MCP-6533: SUCCINIC ACID – A GLOBAL STRATEGIC BUSINESS REPORT
February 14, 2017 – Encouraging Demand for Bio-Succinic Acid to Drive the Market for Succinic Acid, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Succinic Acid market. The global market for Succinic Acid is projected to reach US$1.1 billion by 2022, driven by encouraging demand for bio-based succinic acid and expanding applications in various industries.
Succinic acid, also known as amber acid, or Spirit of Amber, is a critical intermediate chemical used in the manufacture of high-value and high-volume chemicals. Succinic acid represents an essential building block for manufacture of plasticizers, polybutylene succinate (PBS), resins, and polyurethanes. The chemical finds increased application in various end-use sectors including food & beverages, cosmetics, industrial manufacturing, and pharmaceuticals. While demand for petroleum based succinic acid continues to be impacted by rising raw material prices and environmental concerns, the industry stands to gain from the emergence of bio-based succinic acid as a replacement. The growth in the bio-based succinic acid market is mainly due to its attributes including cost benefits, low carbon footprint, and reduced price volatility as compared to fossil fuel-based alternatives. A major driving force for the bio-based succinic acid market is the growing need for green substitutes for chemicals used in the production of polymers and other complex derivatives. The commercial success of bio-succinic acid as a raw material in production of BDO and emerging applications in manufacture of polymers and food and beverages is expected to translate into significant growth opportunities for the succinic acid market. In addition, bio-based succinic acid holds the potential to replace adipic acid in polyester polyols and plasticizers. Market growth is also driven by technological advancements, developmental strategies, new capacity expansion projects, and improved R&D investments by players.
As stated by the new market research report on Succinic Acid, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market at a CAGR of 24.9% over the analysis period. The growth in the market is led by rapid growth of downstream industries in countries such as India and China and fast-paced economic growth and increased activity in end-use sectors such as food & beverage, personal care, pharmaceuticals and industrial manufacturing among others.
Major players covered in the report include Anhui Sunsing Chemicals Co. Ltd, Anqing Hexing Chemical Co. Ltd., BASF SE, Succinity GmbH, BioAmber Inc., Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co. Ltd., Mitsui & Co. Ltd., Myriant Technologies LLC, Nippon Shokubai Co., and Reverdia Ltd, among others.
The research report titled "Succinic Acid: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. End-use application markets analyzed include BDO, Food, Pharmaceuticals, PBS/PBST, Polyester Polyols, and Others.
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