Large base of end-use industries and robust growth in emerging economies is fueling the market for succinic acid

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 that finds application in a range of industries including general industry, food & beverage, pharmaceutical, and personal care & cosmetic, and paint & coatings to name a few. As these industries witness increasing demand for products, therefore, to meet the growing demand, the demand for chemical intermediates like succinic acid is growing.

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The global succinic acid industry is witnessing a growing interest in bio-based alternatives which has low production cost and are environment-friendly to conventional methods of production. Since the conventional way of production from petroleum derivatives is not economical for manufacturers and does not support environment-related targets. Using microbial organisms’ way of production, succinic acid has huge market potential as a building block for commodity chemicals with applications in several industries. Some of the succinic acid derivatives include tetrahydrofuran, 1,4-butanediol, succinimide, succinonitrile, dimethyl succinate, N-methyl-pyrrolidone, 2-pyrrolidone, and 1,4-diaminobutane. As the demand for these chemical compounds is growing from a range of industries including general manufacturing, food & beverage, pharmaceutical, personal care & cosmetics, therefore, it is expected that the consumption of succinic acid would propel eventually. For instance, according to industry data, the global food & beverage industry is expected to grow at a rate of 9% between 2022-2028.

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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.

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.

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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.

Global Succinic Acid Market Segmentation

Market Insight, by Type

• Petro-based
• Bio-based

Market Insight, by End-User

• General Industrial
• Paints & Coatings
• Food & Beverages
• Personal Care & Cosmetics
• Pharmaceutical
• Others

Market Insight, by Region

• North America Succinic Acid Market
  • The United States
  • Canada
  • Rest of North America
• Europe Succinic Acid Market
  • Germany
  • The United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Succinic Acid Market
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of World Succinic Acid Market

Top Company Profiles

• Nippon Shokubai Co. Ltd.
• Air Water Performance Chemicals Inc.
• REVERDIA V.O.F.
• Ernesto Ventós S.A.
• Anhui Sunsing Chemicals Co. Ltd.
• BioAmber Inc.
• Succinity GmbH
• PTT Global Chemical Public Company Limited
• Spectrum Chemical Mfg. Corp.
• Shandong Sparrow Chemical Co. Ltd.