USD 244.52 million
Succinic Acid Market Size, Share, Growth Analysis, By Type(Petro-based and Bio-based), By End-user(Food & Beverages, Pharmaceutical, Coatings, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2299 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
64
|Figures:
75
Succinic Acid Market Insights
Global Succinic Acid Market size was valued at USD 268.24 million in 2023 and is poised to grow from USD 294.25 million in 2024 to USD 562.57 million by 2031, at a CAGR of 9.7% during the forecast period (2024-2031).
The increase is related to the increased use of Succinic Acid (SA) in pharmaceutical manufacturing as well as building and infrastructure development operations. It is derived from petroleum & bio-based sources. The growing preference for succinic acid across butane-based chemical compounds for the manufacture of chemicals like succinic anhydride, plastic bottles, diethyl maleate, polymer compounds, fumaric, and even glyoxylic acid, which are traditionally manufactured to butane, is expected to positively influence market growth.
The oxidation of methyl groups in butane to the matching carboxyl group produces alpha, omega-dicarboxylic acid. The bio-based variety is created through the fermentation of carbohydrates. Many wealthy countries' regulatory authorities are concerned about the massive amount of CO2 emissions. This has resulted in a shift in customer preference for organic and bio-derived goods. Bio-succinic acid is environmentally friendly, which is projected to boost market growth in the next few years.
The global market is extremely competitive due to the existence of several multinational firms attempting to acquire a competitive advantage through a strong product, the portfolio, growth, distribution system, and business strategies such as collaboration, partnerships, and capacity expansions. For example, Myriant Company opened a new succinic acid production factory in Leuna, Germany, increasing its annual output to 5000 metric tons.
The COVID-19 epidemic touched every significant industry. To stop the virus's spread, most governments around the world had to institute lockdowns and movement restrictions. This harmed the economies of all major countries. All industries and factories were shut down, interrupting the supply chain. Product demand in key nations such as France, Italy, Spain, India, & the United Kingdom was negatively affected. However, a gradual reopening of many industries will result in a consistent increase in worldwide demand for succinic acid.
US Succinic Acid Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Petro-based
Fastest Growth
Bio-based
Growth Rate
9.7% CAGR
Global Succinic Acid Market ($ Bn)
Country Share for Europe Region (%)
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Succinic Acid Market Segmental Analysis
The global succinic acid market is segmented on the basis of type, end user, and region. Based on type, the market is segmented into petro-based and bio-based. With respect to categorization by end-use, the market is segmented into food & beverages, pharmaceutical, coatings, industrial, personal care & cosmetics, and others. Based on region, the global succinic acid Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Succinic Acid Market Analysis by Type
The petro-based type will dominate the global market with a share of the revenue of more than 50.0%. This is due to the usage of petroleum-based succinic acid as a substitute to adipic acid in the manufacturing of polyurethane. The petro-based version is created by oxidizing butane methyl groups to the equivalent carboxyl group. It is used in a variety of purposes, including the manufacture of plasticizers and flavor enhancers in a variety of food products. Demand from the industrial, personal hygiene, and food and beverage industries are likely to drive growth in the segment.
The bio-based segment generates the second-highest revenue. Consumers' growing health consciousness, combined with governments' increasing emphasis on environmental issues, have created a significant barrier to the market expansion of petroleum-based products. The growing preference for succinic acid over butane-based chemical compounds in the production of chemicals that include fumaric acid, succinic anhydride, plastic bottles, diethyl maleate, polymers, as well as glyoxylic acid, which are traditionally manufactured from butane, is expected to boost demand for a bio-based product.
Succinic Acid Market Analysis by End-user
The industrial-use category led the succinic acid market, accounting for more than 39.0% of total revenue in 2023. This high market share can be attributable to the rising use of products like 1,4-butanediol (BDO), polyurethane, and tetrahydrofuran in industries where succinic acid is the key raw ingredient. BDO is utilized in the synthesis of tetrahydrofuran, which is employed as a solvent in the chemical sector as well as an important raw material in the production of spandex. Spandex has a high flexibility and strength. This material's high demand is projected to add to the segment's growth.
Coatings had the second-largest revenue share, owing to rising demand from the construction and automotive industries. Succinic acid is a common raw element in coatings due to its durability, quick cure ratio, and surface gloss. Improved infrastructure as a result of increased government spending in countries like the United States, China, and India is anticipated to boost demand even further. Rising building activity and urbanization are also expected to fuel demand. The shift of the automobile manufacturing industry from Europe to Asia Pacific is predicted to boost the region's auto industry and generate demand for coatings.
Global Succinic Acid Market By Type
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Succinic Acid Market Regional Insights
Europe dominated the market, accounting for more than 35.5% of total sales in 2022. This expansion can be ascribed to the region's expanding healthcare and agriculture sectors. Europe is predicted to see stagnating consumer demand due to customers' increased preference for natural goods as a drop-in substitute.
Asia-Pacific is expected to grow significantly from 2023 to 2030 due to strong demand for products and rising demands for uses such as 1,4 BDO, plasticizing agents, food, pharmaceuticals, polyurethanes, and cosmetics. The Asia-Pacific market is being driven by major advancements in application.
Global Succinic Acid Market By Geography
- Largest
- Fastest
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Succinic Acid Market Dynamics
Succinic Acid Market Drivers
Increasing Demand for Bio-based Chemicals
- Succinic acid is a bio-based chemical derived from renewable resources such as corn, sugarcane, and wheat. As the demand for sustainable and eco-friendly chemicals continues to rise, the market for succinic acid is experiencing growth. It is used in various applications such as polymers, resins, coatings, and pharmaceuticals.
