Global Succinic Acid Market Overview:
Maleic anhydride derived from petroleum is the conventional raw material used in the manufacture of succinic acid. The price of conventional succinic acid is vulnerable to fluctuations in the price of oil. The price of raw materials remains a major concern for manufacturers of succinic acid. In addition, growing environmental concerns of end users have led to an increasing demand for environmentally friendly products. To overcome these restrictions, succinic acid manufacturers are gradually turning to the development and commercialization of succinic acid of biological origin. Several companies such as Reverdia and BioAmber invest heavily in the development and production of succinic acid of biological origin. It is expected that the development and commercialization of succinic acid will open up new opportunities for the actors of the industry.
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Succinic Acid Market was valued at USD xx million in 2018 and poised to touch USD xx million by 2023 growing at a CAGR of xx% during the forecast period 2018 to 2023.
Global Succinic Acid Market Drivers and Restraints:
It is expected that the increase in construction and infrastructure development activities will lead to a higher demand for resins, coatings and polyurethanes, which in turn should stimulate market growth. The pharmaceutical sector was the second largest application of succinic acid, accounting for 13.0% of total consumption in 2012. The 1, 4 BDO is the fourth largest market in 2011, but is expected to grow at a record pace between 2012 and 2018. With a share of more than 12% of total volume consumption, polyurethane was the third largest application of succinic acid in 2011 and is expected to grow at an annual composite rate of 28.0% from 2012 to 2018. In addition, the growing demand in emerging economies such as China, India, Brazil, etc., has continued to be the main driver of market growth in recent years and is expected to continue to stimulate the demand for succinic acid in forecasted years.
Global Succinic Acid Market Geographical Segmentation:
Global Succinic Acid Market is geographically segmented into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa regions. With a market share of 33.6%, Europe dominated the succinic acid market in previous years. Asia-Pacific was the second largest succinic acid market with 29.6% of the total market share. It is estimated that this market is experiencing the increase in demand in China, India and Japan. China dominated the succinic acid market in Asia-Pacific. North America had 29.2% of the total market share due to the strong demand for resins, coatings, dyes and inks in the market.
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Key Players of Global Succinic Acid Market:
Reverdia, BioAmber, Myriant Corporation, DSM, Mitsubishi Chemicals, BASF, Anqing Hexing Chemical Co. Ltd, Purac Biochem, Nippon Shokubai Co., Ltd., and Showa Denko K.K are the major players of the Succinic Acid Market.
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