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 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. 'BioAmber Inc.', 'Succinity GmbH (a subsidiary of BASF SE)', 'Anhui Sunsing Chemicals Co., Ltd.', 'Kawasaki Kasei Chemicals Ltd.', 'Reverdia (a joint venture between DSM and Roquette Frères)', 'Nippon Shokubai Co., Ltd.', '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 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.

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.

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.