Succinic acid is an important intermediate chemical witnessing high demand. It is a building-block chemical for producing many specialty and commodity chemicals that are used in a wide range of applications, such as polymers, food, metals, pharmaceutical, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates, and cosmetics. The key application is 1, 4BDO, which accounted for ~17% in terms of value of the global succinic acid market in 2022, followed by plasticizers, resins, coatings, pigments, pharmaceuticals and PBS/ PBST.
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Europe is the biggest market of succinic acid; it accounted for a share of ~36.3% of total market size in terms of value in 2022. There is tremendous scope for succinic acid in the Asia-Pacific market due to the growth of China’s economy and rapid industrialization in the region. Currently, the reach of succinic acid is increasing in the Pharmaceuticals & Personal Care application which propels the growth in terms of value and volume, thus driving the end-user demand. The increased domestic production of bio-based succinic acid is further adding to the rising demand in pharmaceuticals & cosmetics application in the Asia-pacific region.
The increasing cost of the conventional feedstock and regulations on conventional chemicals are the major barriers for the growth of the Succinic acid market. However, the negative environmental impact of the conventional succinic acid is anticipated to drive the demand for bio-based Succinic acid globally. Expansion (facility and capacity) and partnership & collaboration are identified as key strategies which are helping the key players to further expand their reach in the global succinic acid market.
This study on succinic acid market estimates its global demand and market size in terms of value for 2022 and projects the expected demand and market size by value of the same by 2031. As a part of the quantitative analysis, the study segments the global market by source and applications at country level with current market estimation and forecast till 2031. The countries covered in the report are the U.S, Canada, China, Japan, Germany, Italy, Brazil, Thailand, India, Korea, and other countries. The segmentation by source is petroleum-based and bio-based while on the basis of its applications the segmentation includes analysis of, (1,4 BDO, Polyurethane, Food and Beverages, Resins, Coatings & Pigments, Plasticizers, Pharmaceuticals, De-icer solutions, PBS/PBST, Solvents & Lubricants, Personal Care, Others).
Further, as a part of qualitative analysis, the research provides report with a comprehensive review of key market drivers, restraints, opportunities, winning imperatives, and key issues in the market.
It also includes the company profiling and competitive strategies adopted by various market players including BioAmber Inc (U.S.), Gadiv Petrochemical industries ltd (Israel), Kawasaki Kasei Chemicals Ltd (Japan), Mitsubishi Chemical Corporation (Japan), Mitsui & Co. Ltd (Japan), Myriant Corporation (U.S.), Nippon Shokubai Co. Ltd (Japan), PTT Global Chemical Public Co. Ltd (Thailand), Purac (The Netherlands), BASF SE (Germany), Reverdia (The Netherlands), Roquette Freres S.A (France), DSM N.V (The Netherlands) and also their recent developments and other strategic industry activities.
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Scope of the report
This research report categorizes the global market for succinic acid on the basis of source, application, and region along with forecasting volume, value, and analyzing trends in each of the submarkets.
On the basis of source: The succinic acid market is segmented on the basis of source, such as petroleum-based and bio-based. Each source is further described in detail in the report with volume and value forecasts of each source.
On the basis of application: The succinic acid market is segmented on the basis of applications, such as 1,4 BDO, Polyurethane, Food and Beverages, Resins, Coatings & Pigments, Plasticizers, Pharmaceuticals, De-icer solutions, PBS/PBST, Solvents & Lubricants, Personal Care, Others. Each application is further described in detail in the report with volume and value forecasts for each application.
On the basis of region: Regional level segmentation included in the report analyzes North America, Asia-Pacific, Europe, and RoW, and further for key countries in each region that include:
• North America
o The U.S.
o The U.K.
o South Korea
• Rest of the World (RoW)
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