GLOBAL SUCCINIC ACID MARKET IS ESTIMATED TO GROW AT 28.03% CAGR BETWEEN THE YEARS 2017-2026
“According to a new market research report published by Inkwood Research, the Global Succinic acid market is estimated to grow with approx.28.03% CAGR by 2026. The base year considered for the study is 2016 and the forecast period is between 2017-2026.”
“Browse 19 market data tables and 34 figures spread over 124 Pages and in-depth TOC on Succinic Acid Market Forecast 2017-2026.”
Supportive government policies, availability of renewable raw materials and rise in petroleum prices are driving the global succinic acid market globally.
APAC is set to be the most promising market
There are a number of companies in the bio-based succinic acid business, including major chemical industry players like BASF, PURAC, DSM, BioAmber, and Myriant. However, these companies are mainly based in developed nations and countries which are already into chemical business. India and some other countries in the Asia Pacific are potential destinations for succinic acid production. These countries have strong agricultural sector and can provide cheap labour. These are the fastest growing economies and are presently witnessing increasing investments. Succinic acid producers can build their new plants in these nations. India is now one of the major countries with growing food processing, pharmaceuticals and other booming industries. Therefore, succinic acid producers can tap these markets as they are still in the growth phase.
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Bio-succinic Acid market is expected to grow at a high rate
The Global Bio-succinic Acid market is expected to witness a high growth during the forecast period because of its increased use as a replacement for petroleum-based succinic acid in various end-use applications. Additionally, increased government awareness toward greener products is likely to drive the growth of the market during the forecast period. Moreover, the chemical industry is moving towards locally available raw material due to their low prices and increasing demand for green chemicals. Bio-based succinic acid is also expected to deliver equal or even better quality, along with broadening the range of applications such as plasticizers, resins, Polybutylene Succinate (PBS) and so on.
Utilities of succinic acid
The most important aspect of succinic acid is its utility. There are various products available in the markets that need succinic acid, either as an ingredient or as a whole, to make a product. The use of succinic acid is considered to be safe, as approved by U.S. FDA and by CE Europe, which adds value to the buyer. It is used in food for flavouring, which opens it up to the huge food and beverages industry. Similarly, succinic acid and its derivatives are used as adhesives, heat transfer fluids and so on. They are also used in agricultural products such as pesticides, herbicides and plant growth elements, coatings and solvents, in the de-icing processes, in the manufacturing of ornaments, and for producing resins, plasticizers, and polyurethanes.
Key players such as Myraint, BioAmber/Mitsui, Reverdia and Succinity are working on expanding their production
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