Succinic Acid Market Analysis and Key Players' Strategies | Nippon Shokubai Co., Ltd. Gadiv Petrochemical Industries Ltd. BASF SE Roquette Frères.

The global succinic acid market, valued at USD 234.8 million in 2022, is projected to grow at a robust compound annual growth rate (CAGR) of 9.3% during the forecast period. Key factors contributing to the market's growth include increasing urbanization, rising disposable incomes, growing demand from the pharmaceutical industry, and heightened awareness around bio-based and eco-friendly chemicals.

Market Drivers

Succinic acid, a naturally occurring acid known for its wide range of applications, is seeing growing demand, particularly from the food, pharmaceutical, and cosmetics industries. It is commonly used as a flavoring agent and food additive and holds the European food additive code E363. Companies like BioAmber Inc. are focusing on producing food-grade and FDA-approved succinic acid, which has minimal side effects and is safe for consumption.

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In the cosmetics and personal care sectors, succinic acid's antimicrobial and anti-inflammatory properties have made it a popular ingredient, particularly for its anti-acne benefits. Its ability to hydrate the skin without causing irritation is leading to its inclusion in various skincare products. Companies are developing dermatologist-approved products, including lightweight serums that combine succinic acid with other hydrating agents like hyaluronic acid.

Furthermore, the shift towards reducing carbon footprints and promoting renewable energy sources is driving the demand for bio-based succinic acid. As environmental concerns rise, the use of biodegradable plastics is becoming more popular, which is positively impacting the succinic acid market.

Market Restraints

Despite the positive growth outlook, challenges such as high production costs, lack of awareness, and the complexity of extraction processes may limit market growth. Succinic acid production is still heavily reliant on crude oil, leading to fluctuating raw material prices. While bio-based alternatives offer a sustainable solution, they also come with higher costs due to the specialized biorefineries required for processing.

Market Segmentation

Source Insights:

The market is segmented based on the source of succinic acid: bio-based and petro-based. In 2022, bio-based succinic acid held the largest market share, driven by the growing demand for sustainable products. Bio-based succinic acid is produced from renewable resources like sugar, corn, and wheat and is increasingly being used in biodegradable plastics. Innovations such as using bacterial strains for production have further boosted the potential of bio-based succinic acid.

On the other hand, petro-based succinic acid is expected to witness rapid growth due to its cost-effectiveness and high efficiency. It is widely used in the production of polymers, coatings, and plasticizers due to its heat-resistant properties and processability.

End-Use Industry Insights:

By end-use, the succinic acid market is segmented into industries such as food & beverages, pharmaceuticals, cosmetics, and others. The food & beverages sector dominated the market in 2022, with succinic acid being used as a flavor enhancer, particularly in low-sodium foods. It also functions as a mineral fortifier and is commonly found in various food products.

The pharmaceutical sector is expected to grow rapidly during the forecast period, driven by the increasing demand for medications and safer drug delivery systems. Succinic acid plays an important role in drug manufacturing as a pH regulator and a key ingredient in the production of Active Pharmaceutical Ingredients (APIs). Additionally, succinic acid is used in supplements for its health benefits, particularly in supporting metabolism and alleviating menopausal symptoms.

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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.

Some major players included in the global succinic acid market report are:

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 Updates

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.
Succinic Acid Market Segmentation 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)

Bio-based Succinic Acid
Petro-based Succinic Acid

End-Use Industry Outlook (Revenue, USD Million, Volume Kilotons, 2019-2032)

Industrial
Coatings
Food & Beverages
Cosmetics
Pharmaceutical
Others

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

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

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