Succinic Acid Market Size By Type (Petro-based, Bio-based), By End-use Industry (Industrial, Coating, Food & Beverages, Cosmetics, Pharmaceuticals), By Geographic Scope And Forecast

Succinic Acid Market Size and Forecast

Succinic Acid Market size was valued at USD 204.9 Million in 2024 and is projected to reach USD 386.82 Million by 2032, growing at a CAGR of 9.12% from 2026 to 2032.

Succinic acid, also called butanedioic acid, is a dicarboxylic acid. It is a white, crystalline substance that is soluble in water and commonly found in nature, particularly in plant and animal tissues. Succinic acid is an important component of the Krebs cycle, a metabolic process for energy production in cells, where it is transformed into fumarate by the enzyme succinate dehydrogenase.

Succinic acid has a wide range of applications in many sectors. It is a key chemical intermediary in the production of medications, food additives (marked as E363), and biodegradable polymers. It is also used in the production of lacquers and perfumes, and it has potential applications in agriculture as a growth promoter. Its usefulness as a natural preservative and flavoring ingredient continues.

Global Succinic Acid Market Dynamics

The key market dynamics that are shaping the succinic acid market include:

Key Market Drivers

Growing Demand in the Biodegradable Plastics Industry: Succinic acid is a vital component in the creation of biodegradable plastics, which are becoming increasingly popular due to environmental concerns. According to a European Bioplastics Association report, worldwide bioplastics production capacity is expected to rise from 2.23 million tons in 2022 to 6.3 million tons in 2027. This significant development trajectory shows an increase in demand for bio-based raw materials such as succinic acid.

Increasing Adoption in the Food and Beverage Industry: Succinic acid is commonly used as a flavor enhancer and preservative in the food and beverage industry. According to the Food and Agriculture Organization (FAO) of the United Nations, worldwide food production will need to expand by 60% by 2050 to meet rising population demands. This anticipated increase in food production is likely to drive up demand for food additives and preservatives, particularly succinic acid.

Expanding Applications in the Pharmaceutical Industry: Succinic acid and its derivatives have numerous medicinal uses. According to the United States Food and Drug Administration (FDA), the number of new medicine approvals is constantly growing, with 50 unique drugs approved in 2021, up from 48 in 2019. This trend in pharmaceutical innovation and production is predicted to drive up demand for raw materials and intermediates such as succinic acid, which is utilized in drug formulation.

Key Challenges:

Production and Supply Disruptions: Recent incidents, such as Typhoon Saola in China, have significantly hampered production capacities, resulting in a 10-15% price increase due to low supply availability. Also, maintenance turnarounds at key manufacturing facilities have put further strain on the market, resulting in insufficient inventory levels and weak trade activity, complicating the worldwide market's supply-demand balance.

High Capital Investment required for Manufacturing: The succinic acid market is capital-intensive, requiring significant financial resources to establish production facilities and conduct rigorous R&D. Emerging producers struggle to obtain the technology and trained manpower required to make succinic acid competitively. This barrier discourages new entrants and stifles innovation in the sector, ultimately impeding market expansion.

Commercialization of Bio-based Succinic Acid: Despite efforts to establish renewable production methods, several businesses have encountered issues such as low yields and costly separation processes. As a result of these difficulties, bio-based succinic acid is less popular than petrochemical-based succinic acid. The intricacy of bio-production procedures, along with competition from proven petrochemical methods, complicates efforts to grow the bio-succinic acid market.

Key Trends:

Increasing Demand for Bio-Based Succinic Acid: The global succinic acid market is experiencing a shift towards bio-based alternatives. Driven by environmental concerns and sustainability aims, industries are increasingly turning to bio-succinic acid as a greener alternative to petrochemical-derived succinic acid. Advancements in manufacturing methods and the availability of cost-competitive bio-based alternatives are hastening this transition, particularly in nations with significant sustainability mandates, such as Europe and China.

Rising Popularity in Personal Care and Pharmaceutical Applications: Succinic acid is gaining popularity in the personal care and pharmaceutical industries due to its diverse qualities. In personal care, it is utilized in anti-aging treatments, skin-lightening formulas, and as a natural preservative. In pharmaceuticals, succinic acid is used in drug production, drug delivery systems, and as a buffer in injectable solutions. The rising desire for natural and sustainable components is a major driver of succinic acid's increased use in these industries.

