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The succinic acid (SA) market size is forecast to increase by USD 211.71 million, at a CAGR of 9.85% between 2022 and 2027. The growth of the market depends on several factors, including its application in various industries, the increasing consumer preference toward environment-friendly products, and the expanding Food and Beverage (F&B) industry. As businesses across sectors seek sustainable solutions, there's a growing demand for products that not only meet consumer needs but also align with environmental values. This shift in consumer preferences has led to the rise of eco-friendly alternatives in multiple industries, driving the market forward. Furthermore, the expansion of the F&B industry, fueled by changing consumer tastes and dietary habits, presents significant opportunities for market growth. By catering to these evolving needs and trends, companies can capitalize on the market's potential and establish a strong foothold in the industry.
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This 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.
Succinic acid is a crucial organic compound with various applications in multiple industries. The market for succinic acid is driven by its usage in the production of plastics, polymers, and coatings. Petroleum-based sources have traditionally been the primary feedstock for production. However, the shift towards bio-based sources, such as fermentation of sugars, is gaining momentum due to the increasing demand for eco-friendly alternatives. Bio-succinic acid is derived from renewable feedstocks, reducing CO2 emissions and making it an attractive alternative to petro base succinic acid. The personal care, food and beverage, and coating industries are significant consumers and their derivatives, including PBS/PBST, 1, 4 - BDO, DMS, ferrous succinate, N-bromosuccinimide, and disodium succinate. The demand for these derivatives is expected to fuel the growth of the market. Also, it is used in the production of diethylmaleate and fumaric acid, which are essential intermediates in the production of various polymers. The increasing demand for these polymers in various end-use industries is expected to further boost the market. 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 market. Succinic acid is a significant compound derived from both petroleum and bio based sources. It serves as a crucial building block for producing bioplastics such as polybutylene succinate (PBS) and polybutylene terephthalate (PBT), as well as polymers like polylactic acid (PLA). In the food and beverage industry, succinic acid functions as a flavoring agent, acidity regulator, and preservative. It is also employed as an excipient in pharmaceuticals and the production of various drugs. Bio-succinic acid is derived from the fermentation of sugars, making it a renewable alternative to petro based succinic acid. It is also used in the production of chemicals such as Diethylmaleate, Fumaric acid, and Glyoxylic acid, which are essential in various industries. The automotive and agricultural sectors utilize succinic acid in coatings and as a raw material for manufacturing plants.
In the personal care industry, succinic acid derivatives like 1,4-butanediol (BDO), dimethyl succinate (DMS), and ferrous succinate are used in the production of cosmetics and surfactants. Additionally, it is used in the production of performance chemicals like polyurethane production, tetrahydrofuran, and soldering flux. It is also employed as a raw material in the production of various chemicals and industrial applications. Overall, the increasing demand for sustainable materials, food and beverages, pharmaceuticals, personal care and food products, personal care and cosmetics, and chemical intermediates is expected to drive the growth of the market during the forecast period.
Bio-succinic acid gaining popularity is the primary trend in the market. Succinic acid is a versatile chemical used in various industries, traditionally derived from petroleum. However, with the shift towards renewable resources and the rising demand for sustainable manufacturing, bio-based succinic acid derived from fermentation of sugars is gaining popularity. This bio succinic acid is used as a replacement for petro-based raw materials such as adipic acid in the production of polymers like polyurethane and 1,4-butanediol (BDO), as well as in the manufacturing of plastics like PBS/PBST and coatings. Additionally, succinic acid is used in the production of performance chemicals such as dimethyl succinate (DMS), ferrous succinate, N-bromosuccinimide (NBS), disodium succinate, and derivatives used in soldering flux, surfactants, and other applications.
Moreover, the agricultural sector also utilizes succinic acid in the production of biodegradable plastics and as a raw material in the food and beverage industry. The increasing focus on reducing CO2 emissions and the availability of raw materials like crude glycerol and whey permeate make bio based succinic acid a viable alternative to petroleum-derived succinic acid. The growing demand will boost the growth of the during the forecast period.
High competition among companies is a major challenge impeding the growth of the market. Succinic acid is a versatile chemical used in various industries, including food and beverage, pharmaceuticals, cosmetics, and plastics. However, the market faces intense competition from bio-based alternatives, such as polymers like PLA and PHA, derived from renewable sources like cornstarch and sugarcane. These materials offer sustainability advantages over petroleum-based plastics. In the plastics industry, succinic acid is used in the production of polyesters, such as PBS/PBST, and in the synthesis of diethylmaleate, a precursor for the manufacture of adipic acid and polyurethane. It is also used in the production of 1,4-butanediol (BDO), a key ingredient in the production of polyurethane and tetrahydrofuran. In the food and beverage industry, succinic acid is used as a food additive and a preservative. In the pharmaceutical industry, it is used in the synthesis of various drugs, including fumaric acid, glyoxylic acid, and CO2 emission reduction agents. In the cosmetics industry, succinic acid is used as a preservative and a pH adjuster.
