Westford USA, Feb. 16, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, succinic acid is derived from both petroleum-based and bio-based sources, contributing to its versatile and eco-friendly appeal in the global succinic acid market. A prominent shift in preference toward succinic acid, particularly instead of butane-based chemical compounds, has been observed in the manufacturing of various chemicals such as succinic anhydride, plastic bottles, diethyl maleate, polymer compounds, fumaric acid, and glyoxylic acid.
Browse in-depth TOC on the "Succinic Acid Market”
- Pages - 157
- Tables – 64
- Figures – 75
The rising demand for global succinic acid market can be attributed to its expanding role in pharmaceutical manufacturing and the development of building and infrastructure projects. Succinic acid is a versatile compound derived from both petroleum and bio-based sources, making it a sustainable choice.
Prominent Players in Global Succinic Acid Market
- BioAmber Inc.
- Succinity GmbH (a subsidiary of BASF SE)
- Anhui Sunsing Chemicals Co., Ltd.
- Kawasaki Kasei Chemicals Ltd.
- Reverdia (a joint venture between DSM and Roquette Frères)
- Nippon Shokubai Co., Ltd.
- Mitsubishi Chemical Corporation
- Myriant Corporation
- Gadiv Petrochemical Industries Ltd.
- Thyssenkrupp AG
- Merck KGaA
- Shandong Lixing Chemical Co., Ltd.
- R-Biopharm AG
- Succinity GmbH (a joint venture between BASF and Corbion)
- Sennics Co., Ltd.
- GFT GmbH
- KAWASAKI KASEI CHEMICALS
- Shandong Weijiao Holdings Group Co., Ltd.
- Jinan Huaming Biochemistry Co., Ltd.
- Qingdao Kehai Biochemistry Co., Ltd.
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Coatings Segment to Dominate Market due to Rising Demand from Construction and Automotive Industries
Coatings claimed the second-largest share of revenue in the global succinic acid market, primarily driven by the mounting demand from the construction and automotive industries. Succinic acid stands out as a prevalent raw material in coatings, primarily due to its durability, rapid curing capabilities, and the ability to enhance surface gloss.
Europe emerged as the dominant segment in the global succinic acid market, holding over 35.5% of the total sales in 2022. This substantial market presence can be attributed to the region's thriving healthcare and agriculture sectors, which have consistently driven demand for a wide range of products.
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Industrial-Use Segment to Witness Significant Growth due to Growing Utilization of Products Such as 1,4-Butanediol
Industrial-use category took the lead in the global succinic acid market, contributing to over 39.0% of the total revenue in 2022. This significant market share can be attributed to the growing utilization of products such as 1,4-butanediol (BDO), polyurethane, and tetrahydrofuran in various industries where succinic acid is the primary raw ingredient.
Asia-Pacific is poised for substantial growth from 2023 to 2030, driven by a combination of factors in the global succinic acid market. One key driver is the robust demand for a diverse range of products, with applications spanning 1,4-Butanediol (1,4-BDO), plasticizing agents, food, pharmaceuticals, polyurethanes, and cosmetics. The region's dynamic and evolving consumer landscape, marked by a growing population and increased purchasing power, fuels this demand across various industries.
A comprehensive analysis of the major players in the global succinic acid market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Global Succinic Acid Market
- In 2022, Technip Energies further diversified its portfolio of sustainable chemicals by acquiring the Biosuccinium technology from DSM. This technology offers a commercially viable method for producing bio-based succinic acid (bio-SAc). Bio-SAc is a crucial feedstock for manufacturing polybutylene succinate, a sustainable material with numerous applications. This strategic acquisition aligns with Technip Energies' commitment to environmentally friendly solutions and reinforces its position in the growing market for sustainable chemicals.
- Kemira recently unveiled a substantial investment to expand the production of alkenyl succinic anhydride sizing agent (ASA) in China. This expansion initiative entails the establishment of a third production line, set to significantly boost Kemira's ASA production capacity at its state-of-the-art Nanjing facility in Jiangsu province. This strategic move reflects Kemira's dedication to meeting the growing demand for ASA in the region while advancing its capabilities in the competitive chemical industry.
Key Questions Answered in the Global Succinic Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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