Succinic Acid Market

Succinic acid has emerged as one of the most competitive bio-based chemicals. The US department of energy has included succinic acid among the top 12 value-added bio-based chemicals. Succinic acid is used as an intermediate in several chemical processes and products. The industry is highly fragmented with multiple large and small players. The global succinic acid market is expected to grow at a CAGR (compounded annual growth rate) of 24% during the forecast period of 2022-2030. Major drivers for the growth of this market are growing applications and the shift of the chemical industry towards bio-based sustainable chemicals. However, the high processing cost and intense competition in the market are major challenges.

Significant Market Transition Boosting Opportunities for Bio Succinic Acid

The chemical property of succinic acid is similar to other petrochemical derivatives (such as maleic anhydride, adipic acid and pthalic anhydride) and could replace them effectively. The plasticizers derived from succinic acid are being used as additives in plastics and bio plastics. The demand for green chemicals has increased due to growing awareness of the need to reduce reducing carbon footprints in the environment. This has led to a general shift from petroleum-based succinic acid to bio-based succinic acid with increased number of players such as Succinity (A joint venture of BASF and Carbion PURAC), Bio Amber and Mitsui, PTT, Reverdia, Myriant supporting the market growth. The government policies, across the world, are favorable for the growth of bio-based products primarily in the U.S., China, and Europe. The governments of various nations have framed policies to adopt the use of bio-based products for a greener and cleaner environment. Moreover, the processing cost of bio succinic acid is going down due to large scale production of the product.

Bio Succinic Acid Eclipsing the Growth of Petrochemical Based Succinic Acid Market

The global succinic acid market comprises both bio-based and petrochemical-based succinic acid. The market is dominated by bio-based succinic acid which is 75% of the total succinic acid market. Atlantic Research expects the bio-based succinic acid market to dominate in 2021 as well with a 94.5% market share. The petrochemical-based succinic acid market has a negative CAGR of -3.7% during the forecast period. The major reason for this market transition is the shift in focus of most of the industry players towards bio-based succinic acid.

Industrial Applications Takes Over 50% of Market Revenues

The global succinic acid market is segmented on the basis of applications. Succinic acid has a wide variety of applications which include industrial applications (57.1% in 2021), pharmaceuticals (15.91% in 2021), food & beverages and others. All these application markets have a huge growth potential and are ultimately driving the growth of succinic acid market. Among the industrial applications 1,4- butanediol (BDO) has the largest market share which is 39.8% in 2021. The increasing demand for green chemicals is a major driver for the growth of succinic acid in the chemicals industry.

APAC to Grow the Fastest

Geographically, the market is segmented as North America, Asia Pacific (APAC), Europe, and RoW (Brazil). Among these geographies, APAC is emerging as an opportunity market with a CAGR of 28.5% during the forecast period. The potential growth in the APAC region is driven by significant development in the application markets. Moreover, availability of low cost labor has attracted companies to establish production plants in this region. China has the highest production capacity among all the geographies. About 26% of the total production is from China.

Market is Clearly Fragmented

Succinic acid has wide range of applications such as BDO, polymers, fibers, pharmaceuticals, food & beverages, plasticizers, dyes and coatings. However, the major demand originates from coating, resins, BDO, plasticizers and polyurethanes and the food industry. Currently, there are only few companies producing succinic acid in large amounts. Most of the companies are small scale and with very little production capacity. Major players in the succinic acid market are DSM, Gadiv Petrochemicals, Kawasaki Kasei, Mitsubishi Chemicals, Nippon Shokubai Chemicals, Anquing Hexing and so on.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2022 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

Global Succinic Market, By Application, 2020-2030, ($Millions)

• BDO
• Plasticizer
• PBS
• Solvent and lubricant
• Polyols
• Other industrial
• Pharma
• Food

Global Succinic Market, By Raw Material, 2020-2030, ($Millions)

• Petrochemical based Succinic Acid
• Bio-based Succinic Acid

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global succinic acid market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?