awareness and sustainability agenda of governments, the demand for bio-based and renewable chemicals has increased significantly globally in past decade. Succinic acid is naturally occurring chemical and recognized as one of the top 12 platform chemicals that can be produced biologically from renewable resources like corn, cane molasses and wood. Major global chemical companies have made advancements in developing fermentation routes for producing bio-based succinic acid. Its growing applications in polyurethanes, plasticizers, solvents, pharmaceuticals and food additives present lucrative opportunity. As various end-user industries are shifting preference towards sustainable and renewable chemicals, bio-based succinic acid market is expected witness strong growth. This presents tremendous scope for commercial producers of succinic acid to penetrate new application markets and gain larger shares by offering green alternative to petrochemical-derived succinic acid.
Future Trend - Diversifying Application Portfolio of Succinic Acid
In coming years, succinic acid market is anticipated to undergo dynamic changes with the chemical being explored for newer and broader application ranges beyond conventional uses. Research is ongoing worldwide to develop cost-effective technologies for deriving valuable chemical intermediates from succinic acid platform. Chemical derivatives of succinic acid like gamma-butyrolactone (GBL), tetrahydrofuran (THF), 1,4-butanediol (BDO) and polybutylene succinate (PBS) have great potential. They can replace existing petroleum-based intermediates and polymers. Additionally, use of succinate esters as environment-friendly solvents andplasticizers is a key trend. Succinic acid also shows
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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:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: linkedin.com/in/alice-mutum-3b247b137 )
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