The Global Succinic Acid Market was estimated to be US$ 271.78 Million in 2022 and is expected to reach US$ 549.82 Million by 2032 at a CAGR of 7.3%.
SANTA ROSA, CALIFORNIA, UNITED STATES, June 22, 2023/EINPresswire.com/ — The Global Succinic Acid Market Share, Trends, Analysis and Forecasts, 2023-2032 presents extensive information on the latest trends, factors driving the market growth, potential opportunities, and challenges that may impact the industry’s market dynamics. It offers a detailed examination of the different market segments, such as application, end-use industry, production process and competitive landscape.
𝐆𝐄𝐓 𝐀 𝐒𝐀𝐌𝐏𝐋𝐄 𝐑𝐄𝐏𝐎𝐑𝐓: https://www.insightslice.com/request-sample/1510
The Global Succinic Acid Market was estimated to be US$ 271.78 Million in 2022 and is expected to reach US$ 549.82 Million by 2032 at a CAGR of 7.3%. Succinic acid, also known as butanedioic acid, is a dicarboxylic acid with the chemical formula C4H6O4. It is a colorless, crystalline solid that occurs naturally in various living organisms, including plants and animals. Succinic acid is an important intermediate in several metabolic pathways within the body.
Petrochemical-based succinic acid is typically synthesized from maleic anhydride or butane, while bio-based succinic acid is produced through fermentation using renewable feedstocks such as sugars, starch, or biomass. Bio-based succinic acid has gained significant attention in recent years due to its potential as a sustainable and environmentally friendly alternative to petrochemical-derived succinic acid.
Succinic acid has a wide range of applications in various industries. It is used as a chemical intermediate in the production of polymers, resins, coatings, and pharmaceuticals. It is also utilized as a flavoring agent, pH regulator, and preservative in the food and beverage industry. Succinic acid has found applications in personal care products, such as cosmetics and skincare formulations, as well. Overall, succinic acid plays a vital role in both biological and industrial processes, contributing to various sectors and offering potential sustainability benefits in its bio-based form.
𝐆𝐫𝐨𝐰𝐭𝐡 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐨𝐟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭
𝐅𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 –
𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐫𝐨𝐦 𝐞𝐧𝐝-𝐮𝐬𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬:
The succinic acid market is driven by increasing demand from various end-use industries such as chemicals, packaging, pharmaceuticals, food and beverages, and personal care. These industries utilize succinic acid in diverse applications ranging from chemical intermediates to flavoring agents and drug formulations. For example, in the chemicals industry, succinic acid is used as a key raw material for the production of chemicals like 1,4-butanediol (BDO) and polybutylene succinate (PBS). The growing demand for these chemicals in sectors such as automotive, textiles, and electronics fuels the demand for succinic acid.
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐟𝐨𝐜𝐮𝐬 𝐨𝐧 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐛𝐢𝐨-𝐛𝐚𝐬𝐞𝐝 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬:
The global shift towards sustainability and environmental consciousness has led to a heightened focus on bio-based products, including succinic acid. Bio-based succinic acid is derived from renewable feedstocks, such as sugars, starch, and biomass, instead of petrochemicals. The emphasis on reducing carbon footprint and dependence on fossil fuels has led to increased adoption of bio-based succinic acid.
For instance, companies like BioAmber Inc. and Reverdia specialize in the production of bio-based succinic acid, catering to the demand for sustainable alternatives in various industries.
𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐩𝐫𝐨𝐦𝐨𝐭𝐢𝐧𝐠 𝐛𝐢𝐨-𝐛𝐚𝐬𝐞𝐝 𝐜𝐡𝐞𝐦𝐢𝐜𝐚𝐥𝐬:
Governments worldwide have implemented regulations and policies to support the use of bio-based chemicals, including succinic acid. These measures aim to reduce greenhouse gas emissions, promote sustainable practices, and encourage the development of renewable feedstock-based industries.
