Dublin, July 22, 2024 (GLOBE NEWSWIRE) -- The "Succinic Acid - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Succinic Acid is estimated at US$163.5 Million in 2023 and is projected to reach US$235.9 Million by 2030, growing at a CAGR of 5.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
The growth in the succinic acid market is driven by several factors. Advancements in fermentation processes have significantly improved the efficiency and yield of bio-based succinic acid production, making it more cost-competitive with traditional petrochemical methods. This shift towards sustainable production is supported by stringent environmental regulations and a growing consumer preference for eco-friendly products.
The rising demand for biodegradable plastics and green solvents in various industries, including packaging, automotive, and consumer goods, is a major driver of market expansion. As industries strive to reduce their environmental footprint, the adoption of succinic acid-based solutions is accelerating.
Additionally, the expanding agricultural sector, driven by the need to increase food production and improve soil health, is boosting demand for succinic acid-based fertilizers and soil conditioners. The pharmaceutical and food industries also contribute to the market`s growth, with ongoing product development and innovation driving the need for high-purity succinic acid. These trends indicate a robust and growing market for succinic acid, supported by continuous innovations and the expanding scope of its applications across various sectors.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Petro-based Succinic Acid segment, which is expected to reach US$152.0 Million by 2030 with a CAGR of a 5.8%. The Bio-based Succinic Acid segment is also set to grow at 4.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $44.0 Million in 2023, and China, forecasted to grow at an impressive 9.0% CAGR to reach $52.0 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Anqing He Xing Chemical Corporation Ltd., BASF SE, Kawasaki Kasei Chemicals Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $163.5 Million |
| Forecasted Market Value (USD) by 2030 | $235.9 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- Global Economic Update
- Succinic Acid - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Advances in Fermentation Processes Spur Efficiency and Yield Improvements
- Increasing Demand for Biodegradable Plastics Expands Addressable Market Opportunity
- Advancements Propel Growth in Bio-Based Succinic Acid Production
- Growing Consumer Preference for Eco-Friendly Products Drives Adoption
- Expansion of Agricultural Sector Generates Demand for Succinic Acid-Based Fertilizers
- Development of Green Solvents Impacts Market Dynamics
- Increasing Use of Succinic Acid in Food and Beverage Industry Propels Market Growth
- Enhanced Soil Health and Crop Yield Opportunities Sustain Growth in Agriculture
- Innovation in Drug Formulation Expands Applications in Pharmaceutical Sector
- Adoption of Sustainable Practices in Chemical Manufacturing Drives Market Trends
- Growth of Packaging Industry Expands Market Reach for Biodegradable Polymers
- Increasing Applications in Cosmetics and Personal Care Products Spur Market Demand
- Role of Academic and Industrial Research in Advancing Succinic Acid Applications
- Impact of Bio-Based Feedstocks on Cost Structure and Market Competitiveness
- Expansion into Emerging Markets Generates New Growth Opportunities
FOCUS ON SELECT PLAYERS (Total 22 Featured)
- Anqing He Xing Chemical Corporation Ltd.
- BASF SE
- Kawasaki Kasei Chemicals Ltd.
- Klorman Industries
- Koninklijke DSM N.V.
- Mitsubishi Corporation
- Myriant Corporation
- Nano-Green Biorefineries Inc.
- Nippon Shokubai Co., Ltd.
- QunaSys, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/w1sm3y
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