The global SuccinicAcid Market size is expected to value at USD 237.8 million by 2022. The succinic acid industry is subject to witness a substantial growth due to the substantial demand from various application verticals such as 1,4 butanediol, pharmaceuticals, and polyurethanes. Rapid growth of building &construction sector and automotive industry, particularly in the Asia Pacific region is expected to foster market growth over the forecast period.
High-end
demand for production of resin, coating, and polyurethanes is positively
affecting market growth as well. Succinic acid is considered as primary
building block for the production of polyurethanes, resins, polybutylene
succinate (PBS) and plasticizers. Succinic acid acts as a precursor for
chemicals such as 1,4 butanediol (BDO). Globally, the succinic acid market is
predicted to grow at CAGR of 12% in the forecast period, providing numerous
opportunities for market players to invest for research and development in the
market.
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However,
volatility in the cost of crude oil price and limited availability of raw
materials are expected to hamper market growth to a certain extent over the
coming years. Yet, massive increase in the demand for bio-succinic acid owing
to eco-friendly nature and favorable government policies for the use of green
products among chemical manufacturers are anticipated to drive market growth
over the next seven years. Bio-derived succinic acid is predicted to replace
conventional chemicals such as butane-based maleic anhydride during production
of succinic anhydride, fumaric acid, diethylmaleate, glyoxylic acid, and other
plastics.
The
succinic acid industry is broadly categorized into nine major segments based on
the application type such as1,4 BDO, resins & coatings segment, dying and inks
segments, pharmaceuticals, polyurethanes, food& beverages segment,
plasticizers, cosmetics, solvent and lubricants, de-icing solutions. The resins
& coatings is considered as one of the fastest growing segment in the
succinic acid market with substantial revenue generation in the last few years.
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Growing
popularity of succinic acid in the resins & coatings segment is attributed
for the rise in demand from construction and the automotive industry. The
pharmaceuticals segment has also witnessed substantial growth owing to the
increasing medical tourism across the globe.
The
succinic acid industry is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
pharmaceuticals and resins & coatings sector, increase in number of
research & development activities in the region, and existence of
well-established industrial infrastructure.
Asia-Pacific
region is predicted to hold major market share in the succinic acid market
displaying a massive growth in the forecast period. Countries such as India,
China, South Korea and Japan are leading the Asia-Pacific market with strong
economic growth in the region, rapid growth of automotive and construction
sector, and significant investment by leading industry players considering
potential growth opportunities in the region.
The
key players in the succinic acid industry are BioAmber, Inc., Anqing Hexing
Chemical Co., Ltd., Reverdia, Inc., Gadiv Petrochemical Industries Ltd.,
Kawasaki Kasei Chemicals, Inc., Myriant Co., Showa Denko K.K., Succinity GmbH,
and Nippon Shokubai Co., Ltd.
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