New York, May 09, 2023 (GLOBE NEWSWIRE) -- The succinic acid market in terms of revenue was estimated to be worth USD 181.0 Mn in 2022 and is poised to reach USD 359.8 Mn by 2032, growing at a CAGR of 7.3% from 2022 to 2032.
Succinic acid, a dicarboxylic acid, is created from renewable resources including corn, wheat, and sugarcane, making it an attractive substitute for substances derived from petroleum. The chemical, pharmaceutical, food & beverage, and personal care sectors are succinic acid's main markets. Succinic acid is a precursor used in the chemical industry to create a variety of compounds, such as resins, solvents, and polymers. It serves as an excipient in medicine formulations made by the pharmaceutical industry.
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Key Takeaway:
- Based on type, in 2022, the Succinic Acid Market was dominated by the petro-based segment owing to its cost-effectiveness.
- By End-User, in 2022, the industrial segment dominated the largest market share in the end-user segment.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of 42.4%.
- North America is expected to have the highest CAGR among all regions, owing to the pharmaceutical and personal care industries.
Factors Affecting the Growth of the Succinic Acid Market
There are several factors that can have an impact on the growth of the succinic acid industry including:
- Increasing demand from end-use industries: Numerous end-use industries, including pharmaceuticals, food & beverage, and personal care, are seeing an increase in the demand for succinic acid. Due to its application in the creation of numerous goods, including medications, food additives, and cosmetics, succinic acid is becoming more and more in demand.
- Shift towards sustainable products: The need for bio-based succinic acid is being driven by the shift towards sustainable products. Customers are choosing sustainable alternatives as they become more conscious of how traditional items affect the environment. The succinic acid industry is expanding as a result of this tendency.
- Favorable government regulations: The succinic acid business is expanding as a result of favorable government laws for the use of bio-based products. The demand for succinic acid is rising as governments throughout the world create policies and laws to promote the use of bio-based goods.
- Technological advancements: The industry is expanding as a result of the creation of new methods for producing succinic acid. The industry is expanding as a result of the easier and more affordable production of succinic acid made possible by the use of biotechnology and renewable feedstock.
- Availability of raw materials: The expansion of the succinic acid business is significantly influenced by the availability of raw materials. Succinic acid must be produced using renewable feedstock, and the availability of such feedstock may have an impact on the industry's expansion.
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Top Trends in Succinic Acid Market
The demand for bio-based substances like succinic acid is being driven by the global movement toward sustainability. Making succinic acid from renewable resources like sugarcane and maize allows manufacturers to have less of an influence on the environment and the carbon footprint. Particularly in the natural and organic food industry, succinic acid is being utilized more frequently as a taste enhancer and food additive. It is a preferred component in many food and beverage goods because of its ability to heighten flavor and lengthen shelf life. In order to increase productivity and yield in the succinic acid production process, new methods are being investigated.
Market Growth
The market for succinic acid is expanding as there is an increasing need for bio-based succinic acid in a variety of sectors, including food and beverage, pharmaceuticals, cosmetics, and chemical intermediates. Further driving the demand for bio-based succinic acid is predicted to be the growing awareness of the negative effects of petrochemical-based products and the increased emphasis on carbon footprint reduction. The market for succinic acid is predicted to expand significantly over the next few years due to reasons such as rising demand for bio-based succinic acid, improvements in production technology, and a growing focus on sustainability and environmental friendliness.
Regional Analysis
Asia-Pacific is predicted to be the most lucrative region with the greatest market share of 42.4% in the overall succinic acid market, and it is anticipated that it will see a CAGR of 7.3% over the course of the forecast year. The Asia-Pacific region's succinic acid market is predicted to grow at the highest rate due to increased demand from end-use industries including pharmaceuticals, chemicals, and food & beverage. Because of the rising population, rising disposable income, and quickening industrialization in countries like China, India, and Japan, the market in this region has been growing.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 181 million |
| Market Size (2032) | USD 359.8 million |
| CAGR (from 2023 to 2032) | 7.3% |
| Asia-Pacific Revenue Share | 42.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
There is an increasing need for bio-based chemicals like succinic acid as environmental hazards associated with synthetic chemicals are becoming more well-known. So, using renewable resources like sugarcane, corn, and cassava to make succinic acid has become more widespread recently. Succinic acid is a typical food component used in the production of baked goods, dairy goods, meals, and drinks. Succinic acid is currently more required as a food additive due to the surge in demand for processed food items.
Market Restraints
To make succinic acid, significant financial investment is required in technology and equipment. Succinic acid made from biomaterials may not be as competitive on the market as conventional succinic acid made from petrochemicals since it is more expensive to produce. the scarcity of raw materials like corn, cassava, and sugarcane because these are renewable resources. This could have an impact on succinic acid production, resulting in price volatility and supply chain disruptions. Succinic acid competes with other bio-based compounds that can be utilized in comparable applications, like citric acid and lactic acid.
Market Opportunities
Several industries, including the pharmaceutical, chemical intermediate, and food and beverage sectors, frequently employ succinic acid. These applications' growing popularity, especially in developing nations, may offer succinic acid manufacturers new chances to grow their market share.
Costs associated with producing succinic acid can be reduced while efficiency and sustainability are raised thanks to the creation of cutting-edge production technology. By using contemporary fermentation techniques, such as bioreactor and metabolic engineering design, it is possible to increase the yield and purity of succinic acid while reducing reliance on non-renewable resources.
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Report Segmentation of the Succinic Acid Market
Type Insight
The petro-based is anticipated to be the most profitable segment with a projected CAGR of 6.7% during the forecast period and the highest revenue share of 57.6% in the global succinic acid market. This is mostly utilized in the chemical sector to create succinic acid using a petroleum base. In comparison to bio-based succinic acid, this is more cost-effective and more effective. Additionally, it is employed as a flavor enhancer in the food and beverage sector. It is used in a variety of industries because of its established manufacturing facilities.
End-User Insight
The industrial sector dominates the succinic acid market as an end-user segment with a market share of 23.2% and a CAGR of 6.9%. One of the most important applications of succinic acid in the chemical industry is the synthesis of 1,4-butanediol (BDO), a widely used chemical that is used in the production of spandex, polyurethane, and other materials.
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Market Segmentation
Based on Type
- Petro-based
- Bio-based
Based on End-User
- Industrial
- Coating
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Other End-Users
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
To obtain a competitive edge in the market, these businesses are primarily focused on increasing their production capacity, creating innovative items, and expanding their distribution networks. As an example, BASF SE increased its succinic acid manufacturing capacity by 30% in 2020 to fulfil the rising demand for succinic acid derived from biomaterials. The succinic acid market is extremely competitive and is highlighted by the existence of numerous significant companies. BASF SE, Myriant Corporation, Reverdia, Mitsubishi Chemical Corporation, and Nippon Shokubai Co. Ltd. are a few of the major competitors in the sector.
Key Market Players:
Listed below are some of the most important succinic acid industry players.
- BASF SE
- Mitsubishi Chemical Holdings
- Bioamber Inc.
- DSM
- Kawasaki Kasei Chemicals Ltd.
- Purac
- Reverdia
- Other Key Players
Recent Developments of the Succinic Acid Market
- In 2021, BioAmber leading bio-based succinic acid producer filed for bankruptcy and sold its succinic acid factory to a private equity company.
- In 2020, To increase the production of bio-based succinic acid, Johnson Matthey, a leader in sustainable technologies, and Myriant Corporation have formed a strategic alliance.
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