Global Bio-Based Succinic Acid Market Expected to Reach Value of US$ 900 Mn by 2026

This research report offers a comprehensive analysis of the “Bio-based Succinic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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Succinic acid has prevailed as a precursor of several imperative industrial chemicals that are utilized in large volumes. Succinic acid is used as an intermediate in majority of the chemical processes, and find extensive utilization in various production processes. Bio-based succinic acid is an animal- and plant-derived substitute for succinic acid, which is petroleum based, which witnessed huge demand for applications such as plasticizers, polymers, coatings, solvents, and esters.

Bio-based Succinic Acid becoming A Key Building Block for Derivative Production of Commodity & High-value Chemicals

The United States Department of Energy (USDOE) has positioned succinic acid, derived from petroleum, among the top 12 chemical building blocks. However, use of petroleum-based succinic acid witnessed hindrances on the back of its carbon footprints and price volatility, which in turn led to the development of bio-based succinic acid. Bio-based succinic acid is on the verge of becoming an indispensable platform chemical, implying a key building block for derivative production of both high-value and commodity chemicals. This has made bio-succinic acid to be an attractive compound in bio-based economies. Increasing worldwide demand for green chemicals has triggered adoption of bio-based succinic acid in various applications, particularly in production of bioplastics, making it a financially rewarding platform chemical.

Growing need for replacing butane-based maleic anhydride, and making improvements in bio-refining processes has further created opportunities for use of bio-based succinic acid. Primarily, bio-succinic acid is being extensively used in production of cosmetic, food and pharmaceutical products, along with the preparation of de-icer solutions. In addition, newer applications including polyesters polyols, and 1,4 Butanediol (BDO) are likely to proliferate demand for bio-based succinic acid in the foreseeable future. Although bio-based succinic acid is gaining rapid momentum globally, obstacles such as its capital intensiveness, huge competition among regional vendors, and increasing raw material prices will impede adoption of bio-based succinic acid.

A new report by Transparency Market Research (TMR) projects the global bio-based succinic acid market to increase at a splendid CAGR through the forecast period (2017-2026). Revenues from sales of bio-based succinic acid across the globe are estimated to gauged to surpass US$ 900 Mn by 2026-end.

North America to Become Largest Market for Bio-based Succinic Acid by 2026-End

In North America, factors such as volatility in prices of C4 petroleum-based feedstock have driven development of bio-based chemicals such as bio-based succinic acid. Several industries in the region have commenced commercializing the production of bio-based succinic acid via fermentation of sugars. Numerous large-scale production facilities of bio-based succinic acid have been erected in the region, which in turn are proliferating their demand and supply among end-users. North America is anticipated to become the largest market for bio-based succinic acid by 2026-end.

Combining 1,4 Butanediol with bio-based succinic acid has created innovative application for green biopolymers. For example – adoption of polybutylene succinate in disposable cutlery and biodegradable packaging films. Bio-succinic acid is being largely used as an alternative to maleic anhydride for production of 1,4 Butanediol. 1,4 Butanediol is expected to remain the largest application of bio-based succinic acid. However, sales of bio-based succinic acid will register the fastest expansion for application in solvents & coatings.

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Chemical Industry to Remain Largest End-User of Bio-based Succinic Acid

Chemical industry will remain the most lucrative end-user of bio-based succinic acid. New applications are being continuously sought for using bio-based succinic acid in the chemical sector. Adoption of bio-based succinic acid in the chemical industry will witness a tremendous surge owing to soaring requirements for sustainable solutions, and increasing focus on development of products with improved environmental footprints.

Based on process type, ammonium sulphate process will remain preferred for production of bio-based succinic acid, followed by direct crystallization process. However, revenues from the latter will increase at a relatively higher CAGR than that from the former through 2026.

Competition Tracking

Companies producing bio-based succinic acid have been employing various inorganic as well as organic expansion strategies, in a bid to reinforce their presence in the global market. TMR’s report has outlined key proactive players supporting the market growth, which include Roquette Frères S.A., Corbion N.V, Koninklijke DSM N.V, Myriant Corporation, BioAmber Inc., and BASF SE. These market players are continuously pressing on product portfolio extension, positioning their R&D centers strategically, adoption of new development strategies, and advancements in technology for gaining a competitive edge.

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