In the agricultural sector, it is used as a raw material for the production of bio succinic acid through the fermentation of sugars. Its derivatives, such as dimethyl succinate (DMS), ferrous succinate, and N-bromosuccinimide (NBS), are used in various applications, including as soldering fluxes, surfactants, and performance enhancers in manufacturing plants. The regulatory landscape for succinic acid is complex, with different rules and regulations in each market. Renewable chemicals, such as bio succinic acid produced from crude glycerol and whey permeate, offer potential solutions to performance issues and environmental concerns. Thus, the growing competition from alternative bio-based chemicals providers may impede the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, 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 market growth and forecasting strategies.
Customer Landscape
Companies 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, they provide 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 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 market 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.
The market share growth by the petro-based segment will be significant during the forecast period. Succinic acid is a dicarboxylic acid with significant industrial applications. It is primarily produced from petroleum-derived feedstocks, such as maleic anhydride, due to their abundance and affordability. Petroleum-based production offers consistent yields and reduces the risk of variability associated with fermentation-based processes. The increasing demand for biodegradable plastics and sustainable materials has boosted the market.
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The petro-based segment was valued at USD 126.93 million in 2017 and continued to grow until 2021. Petroleum-based succinic acid is used in the production of various polymers, including polyesters like PBS/PBST and polyurethane. It is also used in the manufacturing of plastics, such as PBS, and in the production of chemicals like dimethyl succinate (DMS), fumaric acid, glyoxylic acid, and adipic acid. Succinic acid derivatives, such as disodium succinate, are used as raw materials in the production of renewable chemicals, performance chemicals, and various industrial applications. They are also used in the production of soldering flux, surfactants, and in the automotive and agricultural sectors. Bio-based succinic acid is produced through the fermentation of sugars, such as glucose, xylose, and sucrose. This process produces lower CO2 emissions compared to petroleum-based production. Bio-succinic acid is used in the production of biodegradable plastics, coatings, cosmetics, food and beverage, and personal care products. Raw materials used in the production include crude glycerol, whey permeate, and diethylmaleate. The market is expected to grow due to its wide range of applications and the increasing demand for sustainable and biodegradable materials. 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 in various industries such as packaging, textiles, and automotive is expected to contribute positively to the growth of the 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. market is significantly driven by Europe, where the largest share is held due to the region's extensive use in various end-user industries. The demand is primarily fueled by the increasing consumption of bio-based chemicals. Germany, Italy, and the UK are key contributors, with their large consumer bases and numerous industries. The paints and coating sector's growing preference for bio-based materials is anticipated to further increase succinic acid demand.
Additionally, succinic acid's application in producing BDO, polyurethanes, plasticizers, and alkyd resins for construction, pharmaceuticals, food packaging, and automotive industries will positively impact market growth. This trend is attributed to the fermentation process used in production, which utilizes land and water resources efficiently. Rising demand in various industries such as packaging, textiles, and automotive is expected to positively contribute to the growth of the global market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
Succinic acid is a crucial organic compound used extensively in various industries, including polyurethanes, polymers, and plastics. The market is experiencing significant growth due to its increasing applications in these sectors. The demand is driven by the rising production of bioplastics and polyurethanes, which are eco-friendly alternatives to traditional plastics and foams. The primary sources are petroleum and biomass. Petroleum-derived succinic acid is produced through the oxidation of butane, while biomass-derived succinic acid is obtained from renewable sources such as corn, wheat, and sugarcane. The use of biomass as a raw material for succinic acid production is gaining popularity due to the increasing focus on sustainable manufacturing processes.
Additionally, the market for succinic acid is expected to grow at a steady pace in the coming years, driven by the increasing demand for bioplastics and eco-friendly materials. The market is also being fueled by the development of new production technologies and the entry of new players into the market. The major players in the market include BASF, DuPont, Corbion, Myriant, and BioAmber. These companies are investing heavily in research and development to expand their product portfolios and increase their market share. In conclusion, the market is poised for significant growth in the coming years, driven by the increasing demand for eco-friendly materials and the development of new production technologies. The market is expected to be dominated by key players such as BASF, DuPont, Corbion, Myriant, and BioAmber.
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 companies, market positioning of companies, 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 growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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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