New York (US), June 08, 2023 (GLOBE NEWSWIRE) -- Succinic Acid Market Overview
The research documents by MRFR indicate that the “Succinic Acid Market Research Report Information by Type, Region, Grade, and Application - Forecast Till 2030”, the Succinic Acid market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 6.00%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 0.30 Billion by the end of 2030. As per the study documents, the market was worth around USD 0.13 Billion in 2022.
The primary aspect causing a surge in the performance of the market is the growing use of food and beverages.
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Competitive Analysis
The catalog of the top leaders across the global Market for Succinic Acid includes players such as:
- FUSO CHEMICAL CO., LTD.
- Merck KGaA
- KAWASAKI KASEI CHEMICALS
- Ernesto Ventos. S.A.
- NIPPON SHOKUBAI CO., LTD.
- ThyssenKrupp AG
- Technip Energies
- BioAmber, Inc
- Succinity GmbH
- Myriant Corporation
- Gadiv Petrochemical Industries Ltd.
- Anhui Sunsing Chemicals Co., Ltd.
- S.S. Pharmachem
- Spectrum Chemical Manufacturing Corp.
- R-Biopharm AG
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 0.30 Billion |
| CAGR | 6.00% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Grade, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | The growing demand from the food & beverage industry Factors such as changing dietary patterns, increasing number of working women, and growing per-capita income across the globe the growth of the product market is the availability of bio-based alternatives |
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Market USP Covered
Market Drivers
The global Succinic Acid industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the growing use of food and beverages. Furthermore, factors such as the expanding use of succinic acid in various end-use industries, the rising popularity of bio-based chemicals, and increasing demand for sustainable & eco-friendly products will likely catalyze the market's growth over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Succinic acid industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. The numerous measures taken by the Government to combat the adversities and impact of the pandemic on the Succinic acid market will help it to expand.
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Segment Analysis
Among all the types, the Bio-Based segment is anticipated to ensure the leading position across the global market for succinic acid over the assessment period. Succinic acid can be produced from renewable resources such as sugar, wheat, and corn, which is believed to be the main aspect boosting the market segment's growth.
Among all the grades, the pharmaceutical segment is anticipated to ensure the leading position across the global market for succinic acid over the assessment period. The market segment's growth is ascribed to factors such as the growing need for safer & more effective drug delivery systems and the increasing demand for medications.
Among all the application areas, the Food Additive segment is anticipated to ensure the leading position across the global market for succinic acid over the assessment period. The market segment's growth is ascribed to factors such as the growing consumer preference for natural & organic food ingredients and the escalating demand for processed food & beverage products.
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Regional Analysis
The Global Market for Succinic Acid is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Succinic Acid industry in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Succinic Acid Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the escalating demand for bio-based chemicals across the region. Furthermore, the growing population coupled with the rapid industrialization & urbanization in emerging countries are also considered vital parameters boosting the regional market performance. Moreover, factors such as the use of bio-based chemicals & sustainable products and favorable government policies & initiatives are also likely to enhance the market's growth over the coming years. Moreover, the growing investments by major regional players to grow their production capacities and increase their presence across the global market is also likely to enhance the regional market's growth over the coming years.
The European Region is anticipated to secure third position across the global Succinic Acid industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Succinic Acid Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the escalating demand for bio-based chemicals. Furthermore, factors such as the growing adoption of sustainable products in various end-use industries and strict environmental regulations will likely enhance the market's growth over the coming years.
The North American is anticipated to hold the following position across the global Succinic Acid industry over the coming years. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Succinic Acid Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the increasing investments in research and development activities. Furthermore, the rising adoption of sustainable products in various end-use industries and growing demand for bio-based chemicals will likely enhance the market's growth over the coming years.
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