Newark, NJ, Jan. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global succinic acid market is expected to grow from USD 138.61 Million in 2017 to USD 218.14 Million by 2025 at a CAGR of 5.41% during the forecast period 2018-2025. Growing demand from the Asia Pacific, demand by the food industry as it is used as sequestration and demand for renewable chemicals are some of the factors that are driving the Succinic Acid market. Currently petro-based succinic acid are in most frequently use globally as they have better processability than other biopolymers.
Succinic acid (C4H6O4) is produced from petroleum feedstock or from bio-based resources. Generally, it is created from maleic anhydride process. It extensively used as an acidifier to enhance the taste of food such as relishes, beverages, and sausages. In addition, increasing demand for high-performance elastomers, cements, and coatings applications has increase the use of succinic acid. For instance, in 2016, Anhui Sunsing Chemicals introduced succinic acid producing method using sucrose-containing feedstock. Also, in 2015, BioAmber along with Mitsui & Co., Ltd. opened a succinic acid plant in Sarnia with a capacity of 30,000 tons. This plant was aimed to provide the increasing demand for renewable building block chemicals in global markets. The adoption of various strategies such as partnership, ventureship, and collaboration among the companies has increased the demand for succinic acid globally.
Increase in demand from Asia Pacific, used as a sequestration in food industry, and surge in demand for renewable chemicals are the key driving factors for the succinic acid market. The high production costs and lengthy extraction process may limit the growth of market. However, demand for succinic acid in the production of medicines and government initiatives in the developed regions such as North America and Europe is expected to boost the succinic acid market in couple of years. Succinic acid or also known as amber acid, is a key element for the a wide range of secondary chemicals that are used across applications in the industries such as food 7 beverage, pharmaceutical, polyurethane, solvents & lubricants and agriculture. Food applications and PBS, 1, 4 – BDO provide major opportunities for succinic acid.
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Key players operating in the global Succinic Acid market include Nippon Shokubai, Gadiv Petrochemical Industries Limited, Succinity, Gc Innovation America, Nippon Shokubai, Mitsubishi Chemical Holdings, Linyi Lixing Chemical Co., Ltd., Anhui Sunsing Chemicals, Kawasaki Kasei Chemicals, Reverdia, Shandong Lixing Chemical, Anqing Hexing Chemical, Purac, BioAmber, BASF SA, Myriant Novomer and others. Diversified product portfolio, technical assistance to customers and high depth in application reach are the factors responsible for strengthening the position of these companies in the succinic acid market.
- The BioAmber, Nippon Shokubai, Kawasaki Kasei Chemicals, Reverdia, and GC Innovation America are the top leading players of the market. For instance, in 2016, Reverdia entered into an agreement with Dezhou Xinhuarun Technology to develop and promote Biosuccinium-based microcellular polyurethane foams. These foams can be used in soles for footwear and other applications.
- For instance, in August 2016, Anhui Sunsing Chemicals has come up with another method in which using sucrose-containing feedstock, succinic acid and other chemicals are produced. This method was related to the production of chemicals by fermentation with a microorganism in which, sugar sucros is the fermentation medium.
- In February 2019, Nippon Shokubai had acquired Sirrus, Inc., expanding its core business under “Reborn Nippon Shokubai 2020” which is broad application opportunities targeting reduction in solvents, energy & harmful chemicals and generation of novel reactive chemical platform technology.
Petro-based segment held the largest share of 52.02% in 2017
Type segment covers petro-based and bio-based. The petro-based segment held the largest share of 52.02% in 2017 due to the cost-effectiveness and high efficiency compared to bio-based succinic acid. Petro-based succinic acid used in the production of polymers, plasticizers, coating, and urethanes.
Food & beverage segment held highest market share of 37.16% over the forecast period
End-use industry segment is categorized into industrial, coatings, food & beverage, pharmaceutical, and others. Food & beverage segment held highest market share of 37.16% over the forecast period owing to demand for a bio-based chemical and growing per-capita income. In food packaging, succinic acid market used in PBS/PBST, increasing medical tourism, and increased government spending for food & beverage has increased the market size of the food & beverage segment.
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Regional Segment Analysis of the Succinic Acid Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 36.41% in 2017 where as the North America region held the second dominant position in the global succinic acid market. Asia Pacific is fastest growing region due to the increasing growth of the pharmaceutical, industrial, food & beverage, and coating industries, growing per capita expenditure, and increasing urbanization are creating opportunity for the growth of the market. Increasing use of bio-based succinic acid for the manufacture of polyurethanes and development of cost effective manufacturing techniques are some of the factors that led to the growth of succinic acid market in North America region.
About the report:
The global Succinic Acid market is analysed on the basis of value (USD Million), volume (K Tons), consumption (K Tons), imports (K Tons) and exports (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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