Succinic Acid Market: Drivers and Key Restraints
Boost in demand for 1,4-butanediol, which is viewed as a building block for polyurethanes and resins & plasticizers has hiked up the demand for succinic acid. Moreover, succinic acid finds use as a sequestrant in the food industry, as it helps enhance stability as well as the quality of food products. Therefore, with the increasing concern over food quality and expanding the use of succinic acid in these industries, the global market could expect a lucrative run during the forecast period.
On a similar note, succinic acid also finds extensive use in the production of medicines for menopause, pain and arthritis, among others. This factor is bound to have a profitable effect on the succinic acid market in the coming years. Government initiatives within developed regions like Europe and North America favoring the adoption of bio-based chemicals aimed at sustainable development stimulate market growth.
Additionally, rising use of bio-based succinic acid to manufacture polyurethanes compared to adipic acid is presumed to spur the succinic acid market growth. With that said, wavering prices of crude oil could negatively affect the succinic acid market to some extent.
The global succinic acid market could achieve an excellent CAGR during the forecast period (2016-2023), says Market Research Future (MRFR).
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Succinic acid manufacturers are continuously on a lookout for new options and ventures, for which they adopt strategies like product launches, expansions, acquisitions, joint ventures, and agreements. With this, they aim to seize a larger market share. Citing a reference, in 2016, BioAmber Inc., in a joint venture with CJ CheilJedang Corporation (South Korea) produces close to 36,000 metric tons of bio-succinic acid every year in China. The companies also commercialize the product in all of Asia. In another news, in 2017, BioAmber Inc. had developed pharmaceutical-grade succinic acid in a bid to expand its product portfolio.
The esteemed players in the worldwide succinic acid market are-
- Ernesto Ventos.S.A. (Spain)
- BioAmber, Inc. (US)
- Anhui Sunsing Chemicals Co., Ltd. (China)
- Myriant Corporation (US)
- FUSO CHEMICAL CO., LTD. (Japan)
- Reverdia (Netherlands)
- R-Biopharm AG (Germany)
- NIPPON SHOKUBAI CO., LTD. (Japan)
- KAWASAKI KASEI CHEMICALS (Japan)
- Succinity GmbH (Germany)
- Gadiv Petrochemical Industries Ltd. (Israel)
- Spectrum Chemical Manufacturing Corp. (US)
- S.S. Pharmachem (India)
- Merck KGaA (Germany)
- ThyssenKrupp AG (Germany)
The worldwide market for succinic acid has been segmented on the basis of type, grade, application, and end-use industry.
Type-wise, the global succinic acid market caters to bio-based and synthetic.
Grade-based segments in the global succinic acid market include food, pharmaceutical, and industrial.
With respect to the application, the global succinic acid market covers chemical intermediate, food additive, medicine, and others.
The end-use industries in the global succinic acid market include polymer, dyes and pigments, chemicals, paints and coatings, pharmaceuticals, cosmetics, and personal care, and others.
The global Succinic Acid Market has been studied taking a closer look at the main regions of Latin America, Europe, Asia Pacific, Middle East & Africa and North America.
Asia Pacific has been established as the leading succinic acid market owing to rising industrialization and urbanization. Relaxed investment norms along with low production as well as labor costs in the region act as catalysts in market growth. Asia Pacific market’s growth is expected to be at a high rate in the coming years with the rapid expansion of industries like chemicals, food & beverages, and pharmaceuticals, among others.
Europe and North America are some of the strongest markets for succinic acid. The presence of eminent end-use industries, including pharmaceuticals, food & beverage, cosmetics, and chemicals is the chief reason for the said growth. Strict environmental regulations help elevate the demand for bio-based succinic acid in these markets. On top of this, the manufacturers in the region are shifting their focus on the development as well as use of succinic acid, which positively influences the regional market.
Middle East & Africa could expect an average growth during the given time frame as a result of the rising product demand, especially in the cosmetics and food & beverage industries. Lastly, Latin America holds the smallest market for succinic acid on account of poor economic growth as well as the restricted pace of industrialization.
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