Expanding Applications in Coatings and Paints: The succinic acid market is experiencing rising demand from the coatings and paints industries. Succinic acid serves as a building block for alkyd resins, which are widely used in paints and coatings. Its ability to improve adhesion, flexibility, and corrosion resistance makes it a popular choice among producers. The increasing construction industry and the requirement for environmentally acceptable coatings are driving the demand for succinic acid in this application.

Global Succinic Acid Market Regional Analysis

Here is a more detailed regional analysis of the succinic acid market:

Asia Pacific:

The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia Pacific region is experiencing a considerable increase in biodegradable plastics production, fueling demand for succinic acid as an essential raw material. According to a European Bioplastics Association report, Asia continues to be the dominant bioplastics production hub, accounting for more than 45% of worldwide production capacity by 2022. This dominance is predicted to reach more than 60% by 2027, indicating a high need for bio-based compounds such as succinic acid.

Furthermore, the Asia Pacific region, particularly India and China, has emerged as a significant pharmaceutical production hub, resulting in increased demand for succinic acid in medicine formulations. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical market is estimated to reach USD130 Billion by 2030. Similarly, China's National Medical Products Administration (NMPA) reports that the government approved 48 new medications in 2021, up from 20 in 2018, indicating a burgeoning pharmaceutical industry that may increase demand for raw chemicals such as succinic acid.

Europe:

Europe region is estimated to exhibit substantial growth within the market during the forecast period. Europe has been at the forefront of adopting sustainable and bio-based products, resulting in increased demand for succinic acid as a renewable chemical. According to the European Commission's Bioeconomy Strategy, the EU's bio-based industries sector had a turnover of €750 billion in 2017 and is predicted to increase to €1.3 trillion by 2030. This huge increase in the bioeconomy sector shows a growing need for bio-based products such as succinic acid.

Furthermore, European regulations encourage the use of biodegradable polymers, which include succinic acid as an important constituent. According to the European Bioplastics Association, Europe's share of global bioplastics manufacturing capacity expanded from 18% in 2022 to 25% in 2027. This anticipated growth is partly due to the European Strategy for Plastics and new EU legislation that has boosted the market for bioplastics.

Global Succinic Acid Market: Segmentation Analysis

The Succinic Acid Market is segmented based on Type, End-User Industry, and Geography.

Succinic Acid Market, By Type

• Petro-based
• Bio-based

Based on Type, the market is segmented into Petro-based and Bio-based. The petro-based segment is estimated to dominate the succinic acid market owing to its lower costs and higher efficiency when compared to bio-based alternatives. Petro-based succinic acid is widely used in a variety of applications, primarily in the food and beverage industry as a flavor enhancer and in the manufacturing of polyurethane and polyester polyols, bolstering its market position.

Succinic Acid Market, By End-User Industry

• Industrial
• Coating
• Food and Beverages
• Cosmetics
• Pharmaceuticals
• Others

Based on End-use Industry, the market is segmented into Industrial, Coating, Food & Beverages, Cosmetics, Pharmaceuticals, and Others. The industrial segment is estimated to dominate the succinic acid market due to the increasing need for succinic acid in a variety of industrial applications, including polyurethane, plastic, and coating production. The rising use of succinic acid as a substitute for adipic acid in polyurethane synthesis is a major driver of the industrial segment's growth.

Succinic Acid Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Succinic Acid Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to dominate during the forecasted period. This dominance is due to expanding demand from end-use sectors such as medicines, chemicals, and food and beverage, which is being driven by rising populations, disposable income, and rapid industrialization in nations such as China, India, and Japan.

Key Players

• The "Succinic Acid Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are BASF SE, Roquette Freres, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventos, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO. LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co. Ltd., and Novomer, Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Succinic Acid Market Recent Developments
• In June 2022, NIPPON SHOKUBAI CO., LTD. raised the price of succinic acid by USD 0.5/kg (JPY 50/kg).
• In June 2021, Roquette Freres announced that their product BIOSUCCINIUM has been certified by the US Department of Agriculture (USDA) as a bio-based product.