January 2019: Adroit Market Research published a study titled, “Global Succinic Acid Market Size 2017 And Analysis By Its Applications (1,4 Butanediol, Resins, Coatings, Dying and Inks, Pharmaceutical, Polyurethanes, Food, Plasticizers, Cosmetics, Solvent and Lubricants, De-Icing Solutions and Others), For Key Regions and Industry Forecast From 2018 to 2025”. Current market drivers, restraints and opportunities have been covered in the global succinic acid market analysis. The report also covers a value chain and Porter’s Five Forces Analysis of the succinic acid market. Estimates have been derived based on the global succinic acid market demand across various geographies. The global succinic acid market size has been also assessed considering the impact of current and emerging trends in different geographies. The report also includes the latest trends of the global bio-based succinic acid market. Furthermore, the report covers the top key players operating in the global succinic acid market and the key strategies adopted by them to strengthen their position.
The global succinic acid market size is estimated to be worth USD 248.8 million with an estimated demand exceeding 115 kilo tons by 2025. Growing concerns over climate change, greenhouse emissions, a huge dependency on fossil fuels and improved legislation towards environmental protection have led to an increased demand for green chemicals, thereby, aggravating the demand for succinic acid. Another factor stimulating the global succinic acid market demand is the emerging applications in food and pharmaceutical industry.
1,4 Butanediol (BDO) market generated revenues worth USD 18.5 million in 2017 and is projected to be the fastest growing application during the forecast period. Increasing demand for 1,4-butanediol, the building block for polyurethanes and resins & plasticizers, is expected to increase the global succinic acid market demand.
1,4 Butanediol is used in the production of polybutylene terephthalate, tetrahydrofuran, gamma-butyrolactone, and polyurethane elastomers. The increasing need for solvents, high-performance elastomers, coatings and cement and in PVC production is expected to propel 1,4 Butanediol market over the forecast period. Tetrahydrofuran (THF) is the largest derivative product of BDO, which is further used for manufacturing resins, solvents, spandex fibers, and printing inks. Polybutylene terephthalate (PBT), the second largest derivative, is used to produce high-performance materials, electronics, and automotive equipment. Butanediol is used to make solvents, textiles, and plastics, including thermoplastic polyurethanes. Succinic anhydride is also used in the production of tetrahydrofuran (THF), a solvent having a number of uses, and maleic anhydride, widely used in the production of polyester resins.
Europe is projected to hold a valuation of more than USD 75 million by 2025 in the global succinic acid market, with Germany being the largest consumer. Pharmaceuticals and cosmetics are the major applications of succinic acid. The largest manufacturers of succinic acid in the region are Succinity GmbH (Germany) and Reverdia (The Netherlands). The growing end-use applications have boosted the demand for succinic acid in the region. Strict regulations on hazardous chemicals in Europe have enabled the substantial application of bio-succinic acid in various chemical production units. Therefore, manufacturers switch to greener substitutes (bio-based succinic acid) in order to meet the requirements. This has resulted in the growth of the bio-based succinic acid market.
Government initiatives in the developed regions adopting bio-based chemicals to promote sustainable development have driven the bio-based succinic acid market demand. The stringent regulatory scenario in the European Union owing to the implementation of Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) legislation is expected to propel bio-based substitutes over the forecast period. Governments, especially in Europe and North America, aim to promote sustainable products and processes to reduce carbon dioxide emissions in different industries. This has been driven by various initiatives that include incentives, tax credits, and subsidies. This is expected to drive the succinic acid market demand in the region.
The competitive landscape of the global succinic acid market is characterized by a large number of players with a global presence. The key players covered in the succinic acid market analysis includes Anqing Hexing Chemical, Anhui Sunsing Chemicals Co. Ltd., BioAmber, GC Innovation America, Kawasaki Kasei Chemicals, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., Reverdia, and Showa Denko K.K. and among others.
Key segments of the Global Succinic Acid market
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
- 1, 4 Butanediol
- Resins, Coatings, Dying and Inks
- Solvent and Lubricants
- De-Icing Solutions
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- Rest of MEA
Key players analysed in the report include
- GC Innovation America
- KAWASAKI KASEI CHEMICALS
- Anqing Hexing Chemical