Succinic Acid Market Report

Market Insights

Succinic Acid market is likely to witness an impressive CAGR of 7.5% during the forecast period. 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.

Segment Analysis

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Succinic Acid Market Share: By Type

Based on the type, the market is segmented as bio-based and petro-based segments. The petro-based succinic acid segment dominates the market, 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).

Succinic Acid Market Share: By End-Use Industry Type

Based on the end-use industry type, the succinic acid market is segmented as industrial, coatings, food & beverages, cosmetics, pharmaceutical, and others. The industrial segment is expected to remain the dominant as well as fastest-growing end-use industry segment during the forecast 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.

Succinic Acid Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the largest market for succinic acid during the forecast 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 forecast period.

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Market Scope & Segmentation

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. This report studies the market covering a period of 12 years of trend and forecast.

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.

The succinic acid market is segmented into the following categories.

Succinic Acid Market Size, Share, & Forecast, by Type:

• Bio-based Succinic Acid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Petro-based Succinic Acid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Succinic Acid Market Size, Share, & Forecast, by End-Use Industry Type:

• Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Coatings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Food & Beverages (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Cosmetics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Pharmaceutical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Succinic Acid Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major succinic acid manufacturers are-

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

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 Features

This report provides market 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 market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market 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

Report Customization Options

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)

Market 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.