The succinic acid market was approximately 47 kilo tons in 2014. Asia Pacific’s enhancing infrastructural & construction facilities are anticipated to raise the demand for coatings, resins, & polyurethanes, propelling market sales. Succinic acid serves as a building block in the generation of resins, polyurethanes, plasticizers, and polybutylene succinate.
However, volatile crude oil costs can affect succinic acid costs, thereby limiting market demand. Additionally, bio-succinic acid production expansion owing to wide recognition of green products among manufacturers of chemicals could hinder market demand over the coming years.
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The succinic acid market is bifurcated on the basis of applications and regions. Application segments include dyes, coatings, resins, & inks; automotives; construction; pharmaceuticals; and 1, 4 butanediol. Dyes, coatings, resins, & inks were the biggest application in 2014. They accounted for more than 9 kilo tons of the market the same year.
Pharmaceuticals were the second biggest application of the succinic acid market in 2014. They were valued around USD 15 million that year. Improved medical amenities, healthcare tourism, and affordable labour should further the demand for pharmaceutical products. This may also positively impact the market during the forecast period.
1, 4 butanediol is likely to be the swiftest growing application (at more than 12.2% CAGR) with regards to revenues from 2015 to 2022. Demand for high performance coatings, cements, and elastomers promotes this segment, thus driving the succinic acid market. With respect to regions; Asia Pacific, North America, Europe, and rest of the world constitute the market.
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Europe led the market in 2014. It held over 30% volumes the same year. Conversely, the region would undergo declining demand due to the usage of bio-based products for substitution. Asia Pacific generated over USD 36 million in 2014. It can experience huge demand due to favourable regulatory atmosphere in China & India.
BioAmber is one of the biggest manufacturers in the worldwide succinic acid market. Other acclaimed manufacturers comprise Nippon Shokubai Co. Ltd., Kawasaki Kasei Chemicals, Succinity GmbH, Gadiv Petrochemical Industries Ltd., and Showa Denko K.K. They provide reasonable integration.
Some of them indulge in direct product deliveries. Integration in value chain stages is projected to ensure regular delivery of raw materials and lesser production expenditures.
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