Market Research Future Published a Half Cooked Research “Global Succinic Acid Market Research Report – Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.
BASF SE, Anhui Sunsing Chemicals Co. Ltd, Kawasaki Kasei Chemicals, Lixing Chemicals, Nippon Shokubai, Mitsubishi Chemical, Bioamber, Gadiv Petrochemical Industries Ltd., Succinity, Anqing Hexing Chemical Co. Ltd and among others are some of the prominent players at the forefront of competition in the Global Succinic Acid Market and are profiled in MRFR Analysis.
Succinic Acid Market – Market Overview
Succinic Acid is a water-soluble, colourless crystal with an acid taste that is used as a chemical intermediate, in medicine, the manufacture of lacquers, and to make perfume esters. Bio based succinic acid and petro based succinic acid are two major types of succinic acid, wherein, bio based is being largely used on account of strict government regulations. Its application scope includes pharmaceuticals, food & beverage, polyester polyols, resins & coating, plasticizers, personal care and others.
Over the years, global market has undergoing registered prolific growth, although, the trend may be change to significant growth. This has led by growing adoption of bio based Succinic Acid. Key industry participants has recognised the industry shifting trend towards bio based products and according adopting strategies to developed bio based product formulations. Growth in this market is highly credible to rising interest in green chemicals due to incising pressure of regulatory bodies to reduce environmental impact. In addition to this, increasing use of succinic acid in pharmaceutical sector and succinic acid has replaced the use of adipic acid.
Bio based can be seen used in the production polymers, which were produced from butane. This has linked with environmental sustainability which forced key industry participants to production of bio based products, thereby, create wide scope for bio Succinic Acid. Geographically, Europe controlling the major part of the global market and had acquired largest market shares as of 2016. Due to European Union’s strict regulation, market players operating in this region have developing products complying governmental regulations. The region expected to progress in terms of regional shares in the coming years due to transparent proximity to governmental regulations.
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Succinic Acid Market- Competitive Landscape
BioAmber emerged as major industry participants in succinic acid market over the other players including BASF SE, Nippon Shokubai, and Mitsubishi Chemical. Global succinic acid Market has seen strategic alliances among the industry players to collectively enjoy the growth served the industry. BioAmber holds the major shares in this market and has influencing its dominance on other market players. Most of the key development observed in 2017 has developed by this company including joint ventures and product launches. The company has set to increase such trends in the coming years as well, which in turn, expected to develop future demand. Moreover, Integration across various stages of the value chain is expected to result in continuous raw material supply as well as low production costs.
Industry/ Innovation/ Related News:
Jun 15, 2017- BIOAMBER INC launches a bio succinic acid pharmaceutical grade inn their succinic acid category. The newly launched pharmaceutical grade will be manufactured under the United States Food and Drug Administration’s (FDA) good manufacturing practices. The company has recognised the trend for bio based produced due to the increasing environmental regulations and will be enjoying the increasing demand.
Jun 7, 2014- BIOAMBER INC. signs take-or-pay contract for three bio-succinic acid plants. The contract has signed between BIOAMBER INC and Vinmar International, wherein, Vinmar commitment is for 210,000 tons of succinic acid per year when plants will be operational. Under that agreement, following the financing, construction and commissioning of the 1,4 butanediol (BDO)plant, Vinmar has committed to purchase and BioAmber has committed to sell 100% of the BDO produced for next 15 years. Long term agreement between these two market players may invite collectively growth opportunities specifically in succinic acid applications.
December 19, 2016- BIOAMBER INC. and CJ CHEILJEDANG collectively planning to form joint venture for succinic acid production in Asia Pacific. As proposed in official agreement, both of these companies plans to establish joint venture to produce 36,000 metric tons of bio-succinic acid annually and commercialize the output in Asia. The joint venture has planned projecting quick penetration in Asian market by producing competitive bio-succinic acid. As stated in agreement CJ will own 65% of the joint venture and BioAmber will own 35% shares.
February 11, 2016- Mitsui invests USD 25 million in BioAmber joint venture to commercialize bio succinic acid. This investment has undertaken in Canada to establish joint venture between Mitsu and BioAmber. In this strategic alliance BioAmber will be holding 60% stake and the collective efforts has delivered to increase the global leadership in bio succinic acid business.
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