Succinic Acid Market Size, Share, and COVID-19 Impact Analysis, By Type (Bio-based & Petro-based), By Application (Food & Beverages, Pharmaceutical, Coatings, Industrial, Cosmetics Others), and by Region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Succinic Acid Market was valued at USD 140.4 Million in 2021 and is projected to reach USD 209.1 Million by 2030, at a CAGR of 7.7%.

Succinic acid is an organic acid that can be produced synthetically and used to make solvents, dyes, photographic chemicals, and other things. Succinic acid is a substance that is utilised as a direct intermediary in the manufacturing of numerous polymers and resins in a variety of industrial applications. Traditionally, it was made from crude oil and natural gas; however, as the resources of fossil fuels have decreased and their exploitation has a severe influence on the environment, strict government rules have been put in place. Additionally, the manufacturers' investment in finding green raw material sources to extract succinic acid has increased due to the fall in demand for goods manufactured of non-green resources and the rise in customer awareness.

COVID-19 ANALYSIS

Global trade has been devastated by COVID-19, which has also had disastrous consequences on households, businesses, financial institutions, industrial enterprises, and infrastructural firms. It is anticipated that the market's short-term demand will be constrained by restrictions on international trade and tightening rules on the activities of the chemicals sector. The pandemic significantly decreased the end-use industries' demand for bio-succinic acid. The market expansion for bio-succinic acid was further impeded by the economic slump and rigorous lockup. In addition, the overall bio-succinic acid industry's growth prospects were changed by supply chain disruptions and a lack of raw materials. Thus, the worldwide bio-succinic acid market has been adversely affected by this public health issue.

Increasing Usage of Pharmaceutical

Succinic Acid (SA) utilization in the pharmaceutical business, as well as infrastructural development initiatives, are credited with the expansion. It is made from bio-based and petroleum-based materials. In the synthesis of chemicals like succinic anhydride, plastics, diethylmaleate, polymers, fumaric, and glyoxylic acid, which are traditionally made from butane, there is expected to be a growing preference for succinic acid over butane-based maleic anhydride.

Rising Demand from Different Applications

The market for succinic acid is driven by rising demand from the manufacturing, personal care, and food and beverage sectors. The factors driving the succinic acid market include the rising demand from the APAC region and the rising use of succinic acid as an alternative to adipic acid in the manufacturing of polyurethane.

Rising Usage in Agrochemicals Aiding the Market Growth

Succinic acid made from petroleum has substantial R&D expenses in terms of manpower and raw resources. The failure of bio-based succinic acid to replace petro-based succinic acid due to lack of cost-competitiveness and performance concerns has raised demand for petro-based succinic acid. Setting up succinic acid production facilities for both petro-based and renewable chemicals requires a sizable capital investment, advanced technology, a sufficient supply of raw materials, as well as rigorous micro-scale R&D to produce a high-quality product.

SEGMENTATION INSIGHTS

The global succinic acid market is segmented by Type (Bio-based, Petro-based), by Application (Food & Beverages, Pharmaceutical, Coatings, Industrial, Cosmetics Others), and region. Based on the type, the market is categorized into bio-based, and petro-based. Based on application, the market is categorized into food & beverages, pharmaceutical, coatings, industrial, cosmetics others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

REGIONAL INSIGHTS

The global succinic acid market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific is expected to dominate the market share of the global succinic acid market owing to huge advancements in different applications. Additionally, the availability of cheap labor is expanding the number of production facilities in the Asia-Pacific area, with China having the biggest production capacity out of all the nations in the region. The severe regulations imposed on the use of some hazardous chemicals that represent harm to the environment and people make Europe the top revenue-generating market for succinic acid.

However, North America is anticipated to emerge as the fastest-growing region over the forecast period. The market is driven by numerous chances to develop and expand brand-new production facilities. In North America, interest has grown in the manufacture of succinic acid from the microbial conversion of renewable feedstock as a strategy for achieving sustainable development in this times of petroleum constraint.

LIST OF KEY COMPANIES PROFILED:

• BASF SE
• Ernesto Ventos S.A.
• Gadiv Petrochemical Industries
• Linyi Lixing Chemical Co. Ltd
• GC Innovation America
• Kawasaki Kasei Chemicals Ltd.
• LCY GROUP
• Mitsubishi Chemical Corporation
• Myriant Corporation
• Parchem
• Reverdia
• Corbion
• Shandong Lixing Chemical
• THE CHEMICAL COMPANY
• Others

KEY INDUSTRY DEVELOPMENTS:

• February 2020- LCY GROUP acquired BioAmber to strnghthen the product portfolio and customer base across North America region.

SEGMENTATION

By Type

• Bio-based
• Petro-based

By Application

• Food & Beverages
• Pharmaceutical
• Coatings
• Industrial
• Cosmetics
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa