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

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.