3rd January 2020 – Global Succinic
Acid Market Research Report Presents Intellect by Leading Players,
Type, Applications, Distribution Channel, Consumption, Revenue (Mn/Bn USD) and
Region –Forecast to 2022.
The global Succinic Acid Market size is
expected to value at USD 237.8 million by 2022. The succinic acid industry is
subject to witness a substantial growth due to the substantial demand from
various application verticals such as 1,4 butanediol, pharmaceuticals, and
polyurethanes. Rapid growth of building &construction sector and automotive
industry, particularly in the Asia Pacific region is expected to foster market
growth over the forecast period.
High-end demand for production of resin,
coating, and polyurethanes is positively affecting market growth as well.
Succinic acid is considered as primary building block for the production of
polyurethanes, resins, polybutylene succinate (PBS) and plasticizers. Succinic
acid acts as a precursor for chemicals such as 1,4 butanediol (BDO). Globally,
the succinic acid market is predicted to grow at CAGR of 12% in the forecast
period, providing numerous opportunities for market players to invest for
research and development in the market.
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However, volatility in the cost of crude
oil price and limited availability of raw materials are expected to hamper
market growth to a certain extent over the coming years. Yet, massive increase
in the demand for bio-succinic acid owing to eco-friendly nature and favorable
government policies for the use of green products among chemical manufacturers
are anticipated to drive market growth over the next seven years. Bio-derived
succinic acid is predicted to replace conventional chemicals such as
butane-based maleic anhydride during production of succinic anhydride, fumaric
acid, diethylmaleate, glyoxylic acid, and other plastics.
The succinic acid industry is broadly
categorized into nine major segments based on the application type such as1,4
BDO, resins & coatings segment, dying and inks segments, pharmaceuticals,
polyurethanes, food& beverages segment, plasticizers, cosmetics, solvent
and lubricants, de-icing solutions. The resins & coatings is considered as
one of the fastest growing segment in the succinic acid market with substantial
revenue generation in the last few years.
Growing popularity of succinic acid in
the resins & coatings segment is attributed for the rise in demand from
construction and the automotive industry. The pharmaceuticals segment has also
witnessed substantial growth owing to the increasing medical tourism across the
globe.
The succinic acid industry is divided by
region as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in pharmaceuticals and resins &
coatings sector, increase in number of research & development activities in
the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold
major market share in the succinic acid market displaying a massive growth in
the forecast period. Countries such as India, China, South Korea and Japan are
leading the Asia-Pacific market with strong economic growth in the region,
rapid growth of automotive and construction sector, and significant investment
by leading industry players considering potential growth opportunities in the
region.
The key players in the succinic acid
industry are BioAmber, Inc., Anqing Hexing Chemical Co., Ltd., Reverdia, Inc.,
Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals, Inc., Myriant
Co., Showa Denko K.K., Succinity GmbH, and Nippon Shokubai Co., Ltd.
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