Succinic Acid Market Size Is Expected To Reach USD 512.8 Million By 2030

 Succinic Acid Industry Overview

The global succinic acid market size was valued at USD 222.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030. The growth is attributed to the increasing usage of Succinic Acid (SA) in the pharmaceutical industry and the construction and infrastructure development activities. It is produced from petroleum and bio-based sources. Increasing preference for succinic acid over butane-based maleic anhydride in the production of chemicals, such as succinic anhydride, plastics, diethylmaleate, polymers, fumaric, and glyoxylic acid, which are conventionally manufactured from butane, is anticipated to positively influence the market growth.

Petro-based SA is alpha, omega-dicarboxylic acid from the oxidation of methyl groups of butane to the corresponding carboxyl group. The bio-based variant is produced by the process of fermentation of sugars. The enormous amount of CO2 emission is a major concern for the regulatory authorities in many developed countries. This has resulted in the shift of consumer focus toward organic and bio-derived products. Bio-succinic acid is eco-friendly, which is expected to work in favor of the growth of this market in the forthcoming years.

Gather more insights about the market drivers, restrains and growth of the Global Succinic Acid market

 

The global market is highly competitive owing to the presence of various multinational corporations trying to gain a competitive advantage with a strong product portfolio, diversification, distribution network, and business strategies, such as partnerships, joint ventures, and capacity expansions. For instance, in 2017, Myriant Corporation opened another succinic acid production plant in Leuna, Germany, and expanded its production capacity to 5000 metric tons.

The COVID-19 pandemic affected every major sector. Most governments of the world had to impose lockdowns and movement restrictions to curb the spread of the virus. This adversely affected the economy of all the major countries. All industries and manufacturing units sustained shutdowns, disrupting the supply chain. Key countries, including France, Italy, Spain, India, and the U.K., witnessed an unfavorable effect on product demand. However, the gradual reopening of various sectors will lead to a stable rise in demand for succinic acid in the global market.


Browse through Grand View Research's Petrochemicals Industry Research Reports.

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Succinic Acid Market Segmentation

Grand View Research has segmented the global succinic acid market based on type, end-use, and region:

Succinic Acid Type Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

  • Petro-based
  • Bio-based

Succinic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

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

Succinic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Key Companies profiled:
Some prominent players in the global succinic acid market include:

  • BASF SE
  • Myriant Corporation
  • BioAmber
  • Parchem
  • Dow Chemicals
  • Ernesto Ventos S.A.
  • The Chemical Company
  • Kawasaki Kasei Chemicals Ltd.
  • Mitsubishi Chemical Corporation


Order a free sample PDF of the Succinic Acid Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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