Dublin, July 05, 2024 (GLOBE NEWSWIRE) -- The "Bio-Succinic Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Bio-Succinic Acid Market was valued at USD 126.36 Million in 2023 and is anticipated to grow with a CAGR of 4.43% through 2029
Bio-succinic acid, derived from renewable biomass, stands as a pivotal chemical compound boasting extensive utility across various industries. Its potential to supplant conventional petroleum-derived succinic acid is gaining traction, owing to its environmentally conscious manufacturing process and sustainable characteristics. This alternative, sourced from bio-resources, showcases comparable performance attributes while concurrently reducing carbon footprints and diminishing reliance on finite energy sources.
Its adoption is on the rise across sectors like pharmaceuticals, agriculture, food and beverage, cosmetics, and bioplastics, where ecological considerations profoundly influence product innovation and consumer preferences. In addition to its role in product formulations, bio-succinic acid plays a crucial role in numerous biochemical processes within the human body. When externally applied, it harbors the potential to alleviate joint pain and discomfort associated with arthritis. Bio-Succinic Acid is also acknowledged for its efficacy in reducing signs of aging and aiding in the mitigation of skin scars.
The anticipated surge in demand for bio-succinic acid stems from the escalating interest in natural products, perceived as both safe for human use and environmentally friendly. The market landscape is marked by intense competition, characterized by the presence of numerous multinational corporations engaged in production, research, and development endeavors. With a diverse array of products experiencing robust demand, the global bio-succinic acid market is poised for substantial expansion.
The burgeoning demand for eco-friendly alternatives underscores a pivotal shift in consumer preferences towards sustainability and environmental stewardship. As regulatory frameworks continue to tighten around emissions and waste management, industries are increasingly compelled to explore sustainable alternatives to conventional chemical compounds. Bio-succinic acid emerges as a viable solution, offering not only comparable performance but also environmental benefits, aligning with the broader sustainability goals of businesses and governments alike.
The versatility of bio-succinic acid renders it adaptable to a wide array of applications, further driving its market growth. In pharmaceuticals, it serves as a key ingredient in drug formulations, owing to its biocompatibility and therapeutic properties. In agriculture, it finds utility as a component in fertilizers and crop protection products, contributing to enhanced agricultural practices with minimal environmental impact. Its use in the food and beverage industry as a flavoring agent and preservative underscores its multifaceted appeal across diverse sectors.
The growing recognition of bio-succinic acid's benefits extends beyond its immediate applications, transcending into broader sustainability narratives. As businesses strive to meet consumer demands for eco-friendly products and governments enact stringent regulations to curb carbon emissions, bio-based alternatives like succinic acid are poised to play an increasingly integral role in fostering a more sustainable future.
Bio-succinic acid represents a compelling alternative to traditional petroleum-derived succinic acid, offering comparable performance characteristics alongside environmental advantages. Its increasing adoption across various industries reflects a broader shift towards sustainability and environmental responsibility. As market demand continues to escalate, fueled by consumer preferences for natural and eco-friendly products, the global bio-succinic acid market is primed for significant expansion, heralding a promising era for sustainable chemical compounds.
Growing Emphasis on Bioplastics
Increasing concerns about plastic pollution and the pursuit of sustainability objectives have resulted in a notable increase in the demand for bioplastics. Bio-succinic acid plays a crucial role as a primary component in the manufacturing of biodegradable and compostable plastics, thereby fueling its demand within this industry segment. Bioplastics, derived from bio-succinic acid, are increasingly gaining favor as eco-friendly alternatives to conventional plastics. Bio-succinic acid plays a pivotal role as a fundamental component in various bioplastic materials like PBS, PBAT, and PBSA. The rising demand for bioplastics is driving the need for bio-succinic acid as an essential raw material.
Bioplastics offer the opportunity to decrease carbon dioxide emissions by a minimum of 30%, if not more, and their adoption can result in a 42% reduction in carbon footprints. Additionally, the production of bioplastics consumes 65% less energy compared to conventional petroleum-based plastics. Regulatory initiatives targeting plastic waste reduction and environmental sustainability, coupled with growing consumer consciousness, are propelling the adoption of bioplastics. Businesses face mounting pressure to align with sustainability objectives and meet consumer preferences for green products. There is a growing interest in procuring renewable and biodegradable inputs like bio-succinic acid for bioplastic manufacturing.
Collaboration among stakeholders along the bioplastics value chain, including bio-succinic acid suppliers, bioplastic producers, brands, and research entities, fosters innovation and stimulates market expansion. BioAmber Inc. and South Korean-based CJ CheilJedang Corporation (CJCJ) have entered a non-binding letter of intent to establish a joint venture focused on producing bio-succinic acid. The plan involves retrofitting an existing CJCJ fermentation facility in China with BioAmber's succinic acid technology, requiring minimal capital investment. These partnerships facilitate the enhancements in production techniques, and the broadening of market penetration, thereby spurring demand for bio-succinic acid as a vital ingredient.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $126.36 Million |
| Forecasted Market Value (USD) by 2029 | $162.03 Million |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Market Players
- BASF SE
- Roquette Freres SA
- Koninklijke DSM N.V.
- BioAmber Inc.
- Myriant Corporation
- Kawasaki Kasei Chemicals Ltd
- Mitsui & Co., Ltd
- Corbion N.V.
- Nippon Shokubai Co., Ltd.
- Mitsubishi Chemical Group Corporation
Bio-Succinic Acid Market, By Application:
- BDO
- Polyester Polyols
- Plasticizers
- PBS/PBST
- Alkyd Resins
- Polymers and Esters
- Solvents and Coatings
- Others
Bio-Succinic Acid Market, By End User:
- Food and Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Others
Bio-Succinic Acid Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/kie22y
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