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Global Bio-based Succinic Acid Market Anticipated to Gain Tremendous Growth of 20% in CAGR until the End of 2026
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Forecast Analysis
This report on global bio-based succinic acid market has been categorized by the report into six key regions viz. Latin America, Japan, North America, Europe, Middle East & Africa (MEA), and Asia-Pacific excluding Japan (APEJ). On the basis of regional analysis, the research highlights market growth on the specific application, end-user, and process type. As per the key findings, the global bio-based succinic acid market estimated to increase at a wonderful CAGR through the forecast period of 2017-2026. In addition to this, revenues from sales of bio-based succinic acid across the globe are gauged to surpass US$ 900 Mn by 2026-end.
In the present time, development of cost-effective and highly efficient bio-refineries is a prerequisite for realizing the aim of a bio-based economy. Bio-based product manufacturers have so far tapped into specialty or high-value chemicals market, however, modern biotechnology is enabling improvements in economics for bio-based building blocks such as bio-based succinic acid in bulk applications.
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Major Findings from the Study
Bio-based succinic acid is also adept of being used as a feedstock in production of biodegradable products. In addition, opportunities lie for bio-based succinic acid’s espousal for applications in detergents, pigments, surfactants, and resins.
On the basis of geography, North America anticipated to become the largest market for bio-succinic acid by 2026-End. Several industries in the region have started commercializing the making of bio-based succinic acid via fermentation of sugars.
On the basis of process type, revenues from electrodialysis process and direct crystallization process for manufacturing bio-based succinic acid will increase at a relatively higher CAGR.
Personal care is expected to be the fastest expanding end-user of bio-based succinic acid, while chemical industry will remain the most profitable end-user throughout the forecast period.
Later, the study offers analysis on the competitive landscape of the global bio-based succinic acid market, which includes information about bulging industries that are performing well in the global bio-based succinic acid market. Key players highlighted in the study are Corbion N.V, Myriant Corporation, Roquette Frères S.A., Koninklijke DSM N.V, BioAmber Inc., and BASF SE.
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