According to a report, “Succinic Acid Market Size, Share & Trends Analysis Report By Application, By Region (North America, Europe, Asia Pacific, RoW), And Segment Forecasts, 2015 – 2022”, published by Grand View Research, Inc. The global succinic acid market is expected to reach USD 237.8 million by 2022, according to a new report by Grand View Research, Inc. Rising need in various application segments including 1,4 butanediol, pharmaceuticals, and polyurethanes is expected to result in considerable share for the product over the next seven years. Healthcare sector growth on account of rising health awareness among consumers in emerging economies of Asia Pacific is expected to have a positive impact on the industry over the forecast period.
Some of the factors such as fluctuating prices of raw material, fuel, and energy costs are expected to hamper overall cost of the product, which will result in inhibition of demands in the market. However, major change in the market is hinted from the rapid rise in political and regulatory pressures on chemical companies to reduce carbon emissions, which is creating a huge demand for the sustainable variant of succinic acid, called bio-succinic acid. This change will challenge the demand in the market, affecting the market growth rate in the forecasted period.
Succinic acid market is thronged with multiple major players striving to outdo another with new innovations, product launches and mergers & acquisitions strategy. Some of the key players are BioAmber, Anqing Hexing Chemical Co. Ltd., Reverdia, Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals, Myriant Corporation, Showa Denko K.K., Succinity GmbH, and Nippon Shokubai Co., Ltd.
Succinic Acid Market Report Highlights
In March 2019, Royal DSM and Roquette Frères, the parent companies of Reverdia, announced that the joint venture will be dissolved and the partners will transfer the rights and obligations related to Reverdia’s plant in Cassano, Italy, to Roquette.
Global industry is fragmented on account of the presence of numerous companies; however, most of these companies have switched to the production of succinic acid through the bio-based route. They invest highly in R&D to introduce the bio-based form that exhibits similar properties as that of the synthetic products. In October 2012, Reverdia and Helm AG signed an agreement to sell and distribute bio-succinic acid in Europe.
On the basis of applications, 1,4 BDO is expected to be the fastest growing segment in terms of volume and revenue. It is expected to grow at a CAGR of 12.0% from 2015 to 2022. Rising BDO consumption in the manufacturing of tetrahydrofuran (THF), which is used as a solvent in the pharmaceutical sector, is expected to have a positive impact on the industry.
Resins, coatings, dyes, and inks were the largest application segment valued at USD 23.0 million in 2014. Aerospace and electronics sector development in Asia Pacific countries including India and China is expected to promote demand.
On the basis of region, Asia Pacific is expected to be the fastest growing market at a CAGR of above 10.5% from 2015 to 2022. Lack of stringent regulations in the region is expected to be a key driving factor for the market. Cosmetic industry growth in China, India, and Japan is expected to further augment succinic acid demand over the forecast period.
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Succinic Acid Market Segmentation
Grand View Research has segmented the global succinic acid market on the basis of application and region:
Succinic Acid Application Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 – 2022)
Resins, Coatings, Dying, and Inks
Solvent and Lubricants
Succinic Acid Regional Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 – 2022)
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