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The succinic acid market size is forecast to increase by USD 261 million at a CAGR of 10.87% between 2023 and 2028.
The research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Succinic acid, a dicarboxylic acid, is derived from petroleum-based feedstocks, primarily maleic anhydride, for commercial production. This approach offers cost advantages due to the abundance and affordability of petroleum resources. Petroleum-based production ensures a consistent and reliable process, mitigating the yield inconsistencies associated with fermentation methods. The expanding demand for eco-friendly plastics and materials has further boosted the market. Applications include the production of polymers like polytetrahydrofuran, polybutylene succinate, and 1,4-butanediol, as well as coatings, automotive industries, and personal care products. Additionally, it is used In the manufacturing of fumaric acid, glyoxylic acid, and various derivatives such as dimethyl succinate, disodium succinate, and N-bromosuccinimide. The chemical is also employed as a raw material In the production of various renewable chemicals and performance materials.
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The petro-based segment was valued at USD 137.10 million in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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It is a versatile chemical used extensively in various industries, including pharmaceuticals, food and beverage, personal care, and coating. In 2023, Europe led The market, driven by the increasing consumption of bio-based chemicals in end-use sectors. Key European countries, such as Germany, Italy, and the UK, dominate the market due to their large consumer bases and numerous industries utilizing it. The demand for bio-based materials In the paints and coating industries is driving the growth of the market in Europe. Additionally, the production of 1,4-butanediol (BDO), polyurethanes, plasticizers, and alkyd resins for construction, pharmaceuticals, food packaging, and automotive industries is expected to further fuel market expansion. Succinic acid's applications extend to the production of derivatives like dimethyl succinate (DMS), ferrous succinate, N-bromosuccinimide (NBS), disodium succinate, and raw materials for renewable chemicals. The increasing demand for these derivatives in various industries, such as coatings, automotive, agricultural sector, and personal care, is expected to boost the market during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Application in various industries is the key driver of the market.
Bio-succinic acid gaining popularity is the upcoming market trend.
What challenges does the Industry face during its growth?
High competition among companies is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, succinic acid market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
It is a versatile organic compound with the chemical formula C4H6O4. It is a colorless, odorless, and hygroscopic substance that can be derived from both petroleum and bio-based sources. This compound is gaining significant attention in various industries due to its unique properties and potential applications. Petroleum-based acid is produced through the oxidation of butane or butene, while bio-based acid is derived from the fermentation of sugars, such as glucose or xylose. The production process for both types involves several steps, including dehydration, oxidation, and purification. Succinic acid is used extensively In the production of plastics, particularly In the manufacturing of polymers such as polyesters and polyurethanes.
Furthermore, it is also used as a building block for the production of other chemicals, including diethylmaleate, fumaric acid, glyoxylic acid, and 1,4-butanediol (BDO). In the plastics industry, succinic acid is used to produce polymers such as polybutylene succinate (PBS) and polybutylene terephthalate (PBT). These polymers are used in various applications, including coatings, automotive industries, and the agricultural sector. It is also used as a raw material In the production of tetrahydrofuran, a solvent used In the chemical industry. Bio-based acid is gaining popularity due to its renewable and sustainable nature. It is produced from renewable feedstocks such as crude glycerol and whey permeate, making it an attractive alternative to petroleum-based succinic acid.
However, the production cost of bio-based acid is currently higher than that of petroleum-based succinic acid, which limits its widespread adoption. Succinic acid and its derivatives have various applications in different industries. For instance, succinic acid is used as a soldering flux In the electronics industry. It is also used as a surfactant In the production of cosmetics and personal care products. In the food and beverage industry, succinic acid is used as a preservative and a flavor enhancer. The production of succinic acid involves several manufacturing plants worldwide. The performance issues associated with the production of succinic acid, particularly In the fermentation process, are a significant challenge for manufacturers.
In addition, the production process requires large amounts of land and water, which can pose environmental concerns. Therefore,it is a versatile compound with a wide range of applications in various industries. Its production can be derived from both petroleum and bio-based sources. While petroleum-based succinic acid is currently the dominant player In the market, bio-based succinic acid is gaining popularity due to its renewable and sustainable nature. However, the production cost of bio-based succinic acid remains a significant challenge. The production process involves several manufacturing plants worldwide, and performance issues associated with the fermentation process are a significant challenge for manufacturers.
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Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
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Market growth 2024-2028 |
USD 261 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.52 |
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Key countries |
US, Germany, China, Italy, and Canada |
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Competitive landscape |
Leading Companies, market growth and forecasting , Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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