Succinic Acid Market: Growing Technological Advancements and Multiple Applications Key Drivers for Global Market
Succinic acid is a dicarboxylic acid produced from petroleum and bio-based products and organisms, possessing the chemical formula (CH2)2(CO2H)2. It is water-soluble and crystalline, and is primarily used in the manufacturing of polymer on a large scale, as well as being an intermediate in lacquer manufacturing and ester perfume in pharmaceutical products. The global succinic acid market has seen remarkable growth due to technological advancements in fiber optic communications and its multiple applications. In this report, we analyze the market by considering its sources and applications.
The global succinic acid market report covers prominent players like -
The global succinic acid market report is segmented on the basis of source, application type, grade type, and regional & country level. Based upon the source, the global succinic acid market is classified as bio-based and synthetic. Based upon the application type, the global succinic acid market is classified as chemical intermediate, pharmaceuticals, cosmetics, plastics & polymers, food & beverages, and others. Based upon grades, the global succinic acid market is classified as food grade, pharmaceutical grade, and industrial grade.
The commercialization and growth of the global succinic acid market over the past 25 years has been highly impactful, with increasing demand for 1,4 butanediol, which is used in the manufacturing of polyurethanes, plasticizers, and resins, and also in the food industry to maintain and improve quality and stability of food for a long time. Furthermore, succinic acid is also used in the manufacturing of various drugs such as arthritis, menopause, and others. Government initiatives in developed regions will also expected to drive the growth of succinic acid market. According to the Centers for Disease Control and Prevention report of 2018, every year in the U.S., 22.7% of people are diagnosed with arthritis. This increasing demand from the food industry, healthcare industry, and others will drive the growth of the succinic acid market over the forecast period.
North America dominates the market with the highest market share, which is closely followed by Europe due to strict rules and regulations with regards to the use of bio-based chemicals. In developing regions, companies and governments are much focused on the use of biological products to improve the quality and efficiency of the manufactured products. Asia Pacific is expected to increase significantly due to the increase in various industries in these regions, with the presence of developing economies such as China, India, Japan, and others due to the increased industrialization in various sectors and the availability of cheap labor and raw materials, boosting the demand for succinic acid over the forecast period in these regions.
The global succinic acid market has seen remarkable growth due to technological advancements in fiber optic communications and its multiple applications. The increasing demand for succinic acid from various industries, such as food, healthcare, and others, will drive the growth of the market over the forecast period. The North American market holds the largest market share, while the Asia Pacific market is expected to show significant growth due to the presence of developing economies.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD XX Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD XX Billion|
|Tables, Charts & Figures:||175|
|Companies||BioAmber Inc., BASF SE, MITSUI & CO., LTD., Koninklijke DSM N.V, Anqing Hexing Chemical Co. Ltd., Myriant Corporation, New Japan Chemical Co., Ltd., TCI Chemicals (India) Pvt Ltd., Yantai Shanshui Chemical Technology Co., Ltd., Astatech (Chengdu) Biopharmaceutical Corp., Kawasaki Kasei Chemicals, thyssenkrupp AG, Roquette Frères, NIPPON SHOKUBAI CO., LTD, Ernesto Ventós, S.A., Spectrum Chemical Manufacturing Corp, R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co.,Ltd.|
|Segments Covered||By Source Type, By Application Type, By Grade Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|