Global Succinic Acid Market, By Type (Bio- Based Succinic Acid, Petro- Based Succinic Acid), End- Use (Industrial, Food & Beverages, Coatings, Pharmaceutical, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Succinic Acid Market
The succinic acid market is expected to gain market growth in the forecast period of 2021 to 2028. Data bridge market research analyses that the market is growing with the CAGR of 15.03% in the forecast period of 2021 to 2028 and is expected to reach USD 368.15 billion by 2028. The increasing demand from the industrial, personal care and food & beverage industries is escalating the growth of succinic acid market.
Succinic acid is also called asuccin, butanedioic acid, dihydrofumaric acid or amber acid which is dicarboxylic acid having chemical formula (CH2)2(CO2H)2 or C4H6O4. Succinic acid is utilized in various sectors including food and beverages as mentioned above and others such as chemical industries and personal care. The succinic acid is extensively used in the pharmaceutical industry where it is utilized as an ingredient.
The utilization of the product as a building block for the production of polyurethanes and polybutylene succinate (PBS) and plasticizers, and as a precursor for chemicals such as 1,4 butanediol (BDO) is one of the major factors driving the succinic acid market. The rising demand for a bio-based chemical, increasing use of succinic acid as starting feedstock for production of industrial chemicals and consumer products and advancement of technology for bio-based succinic acid production accelerate the succinic acid market growth. The increasing preference of succinic acid over butane-based maleic anhydride in the manufacturing of chemicals such as succinic anhydride, fumaric acid, diethylmaleate, glyoxylic acid and other plastics and utilization of the product in the manufacturing of polymers which are conventionally produced from butane influence the succinic acid market. Additionally, increasing demand for environmental sustainability, expansion of industrial industries, concerns regarding environmental impact and surge in investment by manufacturers positively affect the succinic acid market. Furthermore, increasing potential applications of succinic acid, and research and development activities extend profitable opportunities to the succinic acid market players in the forecast period of 2021 to 2028.
On the other hand, the fluctuation in the crude oil price is expected to obstruct the succinic acid market growth. The increasing production of bio-succinic acid due to rise in popularity of green products among chemical manufacturers is projected to challenge the succinic acid market in the forecast period of 2021 to 2028.
This succinic acid market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on succinic acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Succinic Acid Market Scope and Market Size
The succinic acid market is segmented on the basis of type and end- use. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the succinic acid market is segmented into bio- based succinic acid, petro- based succinic acid.
- On the basis of end- use, the succinic acid market is segmented into industrial, food and beverages, coatings, pharmaceutical and others.
Global Succinic Acid Market Country Level Analysis
The succinic acid market is analyzed and market size, volume information is provided by country, type and end- use as referenced above.
The countries covered in the globally succinic acid market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the succinic acid market because of the introduction of the bio-based product as a replacement and the implementation of stringent regulatory favoring bio-based substitutes. Asia-Pacific is expected to witness significant growth during the forecast period of 2021 to 2028 because of the high demand for the products and increasing need for applications such as 1,4 BDO, plasticizers, food, pharmaceuticals and polyurethanes and cosmetics.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Succinic Acid Market Share Analysis
The succinic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to succinic acid market.
The major players covered in the succinic acid market report are Anhui Sunsing Chemicals Co., Ltd., an qing he xing chemical corporation limited, BioAmber, GC Innovation America, Gadiv Petrochemical Industries Ltd., KAWASAKI KASEI CHEMICALS, NIPPON SHOKUBAI CO., LTD., Reverdia, Shangdong Yuhang Chemical Co.,Ltd., Shangdong Lixing Chemical Co.,Ltd, Spectrum Chemical Manufacturing Corporation, Thirumalai Chemicals Ltd., Mitsubishi Chemical Holdings Corporations among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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