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Bangalore, India, October 13, 2021/PRNewswire/ - The succinic acid market is segmented by type (bio-based, petroleum-based), application (resins, paints and pigments, PBS or PBST, food and beverages, pharmaceuticals) , Polyester polyol). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in the evaluation report under the pharmaceutical and biotechnology category.
In 2020, the global succinic acid market will be 141 million U.S. dollars and is expected to reach 205.4 million U.S. dollars by the end of 2027, with a compound annual growth rate of 5.5% from 2021 to 2027.
The main factors driving the growth of the succinic acid market are:
Due to the growing popularity of green products among chemical manufacturers and the strong growth of biosuccinic acid production, the succinic acid market is expected to develop.
In addition, due to the increase in the number of end-user applications, the succinic acid market is expected to develop. Polyurethane, resin, polybutylene succinate (PBS) and plasticizer are all made from this product.
Succinic acid is a flavor enhancer and can be found in various packaged goods. Therefore, the succinic acid market is expected to grow simultaneously with the food industry. In addition, succinic acid is increasingly used as a substitute for adipic acid in polyurethane manufacturing, which promotes the development of the succinic acid market.
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Trends affecting the growth of the succinic acid market:
Modern coatings not only meet the basic aesthetic requirements of customers, but also improve the resistance to external forces. However, as the supply of fossil fuels decreases, the coatings business must focus on the future. Due to rising raw material prices, limited supply and reduced consumer spending, the coatings industry has experienced difficult times in recent years. In addition, due to government and industry standards, volatile organic compounds (VOC) in resins are gradually decreasing. These regulatory agencies are promoting the development of new eco-friendly polymers. Biosuccinic acid can increase the bio-based content of resins including polyester, alkyd and polyurethane, while the use of biosuccinic acid-based solvents or coalescents can further reduce VOC levels. Therefore, more and more applications of biosuccinic acid in the fields of resins, coatings and pigments are expected to promote the growth of the succinic acid market.
It is expected that the utilization rate of succinic acid in the pharmaceutical industry will become higher and higher, which will promote the development of the succinic acid market. Succinic acid is used as a raw material for active pharmaceutical ingredients (API), preparation additives, insulinotropic agents (monoethyl succinate), and a cross-linking agent in the pharmaceutical industry.
In addition, in the food and beverage business, succinic acid is mainly used as an acidity regulator as a food additive and dietary supplement. It can also be used as a flavoring agent to add sour and astringent elements to the umami taste. This in turn is expected to further promote the growth of the succinic acid market.
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Succinic acid market share analysis
Depending on the type, the bio-based part is expected to be the most profitable. This is due to strict environmental regulations requiring sustainable alternatives.
According to the application, the largest market segment is resins, coatings and pigments, followed by PBS or PBST, food and beverages, pharmaceuticals, polyester polyols, etc.
The Asia-Pacific region is the largest market with a share of more than 40%, followed by Europe and North America, both with a share of about 55%. This is due to the growing demand for succinic acid derivatives in China.
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The top companies in the succinic acid market are:
Major global players in succinic acid include BioAmber, GC Innovation America, Mitsubishi Chemical, Reverdia, Succinity GmbH, etc. The share of the world's top five manufacturers exceeds 60%.
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-The global biosuccinic acid market is valued at USD 185.6 million in 2019 and is expected to grow at a compound annual growth rate of 15.7% during the forecast period 2020-2026.
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