The global Succinic Acid Market is garnering colossal traction. The market is majorly driven by the rising applications of succinic acid in beauty & personal care products and medicines. Succinic acid also finds its vast usages in the production of polymers, dyes & pigments, chemicals, paints & coatings, and food additives. The agriculture industry absorbs a massive amount of succinic acid for pigment and coating of planting.
The extensive of succinic acid is resulting in accelerating the market growth on the global front. Owing to its extensive consumption across the rapidly growing industries, succinic acid enjoys huge market prominence. Consequently, the market succinic acid perceives colossal traction worldwide. The rapidly improving standard of living of people is also considered as a major factor fostering the growth of the succinic acid market, driving industries such as healthcare, food, and personal care.
According to Market Research Future (MRFR), the global succinic acid market is projected to gain exponentially by 2030, registering a modest CAGR throughout the review period (2022-2030). Additionally, factors such as the changing lifestyles, improved economy, and growing population are expected to propel the growth of the market, excellently. Also, rapid industrialization and urbanization drive the growth of the market, predominantly.
Conversely, price volatility, and the demand-supply gap in raw materials needed for the production of succinic acid are anticipated to impede the growth of the market over the predicted period. Nevertheless, product diversification and technology advances in feed additive would support market growth throughout the estimated period, providing substantial opportunities to the market players.
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Global Succinic Acid Market – Segmentation
The report has been segmented into five major dynamics.
By Type : Bio-Based and Synthetic
By Grade : Food, Pharmaceutical, and Industrial
By Application : Chemical Intermediate, Food Additive, Medicine, and others.
By End-Use Industry : Polymer, Dyes & Pigments, Chemicals, Paints & Coatings, Pharmaceuticals, Food, Cosmetics & Personal Care, and others.
By Regions : Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Succinic Acid Market – Regional Analysis
Asia Pacific dominates the global succinic acid market due to rapid industrialization and favorable regulatory norms. Moreover, raw material advantage and the cost-competitive workforce are attracting foreign investors and encouraging manufacturers to shift their production bases to the region. Countries such as China, Malaysia, Indonesia, and India play a vital role in Asian succinic acid production. Additionally, the presence of a large number of producers and consumers of succinic acid and production bases foster the growth of the market to an extent. The APAC region is estimated to retain its dominance in the global succinic acid market, registering a significant CAGR throughout the forecast period.
North America and Europe are also noteworthy markets for succinic acid on the global front. Factors such as the growing demand from the cosmetic industry and the increasing consumption in the pharma industry are key driving forces behind the market growth in these regions. Moreover, the presence of a substantial number of manufacturers and end-use industries impacts the market growth positively, offering superior quality products. Stringent environmental regulations are influencing the demand for bio-based succinic acid in these regions.
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Global Succinic Acid Market – Competitive Analysis
Highly competitive, the global succinic acid market appears to be fragmented due to the presence of many well-established players. To gain a larger competitive advantage, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, partnership, and product & technology launch. Players also make high investments to expand their distribution network, production capacity, and supply chain in emerging countries. They strive to reduce the cost of their products by adopting cost-effective manufacturing methods.
• Merck KGaA (Germany)
• Ernesto Ventos. S.A. (Spain)
• ThyssenKrupp AG (Germany)
• BioAmber Inc. (US)
• Myriant Corporation (US)
• Succinity GmbH (Germany)
• Reverdia (Netherlands)
• NIPPON SHOKUBAI CO. LTD. (Japan)
• KAWASAKI KASEI CHEMICALS (Japan)
• Anhui Sunsing Chemicals Co. Ltd. (China)
• Gadiv Petrochemical Industries Ltd.
• Spectrum Chemical Manufacturing Corp.
• FUSO CHEMICAL CO. LTD. (Japan)
• S.S. Pharmachem (India)
• R-Biopharm AG (Germany)
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Industry/ Innovation/ Related News:
October 16, 2019 —– Perricone MD (the US), a global leader in anti-aging skincare, with all products, launched its new two-step acne treatment skincare line named Acne Relief Prebiotic Acne Therapy. The New Acne Relief Prebiotic 90-Day Regimen is formulated with succinic acid as one of the main ingredients to support a healthy surface skin microbiome for a clearer, more radiant complexion.
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