Succinic Acid Market Report

Market Insights

The global Succinic Acid Market was estimated to grow from USD 232.24 million in 2021 to USD 438.35 million by 2028 and witness an impressive CAGR of 9.4% during the forecast period.

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What is Succinic Acid?

Succinic Acid is also known as amber acid, which is a key building block of a wide range of secondary chemicals used across various applications, such as pharmaceutical, food & beverage, solvents & lubricants, polyurethane, and agriculture. The major opportunities for succinic acid are provided by PBS, 1, 4 – BDO and food applications. Further, the increasing potential applications of PBS in various industries are expected to drive the demand for succinic acid for the manufacturing of PBS.

Key Players

Some of the major global succinic acid manufacturers are-

• Bioamber
• GC Innovation America
• Succinity GmbH
• Reverdia
• Nippon Shokubai
• Kawasaki Kasei Chemicals.

Market Dynamics

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The major driver contributing to the growth of the market for succinic acid is its increasing adoption as a substitute of adipic acid in polyurethane production and in various applications, such as industrial, personal care, and food & beverages.

Segments Analysis

By Type

The market is segmented as bio-based and petro-based segments. The petro-based succinic acid segment global market share more than 50.1% in 2021 and dominates the market during the assessment period, as it is cost-effective and offers better efficiency as compared to bio-based succinic acid.

The growth of the segment is owing to it being majorly used in the food & beverage industry as a flavor enhancer and in the chemical industry such as polyester polyols for manufacturing polyurethane and polybutylene succinate (PBS).

By End-Use Industry Type

The succinic acid market is segmented as industrial, coatings, food & beverages, cosmetics, pharmaceutical, and others. The industrial segment global market share more than 40.0% in 2021 and is expected to remain the dominant as well as fastest-growing end-use industry segment during the assessment period.

The wide use of succinic acid is found in food packaging, as these are non-toxic, biodegradables, having better heat resistance as compared to other biopolymers, which is the major reason for the dominance of this segment.

By Region

Asia-Pacific is estimated to be the largest market for succinic acid during the assessment period, with China, Southeast Asia, and India, being the major countries with lucrative growth opportunities.

The growth of the market is driven by the growth of various end-use industries, such as industrial, food & beverage, pharmaceutical, and coating industries, which is generating huge demand for succinic acid and the presence of a large number of succinic acid manufacturers in the Asia-Pacific region.

In China, succinic acid is majorly being used to produce a series of derivatives, such as dimethyl succinate (DMS) and 1,4-BDO, which are further used for soldering flux and surfactant applications in the chemical industry.

North America and Europe are also expected to offer substantial growth opportunities during the assessment period. In addition, Europe share more than 35% market in 2021.

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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Segment-wise analysis -

By Type:

• Bio-based Succinic Acid
• Petro-based Succinic Acid

By End-Use Industry Type:

• Industrial
• Coatings
• Food & Beverages
• Cosmetics
• Pharmaceutical
• Others

By Region:

• North America 
• Europe
• Asia-Pacific
• Rest of the World

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation of any one of the types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.