The Global Succinic acid market is valued at $170.6 billion in 2014 and is expected to reach $912.91 billion by 2022 growing at a CAGR of 23.32%. Environmental sustainability, increasing use of succinic acid derivatives and bio-based succinic acid are driving the market growth. Whereas, factors such as high manufacturing cost and instability in raw material costs are inhibiting the market growth. However, the opportunities of the market include growing demand for bio-based biodegradable plastic and increasing need for green substitutes. Besides, high manufacturing cost, limiting industrial capacity expansion are the challenges faced by the market.
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North American region is experiencing a shift from conventional succinic acid to bio-based succinic acid consumption. Germany is the key consumer of succinic acid in Europe. The largest manufacturers of bio-based succinic acid in Europe are Succinity GmbH, Reverdia. China is the largest consumer of succinic acid in Asia Pacific region and is expected to grow at a CAGR around 30% during the forecast period. The flourishing pharmaceuticals & Personal Care industry is resulting in the higher succinic acid demand from the country. Stringent regulations in Europe towards carbon footprints have enabled significant application of bio succinic acid in various chemical manufacturing units. Asia Pacific is expected to witness substantial growth on account of increasing number of manufacturing plants in Thailand, China, and South Korea.
Succinic acid market is segmented by source, by application and by geography. Depending on the various sources, market is classified into bio-based and petroleum-based. Based on application, market is categorized as coatings & pigments, food and beverages, pharmaceuticals, plasticizers, personal care, resins, solvents & lubricants, and others. By geography, market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The key players in the Succinic acid market include, BASF SE, DSM N.V, Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals Limited, Mitsubishi Chemical Corporation, Myriant Corporation, Nippon Shokubai Co. Ltd, PTT Global Chemical Public Limited, Reverdia and Roquette FrEres S.A.
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 8 years of all the mentioned segments, sub segments and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements.