Global Succinic Acid Market

Description

Market Overview

The Global Succinic Acid Market reached US$ 256.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 530 billion by 2030. The market is growing at a CAGR of 9.5% during the forecast period 2023-2030.

The succinic acid market is experiencing growth due to its increased usage in the pharmaceutical industry and construction and infrastructure development activities. Succinic acid is produced from both petroleum and bio-based sources.

The succinic acid market is being driven by a shift towards succinic acid from butane-based maleic anhydride in the production of chemicals such as succinic anhydride, plastics, diethylmaleate, polymers, fumaric, and glyoxylic acid, which were previously conventionally manufactured from butane. This trend is expected to positively impact the succinic acid market's growth.

Market Dynamics

The Rising Focus on Reducing Carbon Footprint and Promoting Renewable Energy Sources Drives the Market

The Global Succinic Acid Market is driven by a rising focus on reducing carbon footprint and promoting renewable energy sources. The succinic acid market is witnessing increasing demand for eco-friendly and sustainable solutions driven by the need to reduce carbon emissions and promote renewable energy sources.

As the world becomes more aware of the environmental impact of plastics, the demand for biodegradable plastics is expected to increase, which will further drive the growth of the succinic acid market.

Increased Usage of Succinic Acid in the Pharmaceutical Industry Drives the Market Growth

The pharmaceutical industry is a significant consumer of succinic acid, and this trend is expected in the coming years. As the demand for eco-friendly and sustainable pharmaceuticals continues to rise, the need for succinic acid is expected to grow, driving the growth of the global succinic acid market. The demand for eco-friendly and sustainable pharmaceuticals is expected to grow, and succinic acid is well-positioned to play a crucial role in meeting this demand.

COVID-19 Impact Analysis

The COVID-19 pandemic has impacted the Global Succinic Acid Market. The market has witnessed a decline in demand due to the closure of industries and disruption in the supply chain. The pharmaceutical and construction industries, major consumers of succinic acid, have been affected by the pandemic, leading to a decrease in demand for the chemical.

However, the market has also experienced a surge in demand for bio-based succinic acid, driven by the increasing focus on sustainable and eco-friendly solutions during the pandemic. The need for succinic acid used in producing critical medical supplies and PPEs has also increased during the pandemic and has driven market growth.

Artificial Intelligence Impact Analysis

The global succinic acid market is expected to be positively impacted by integrating artificial intelligence (AI) into production processes. AI can improve production efficiency, leading to cost reduction and increased profitability for companies operating in the market. AI can optimize raw material usage, improve yield, and enhance product quality, driving market growth.

Segment Analysis

The Global Succinic Acid Market is segmented based on type, application, and region.

Increased Usage of Succinic Acid in Food and Beverages

The food and beverages segment accounted for the largest share of the succinic acid market in 2022. This growth is attributed to the increasing usage of succinic acid as a food ingredient to enhance flavor, extend shelf life, and improve the texture of various food and beverage products. The demand for natural and sustainable food ingredients has further driven the growth of the succinic acid market in the food and beverage industry.

Geographical Analysis

Increased Production and Consumption of Bio-Based Succinic Acid in Europe

Europe dominated the global succinic acid market regarding revenue share in 2022. This growth can be attributed to the region's rising healthcare and agricultural sectors. The European Union has taken initiatives to encourage the production of bio-based succinic acid, which has driven market growth in the region.

Moreover, consumers' growing preference for bio-based products as drop-in replacements has been expected to sustain the demand for succinic acid in Europe. The increasing demand from various end-use industries such as pharmaceuticals, food and beverage, and personal care has also been expected to boost the market growth in the region.

Competitive Landscape

The major Global Succinic Acid Market players include: BioAmber, Myriant, Nippon Shokubai, Succinity, BASF, Koninklijke DSM N.V, Kawasaki Kasei Chemicals, Mitsubishi Chemical Holdings, Anhui Sunsing Chemicals, and Reverdia.

Why Purchase the Report?

To visualize the Global Succinic Acid Market segmentation based on type, application, and region and understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous succinic acid market-level data points with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.

The Global Succinic Acid Market Report Would Provide Approximately 53 Tables, 47 Figures And 100 pages.

Target Audience 2023

Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies

Product Code: FB636

1. Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Definition and Overview

3. Executive Summary

3.1. Snippet by Type
3.2. Snippet by Application
3.3. Snippet by Region

4. Dynamics

4.1. Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. Increasing demand for bio-based succinic acid drives the market growth
- 4.1.2. Restraints
  - 4.1.2.1. Limited availability of raw materials hampers the market growth
- 4.1.3. Opportunity
  - 4.1.3.1. Shifting preference toward eco-friendly and sustainable solutions drives the market growth
- 4.1.4. Impact Analysis

5. Industry Analysis

5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis

6. COVID-19 Analysis

6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID-19
- 6.1.2. Scenario During COVID-19
- 6.1.3. Post COVID-19 and Future Scenario
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion

7. By Type

7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 7.1.2. Market Attractiveness Index, By Type
7.2. Bio-Based*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Petro-Based

8. By Application

8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 8.1.2. Market Attractiveness Index, By Application
8.2. Food and Beverage*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Pharmaceutical
8.4. Industrial
8.5. Others

9. By Region

9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 9.1.2. Market Attractiveness Index, By Region
9.2. North America
- 9.2.1. Introduction
- 9.2.2. Key Region-Specific Dynamics
- 9.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 9.2.5.1. The U.S.
  - 9.2.5.2. Canada
  - 9.2.5.3. Mexico
9.3. Europe
- 9.3.1. Introduction
- 9.3.2. Key Region-Specific Dynamics
- 9.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 9.3.5.1. Germany
  - 9.3.5.2. The UK
  - 9.3.5.3. France
  - 9.3.5.4. Italy
  - 9.3.5.5. Spain
  - 9.3.5.6. Rest of Europe
9.4. South America
- 9.4.1. Introduction
- 9.4.2. Key Region-Specific Dynamics
- 9.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 9.4.5.1. Brazil
  - 9.4.5.2. Argentina
  - 9.4.5.3. Rest of South America
9.5. Asia-Pacific
- 9.5.1. Introduction
- 9.5.2. Key Region-Specific Dynamics
- 9.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 9.5.5.1. China
  - 9.5.5.2. India
  - 9.5.5.3. Japan
  - 9.5.5.4. Australia
  - 9.5.5.5. Rest of Asia-Pacific
9.6. Middle East and Africa
- 9.6.1. Introduction
- 9.6.2. Key Region-Specific Dynamics
- 9.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application

10. Competitive Landscape

10.1. Competitive Scenario
10.2. Market Positioning/Share Analysis
10.3. Mergers and Acquisitions Analysis

11. Company Profiles

11.1. BioAmber*
- 11.1.1. Company Overview
- 11.1.2. Product Portfolio and Description
- 11.1.3. Financial Overview
- 11.1.4. Key Developments
11.2. Myriant
11.3. Nippon Shokubai
11.4. Succinity
11.5. BASF
11.6. Koninklijke DSM N.V
11.7. Kawasaki Kasei Chemicals
11.8. Mitsubishi Chemical Holdings
11.9. Anhui Sunsing Chemicals
11.10. Reverdia

LIST NOT EXHAUSTIVE

12. Appendix

12.1. About Us and Services
12.2. Contact Us

Global Succinic Acid Market - 2023-2030