Succinic Acid Market is expected to grow from USD 131.7 million in 2018 and is projected to reach USD 237.8 million by 2027, at a CAGR of 6.8%.
The report "Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based Succinic Acid), End-Use Industry (Industrial, Food & Beverage, Coatings, Pharmaceutical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Forecast to 2027", The growth of the succinic acid market is attributed to the growing chemical, food & beverage, and pharmaceutical industries.
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Recent Developments
In November 2016, Reverdia entered into a strategic partnership with Hangzhou Xinfu Science & Technology (China) to adopt Biosuccinium in bio-based polymers and co-polymers for the packaging industry and for long-term supply agreement.
In October 2016, Reverdia signed an agreement with Dezhou Xinhuarun Technology (China) to develop and promote Biosuccinium-based microcellular polyurethane foams. The foams will be used in soles for footwear and other applications.
In August 2016, Anhui Sunsing Chemicals invented another method of producing succinic acid and other chemicals using sucrose-containing feedstock. This invention was related to the production of chemicals by fermentation with a microorganism in which, the fermentation medium contains sugar sucrose.
The petro-based segment is expected to be largest contributor to the market growth during the forecast period.
The growth of the segment is mainly attributed to the demand from the chemical industry for PBS/ PBST, and polyurethane. Petro-based succinic acid is cost-effective and has better efficiency in comparison with bio-based type. Additionally, it can be widely used in the food & beverage industry as a flavor enhancer and in the chemical industry for the manufacture of PBS.
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Industrial application is the largest and fastest-growing end-use industry of succinic acid.
The demand for succinic acid is driven by its use for applications in the industrial applications. Succinic acid is used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and also have better heat resistance and processability in comparison to other biopolymers. The key drivers for the succinic acid market are the increasing disposable income, changing consumer lifestyle, increased use of plastics, and the growing packaging industry. These factors have fueled the demand for non-toxic, bio-degradable PET bottles, food containers, disposable syringes, blood bags, and other consumer goods in countries such as China, India, Japan, US, and Germany that have led to the growth of the succinic acid market in the PBS/PBST segment.
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Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based
Succinic Acid), End-Use Industry (Industrial, Food & Beverage,
Coatings, Pharmaceutical), and Region (APAC, Europe, North America,
South America, Middle East & Africa) - Forecast to 2023
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[130 Pages Report] The succinic acid market size is projected to grow from USD 131.7 million in
2018 to USD 182.8 million by 2023, at a CAGR of 6.8%. The increasing demand from the industrial,
personal care and food & beverage industries fuels the succinic acid market. The increasing
demand from the APAC region, and the increasing adoption of succinic acid as a substitute of adipic
acid in polyurethane production are the factors driving the succinic acid market. The objective of the
report is to define, describe, and forecast the succinic acid market size based on type (petro-base
succinic acid and bio-based succinic acid), application (industrial, coating, food & beverages,
cosmetics and pharmaceuticals) and region.
The petro-based segment is expected to be largest contributor to the market growth
during the forecast period.
The growth of the segment is mainly attributed to the demand from the chemical industry for PBS/
PBST, and polyurethane. Petro-based succinic acid is cost-effective and has better efficiency in
comparison with bio-based type. Additionally, it can be widely used in the food & beverage industry
as a flavor enhancer and in the chemical industry for the manufacture of PBS.
Industrial application is the largest and fastest-growing end-use industry of succinic
acid.
The demand for succinic acid is driven by its use for applications in the industrial applications.
Succinic acid is used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and
also have better heat resistance and processability in comparison to ot