Growing Adoption of Succinic Acid in Chemical Industry
- Succinic acid has gained significant popularity in the chemical industry due to its versatility and favorable properties. It can be used as a building block for the production of various chemicals, including 1,4-butanediol (BDO), polybutylene succinate (PBS), and solvents. The increasing use of succinic acid as a raw material in chemical synthesis is driving its market growth.
Succinic Acid Market Restraints
High Production Costs
- One of the major restraints for the succinic acid market is the relatively high production costs compared to traditional petrochemical-based alternatives. The production process of succinic acid involves the use of renewable feedstocks, fermentation, and downstream purification, which can be expensive. The higher production costs can limit its widespread adoption and hinder market growth.
Technological Challenges
- The production of succinic acid through fermentation processes involves complex bioengineering and metabolic engineering techniques. These processes require significant investments in research and development to optimize yields and improve production efficiency. Technological challenges and the need for continuous innovation pose a restraint to market growth.
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Succinic Acid Market Competitive Landscape
The presence of numerous international businesses has resulted in intense market competition. These companies are eager to expand their operations into new markets in order to make more money. To get an advantage over competitors, they are using several business tactics such as establishing a large dealer system, a strong client database, and a wide range of products. Companies are also attempting to adapt to creative manufacturing practices in order to maximize profit with little effort and investment, thanks to technology improvements.
Succinic Acid Market Top Player’s Company Profiles
- BioAmber Inc.
- Succinity GmbH (a subsidiary of BASF SE)
- Kawasaki Kasei Chemicals Ltd.
- Reverdia (a joint venture between DSM and Roquette Frères)
- Mitsubishi Chemical Corporation
- Myriant Corporation
- Gadiv Petrochemical Industries Ltd.
- Thyssenkrupp AG
- Merck KGaA
- Shandong Lixing Chemical Co., Ltd.
- R-Biopharm AG
- Succinity GmbH (a joint venture between BASF and Corbion)
- Sennics Co., Ltd.
- GFT GmbH
- KAWASAKI KASEI CHEMICALS
- Shandong Weijiao Holdings Group Co., Ltd.
- Jinan Huaming Biochemistry Co., Ltd.
- Qingdao Kehai Biochemistry Co., Ltd.
Succinic Acid Market Recent Developments
- In March 2024, the well-loved beauty brand BYOMA extended its product range by introducing the new BYOMA Body line. This line features nine new products, Nourishing Body Oil, Smoothing Body Serum, Smoothing Body Polish, Brightening Body Wash, Brightening Body Lotion, Hydrating Body Wash, Hydrating Body Lotion, and Sensitive Skin Body Wash.
- In January 2024, as reported in an article, researchers developed crosslinked succinic acid-based non-isocyanate polyurethanes (NIPUs) for corrosion-resistant protective coatings. They found that making solvent-based, cross-linkable NIPU coatings using non-poisonous solvents like diethylene glycol diethyl ether enhances the water resistance of the coatings.
- In December 2023, BioAmber and CJ CheilJedang Corporation revealed intentions to form a joint venture in Asia. They aim to establish competitive bio-succinic acid production in China, to swiftly enter the world's largest succinic acid market to expedite sales growth.
Succinic Acid Key Market Trends
- Increasing Demand for Bio-based Products: The global market is witnessing a rising demand for bio-based chemicals and materials due to environmental concerns and the need for sustainable alternatives. Succinic acid, being derived from renewable resources, is gaining traction as a bio-based platform chemical. The trend towards bio-based products is driving the growth of the succinic acid market.
- Growing Applications in Various Industries: Succinic acid finds applications in several industries, including chemicals, pharmaceuticals, food and beverages, and cosmetics. In the chemical industry, it is used as a building block for the production of polymers, resins, and solvents. The pharmaceutical industry utilizes succinic acid in drug formulations and as an intermediate in the synthesis of active pharmaceutical ingredients. The expanding application base across industries is contributing to market growth.
- Technological Advancements in Production Processes: Advances in fermentation and purification technologies are enhancing the production efficiency of succinic acid. The development of genetically modified organisms (GMOs) and metabolic engineering techniques has led to higher yields and improved economics of succinic acid production. Technological advancements are enabling manufacturers to scale up production and meet the growing demand for succinic acid.
- Shift towards Sustainable Packaging Materials: The increasing focus on sustainable packaging materials is driving the demand for bio-based polymers. Succinic acid-derived polymers, such as polybutylene succinate (PBS), have gained attention as eco-friendly alternatives to traditional petroleum-based plastics. The packaging industry is adopting these sustainable materials, providing a significant market opportunity for succinic acid.
Succinic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our succinic acid market analysis, the increase is related to the increased use of Succinic Acid (SA) in pharmaceutical manufacturing as well as building and infrastructure development operations. It is derived from petroleum & bio-based sources. The growing preference for succinic acid across butane-based chemical compounds for the manufacture of chemicals like succinic anhydride, plastic bottles, diethyl maleate, polymer compounds, fumaric, and even glyoxylic acid, which are traditionally manufactured to butane, is expected to positively influence market growth.
| Report Metric | Details |
|---|---|
| Market size value in | USD 268.24 |
| Market size value in 2031 | USD 562.57 |
| Growth Rate | 9.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Succinic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Succinic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Succinic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Succinic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Succinic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Succinic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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