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The succinic acid (SA) market size is estimated to grow at a CAGR of 9.85% between 2022 and 2027. The market size is forecast to increase by USD 211.71 million. The growth of the market depends on several factors, including the application in various industries, the consumer preference toward environment-friendly products, and the expanding F&B industry.
This succinic acid market report extensively covers market segmentation by type (petro-based and bio-based), end-user (industrial, coatings, pharmaceuticals, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The application in various industries are notably driving the market growth, although factors such as the high competition among vendors may impede the market growth. Our researchers analyzed the data with 2022 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 factor driving the growth of the global succinic acid (SA) market. Succinic acid is a crucial building block in producing bioplastics such as polybutylene succinate (PBS), polybutylene terephthalate (PBT), and polylactic acid (PLA). Growing demand for eco-friendly and sustainable materials is expected to boost the demand for succinic acid. Succinic acid is used as a flavoring and acidity regulator in the food and beverage industry. It is also used as a preservative in certain foods. The growing food and beverage industry is expected to increase the demand for succinic acid. Succinic acid is used as an excipient in the pharmaceutical industry and is also used in the production of various pharmaceuticals. Rising demand for pharmaceuticals and pharmaceuticals is expected to boost the demand for succinic acid during the forecast period.
Succinic acid is used as an active ingredient in personal care products such as skincare and hair care products. Succinic acid is used as an intermediate in the production of various chemicals, such as 1,4-butanediol, tetrahydrofuran, and gamma-butyrolactone. The growth of the chemical industry is expected to drive the demand for succinic acid. Overall, the increasing demand for sustainable materials, food and beverages, pharmaceuticals, personal care products, and chemical intermediates is expected to drive the growth of the global succinic acid market during the forecast period.
Bio-succinic acid gaining popularity is the primary trend in the global succinic acid (SA) market. The bio-succinic acid demand is rapidly increasing due to the increasing use of bio-succinic acid in BDO production. With the fluctuating prices of conventional fossil fuel-based raw materials and the increasing focus on technologies that reduce carbon footprint, BDO producers use renewable bio-based raw materials such as bio-succinic acid for BDO production. Bio-succinic acid is also used as a replacement for adipic acid in polyols.
With the increasing focus on the sustainable use of natural resources, the demand for bio-based or renewable chemicals is rising rapidly. As bio-succinic acid is derived from natural resources, it is used as a replacement for building blocks such as adipic acid and phthalic anhydride, which manufacture compounds such as polyols. The growing demand for bio-succinic acid will boost the growth of the global succinic acid market during the forecast period.
High competition among vendors is a major challenge impeding the growth of the global succinic acid (SA) market. One of the biggest challenges for succinic acid suppliers is competition from alternative bio-based chemicals for similar applications. For example, bio-based polymers such as PLA and polyhydroxyalkanoates (PHAs) are gaining popularity as sustainable alternatives to traditional petroleum-based plastics, and these materials are derived from renewable sources such as cornstarch and sugar cane. Additionally, succinic acid is used in various industries, such as food and beverages, pharmaceuticals, and cosmetics. In short, vendors need a deep understanding of each industry's requirements to commercialize their products successfully.
The regulatory landscape can also be complex, with different rules and regulations in each market, which adds another layer of complexity for vendors. Also, the cost of production can be a challenge, as succinic acid is typically produced using fermentation processes, which can be costly and require significant investments in infrastructure and technology. Vendors need to balance the cost of production with the need to offer competitive pricing to remain viable in the market. Thus, the growing competition from alternative bio-based chemicals providers may impede the growth of the global succinic acid market during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Succinic Acid Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Henan GP Chemicals Co. Ltd.: The company offers succinic acid solutions. Also, the company provides industrial and specialty chemicals such as Isopropyl Alcohol, Diglycolamine, and Hydroxypropyl Methacrylate.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the petro-based segment will be significant during the forecast period. Petro-based succinic acid is produced commercially by chemical processes from maleic anhydride, a petroleum-based raw material. Succinic acid is a dicarboxylic acid that has a wide range of industrial and commercial applications.
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The petro-based segment was valued at USD 126.93 million in 2017 and continued to grow until 2021. The use of petroleum-based raw materials allows for a more consistent and reliable production process and reduces the risk of yield variability that can occur in fermentation-based processes. Additionally, the increasing demand for biodegradable plastics and other sustainable materials also contributes to the demand for succinic acid. Overall, the growing demand for petroleum-based succinic acid can be attributed to its cost-effectiveness, reliability, and potential to address sustainability challenges. Increasing demand for succinic acid in various industries such as packaging, textiles, and automotive is expected to contribute positively to the growth of the global succinic acid market during the forecast period.
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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In this region, the use of petroleum-based raw materials allows for a more consistent and reliable production process and reduces the risk of yield variability that can occur in fermentation-based processes. Additionally, the increasing demand for biodegradable plastics and other sustainable materials also contributes to the demand for succinic acid. Overall, the growing demand for petroleum-based succinic acid can be attributed to its cost-effectiveness, reliability, and potential to address sustainability challenges. Rising demand for succinic acid in various industries such as packaging, textiles, and automotive is expected to positively contribute to the growth of the global succinic acid market during the forecast period.
In 2020, the outbreak of COVID-19 reduced the sales of succinic acid in the region as manufacturing units were closed due to imposed lockdown. However, in 2021, due to large-scale vaccination drives in many countries in the region, the number of COVID-19 cases reduced, which resulted in the removal of lockdown restrictions. The lifting of lockdown restrictions invariably helped manufacturing units resume their operations, which boosted market growth of succinic acid. Various end-users are demanding eco-friendly products, which will increase the demand for bio-based succinic acid. Therefore, the growing demand for bio-based succinic acid will have a positive impact on the growth of the regional succinic acid market during the forecast period.
The succinic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global succinic acid market as a part of the global specialty chemicals market. The global specialty chemicals market covers products and companies engaged in high-value-added chemicals used in the manufacturing of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Succinic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.85% |
Market growth 2023-2027 |
USD 211.71 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.46 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 33% |
Key countries |
US, Canada, China, Germany, and Italy |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
EMCO Dyestuff Pvt. Ltd., Fengchen Group Co. Ltd., HENAN BON INDUSTRIAL CHEMICAL CO. LTD., Henan GP Chemicals Co. Ltd., KUNSHAN ODOWELL CO. LTD., Labdhi Chemicals, LCY Chemical Corp., Merck KGaA, Nippon Shokubai Co. Ltd., Otto Chemie Pvt. Ltd., Roquette Freres SA, Spectrum Laboratory Products Inc., Tokyo Chemical Industry Co. Ltd., Vizag Chemical International, Zhengzhou Alfa Chemical Co. Ltd., Aurochemicals, Central Drug House Pvt. Ltd., Corbion nv, Jinan Qinmu Fine Chemical Co. Ltd., and Nice Chemicals Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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