Transparency Market Research delivers key insights on the global succinic acid market. In terms of revenue, the global succinic acid market is estimated to expand at a CAGR of 6.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global succinic acid market.
The global succinic acid market has been positively impacted by the rise in production of plastics, coatings, lubricants & solvents, and pharmaceuticals across the globe.
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Succinic Acid Market: Dynamics
Various end-use industries of succinic acid such as food & beverages, pharmaceutical, plastic, paints & coatings, and lubricants have been expanding significantly across the globe since the last few years. According to QuintilesIMS Institute, total spending on medicines is forecast to reach US$ 1.5 Trn by 2021, an increase of 33% from that in 2016.
The pharmaceutical industry is the key consumer of succinic acid. Manufacturers of succinic acid are focusing on production and processing of bio-based succinic acid in order to meet the growing demand for bio-based chemicals in the pharmaceutical industry. Succinic acid can be used as an excipient in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, anrhoers, and contraceptives.
Rise in environmental awareness and stringent governmental regulations to reduce chemical-based pollution have boosted the demand the bio-based chemicals. Biomethanol, bioethanol, glycerol, acetone, lactic acid, 1-butanol, and succinic acid are some of the key bio-based chemicals that are gaining momentum in the bio-based chemical industry.
Governments of various countries have introduced several initiatives and regulations to promote the adoption of bio-based products. For instance, the Renewable Chemicals Act was introduced in the U.S. to create an allocated tax credit for the production of qualifying renewable chemicals from biomass. This trend is expected to boost the demand for succinic acid across the globe.
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Succinic Acid Market: Prominent Regions
In terms of value, Asia Pacific dominated the global succinic acid market in 2020. It has emerged as a highly lucrative region of the global succinic acid market over the last few decades. China held major share of the succinic acid market in Asia Pacific in 2020. The growth of the market in the country can be ascribed to the continuous rise in demand for food, along with rapid urbanization and industrialization. According to a report by the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, China will experience an urbanization ratio of 70% by 2035. Thus, demand for succinic acid is expected to remain high in China during the forecast period.
Europe was another lucrative region of the global succinic acid market in 2020. Supportive government policies toward business sustainability programs, intensive fluctuations in crude oil prices, and usage of eco-friendly products are the some of the major factors boosting the demand for bio-chemical products in the region. Furthermore, increase in focus on enhancing the utilization of sustainable products is anticipated to propel the succinic acid market in Europe during the forecast period.
North America also accounts for key share of the global succinic acid market. This trend is expected to continue during the forecast period due to the increase in demand for polyurethanes in several applications such as building & construction, automobile, and footwear industries. The building & construction segment accounted for nearly 41% of polyurethane consumption in the U.S. in 2019, making it the largest end-use market for polyurethane materials. Polyurethane is used in wall and roof insulation, insulated panels, and gap fillers for space around doors and window products.
Succinic Acid Market: Key Players
Key players operating in the global succinic acid market are thyssenkrupp AG, BASF SE, Roquette Frères, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventós, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO., LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co.,Ltd., and Novomer Inc.
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