Succinic Acid Market: Current Analysis and Forecast (2022-2028)

Report Description

The global succinic acid market is likely to showcase a growth of around 8% during the forecast period. Succinic acid is a versatile chemical compound used in a range of industries. It has tremendous potential as a platform chemical for a number of industrial chemicals. It is currently used as an intermediate in the production of polyesters, alkyd resins, polyurethanes, plasticizers, 1,4-butanediol, and solvents. Besides this, it is used as a flavoring agent for food and beverages. In the pharmaceutical industry, it is used in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, contraceptives, and cancer-curing. As the global end-use industry has showcased tremendous growth over the year and is expected to maintain its historical performance, the demand for chemicals and intermediates including succinic acid would propel during the forecast period. Further, succinic acid is identified as the top twelve building-block chemicals that could be produced from renewable feedstocks is increasing the interest of chemical manufacturers to increase their investment in the area.

Insights Presented in the Report

“Amongst type, bio-based category likely to showcase a faster growth rate during the forecast period”

Based on type, the market is categorized into petro-based and bio-based. Of both, the bio-based category is likely to showcase faster growth over the forecast period. The high cost associated with the conventional way of succinic acid production using the petroleum-derived maleic anhydride route along with environment unfriendly production method is increasing interest in bio-based succinic acid. Moreover, the global target to become carbon neutral is increasing the focus of the chemical industry to use fossil fuel alternatives for chemical production supporting the growth of the bio-based category.

“Amongst end-user, general industrial category held a prominent position in the market in 2020”

Based on end-user, the market is categorized into general industrial, paints & coatings, food & beverages, personal care & cosmetics, pharmaceutical, and others. Among these, general industrial application held a strong position in the market and is expected to maintain the position during the forecast period. Succinic acid is used in tetrahydrofuran, 1,4-butanediol, urethane, and plasticizers, to name a few. These products find application in a range of industries. For instance, 1,4-butanediol is used as a solvent in the chemical industry whereas it is used as a crucial raw material in fiber manufacturing like Spandex.

“Asia-Pacific is likely to showcase significant growth during the forecast period”

For a better understanding of the market adoption of succinic acid, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. The Asia-Pacific region held a strong position in the market and is expected to maintain a positive momentum during the forecast period. The region is a global manufacturing hub and is among the largest producers and consumers of products where succinic acid is used as a key building block. The large demography of the region along with improving per capita income and increasing focus of regional economies in the export market is bringing a greater number of end-use industries to the region. Owing to such factors, the demand for succinic acid is showing positive growth.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

Customization Options:

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Research Methodology

Research Methodology for Global Succinic Acid Market Analysis (2020-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of succinic acid, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of succinic acid through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the succinic acid market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type and end-user. Further regional and country-level analyses were conducted to evaluate the overall adoption of succinic acid globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of succinic acid. Further, we conducted factor analysis using dependent and independent variables such as the large and growing end-user industries and increasing demand for bio-based products. A thorough analysis was conducted of demand and supply-side scenarios considering the increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Succinic Acid industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of succinic acid across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the succinic acid market. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Succinic Acid market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of the type and end-user.

The main objective of the succinic acid market study

The current & future market trends of global succinic acid were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of succinic acid in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include the area of the type and end-user
• Defined analysis of the regulatory framework for the succinic acid industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of succinic acid for the major countries
• Major regions/countries analyzed in the report include North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World
• Company profiles of the succinic acid market players and the growth strategies adopted by them to sustain the growing market
• Deep dive country-level analysis of the industry
  

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