For example, in the European Union, the Renewable Energy Directive sets targets for the use of renewable energy sources in various sectors, including chemicals. Such policies create a favorable environment for the growth of bio-based succinic acid, leading to increased production and market demand.
𝐓𝐡𝐞 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭
Based on application, the largest segment in terms of market size is the “Chemical Intermediates” segment. This segment encompasses the usage of succinic acid as a key ingredient in the production of various chemicals and materials. The dominance of the chemical intermediates segment can be attributed to several factors.
Firstly, succinic acid serves as a crucial building block for the synthesis of chemicals like 1,4-butanediol (BDO) and polybutylene succinate (PBS), which find extensive applications in industries such as automotive, textiles, and electronics. The demand for these chemicals is driven by their versatile properties and wide-ranging industrial applications.
Secondly, succinic acid exhibits excellent reactivity and compatibility with other compounds, making it a sought-after intermediate in the chemical industry. It is utilized in the production of resins, coatings, solvents, and various polymers. Additionally, succinic acid derivatives can be used as corrosion inhibitors, adhesives, and surfactants, further expanding its applications within the chemical sector.
Moreover, succinic acid’s bio-based nature adds to its appeal in the chemical intermediates segment. As sustainability and environmental concerns gain prominence, the demand for bio-based chemicals increases. Succinic acid derived from renewable feedstocks offers a more eco-friendly alternative to petrochemical-derived counterparts, aligning with the growing preference for sustainable solutions in the industry.
Geographically, North America is the largest segment. In North America, stringent regulations and the focus on renewable energy sources drive the demand for bio-based succinic acid. Europe emphasizes reducing carbon emissions and dependence on petrochemicals, leading to increased adoption of bio-based succinic acid.
The Asia-Pacific region, with rapid industrialization and a large consumer base, presents significant growth opportunities, especially in China and India. The Middle East and Africa are gradually shifting towards sustainable practices, while South America, particularly Brazil, focuses on bio-based chemicals and sustainable development.
Overall, the regional trends reflect a global movement towards sustainability, with regulations, consumer demand, and favorable government policies promoting the use of bio-based succinic acid. These trends create opportunities for producers and manufacturers of succinic acid to cater to the growing market demand and contribute to a more sustainable future.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐮𝐜𝐜𝐢𝐧𝐢𝐜 𝐀𝐜𝐢𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:
Anhui Sunsing Chemicals Co., Ltd. (China), Anqing Hexing Chemical Co., Ltd. (China), BASF SE (Germany), BioAmber Inc. (Canada), DSM N.V. (Netherlands), Gadiv Petrochemical Industries Ltd. (Israel), Kawasaki Kasei Chemicals Ltd. (Japan), Linyi Lixing Chemical Co., Ltd. (China), Mitsubishi Chemical Corporation (Japan), Myriant Corporation (United States), Nippon Shokubai Co., Ltd. (Japan), Qingdao Kehai Biochemistry Co., Ltd. (China), Reverdia (Netherlands), Roquette Frères (France), Succinity GmbH (Germany) and Others.
𝐀𝐒𝐊 𝐅𝐎𝐑 𝐂𝐔𝐒𝐓𝐎𝐌𝐈𝐙𝐀𝐓𝐈𝐎𝐍 𝐑𝐄𝐏𝐎𝐑𝐓: https://www.insightslice.com/request-customization/1510
𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:
• Chemical Intermediates
• Food & Beverages
• Personal Care
𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐄𝐧𝐝-𝐔𝐬𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
• Food & Beverages
• Personal Care
𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬:
𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐑𝐞𝐠𝐢𝐨𝐧
• North America
> United States
> Rest of North America
> United Kingdom
> Rest of Europe
• Asia Pacific
> South Korea
> Rest of Asia Pacific
• Middle East & Africa
> Saudi Arabia
> South Africa
> Rest of the Middle East & Africa
• South America
> Rest of South America
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