The global Bio-succinic Acid market was valued at US$ 435.9 million in 2020 and it is expected to reach US$ 3988.3 million by the end of 2027, growing at a CAGR of 36.9% during 2021-2027.
Succinic acid is a pivotal intermediate chemical that has a myriad of applications in the production of a wide variety of specialty and commodity chemicals. It is known to offer an extensive array of utilities encompassing polymers, food, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates and cosmetics among many others. On earlier accounts, petroleum was the sole source of deriving succinic acid but, in the recent times, the current manufacturing procedures have commenced making use of renewable feedstock for extracting this vital compound. This biological procedure of obtaining succinic acid is sustainable, efficient, economical and environment-friendly which all work towards giving rise to a greater demand in the market.
Increasing demand for BDO and its derivatives including Tetrahydrofuran (THF), Gamma-Butyrolactone (GBL), and Polybutylene Terephtalate (PBT) in numerous applications such as pharmaceuticals and engineering plastics is likely to stimulate the demand. In addition, growing applications in lubricants, pigments, personal care products, and food colorants will spur the market penetration. Growing awareness regarding the benefits of using bio-based chemicals in packaging and food industry is expected to drive the demand. Increasing use of bio-succinic on account of reduction in carbon footprints along with favorable regulatory support in light of rising awareness towards hazards associated with usage of petroleum-based chemicals is expected to augment market growth. Bio-succinic acid can be used as a replacement to phthalic anhydride in manufacturing alkyd resins and offers cost-effectiveness and environmental advantages, which in turn will propel its growth over the next six years.
Global Bio-succinic Acid Market: Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2016 to 2027. This section mentions the volume of production by region from 2016 to 2027. Pricing analysis is included in the report according to each type from the year 2016 to 2027, manufacturer from 2016 to 2021, region from 2016 to 2021, and global price from 2016 to 2027.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
Global Bio-succinic Acid Market: Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2016 to 2027.
Key Companies profiled in this report are Basf, Mitsubishi Chemical, Mitsui, DSM, Myriant, Reverdia, Corbion and more in terms of market share by sales, revenue, average pricing, product type, margins, recent developments etc.
Find more details at: https://www.themarketreports.com/report/global-bio-succinic-acid-market-outlook
Segment by Type
- Bio-Based
- Petro-Based
- Others
Segment by Application
- Polyurethanes
- Resins, Pigments & Coatings
- Pharmaceuticals
- PBS/PBST
- Food & Beverage
- Plasticizers
- Personal Care
- Solvents & Lubricants
- De-icer Solutions
Table of Content:
1 Bio-succinic Acid Market Overview
2 Bio-succinic Acid Market Competition by Manufacturers
3 Bio-succinic Acid Retrospective Market Scenario by Region
4 Global Bio-succinic Acid Historic Market Analysis by Type
5 Global Bio-succinic Acid Historic Market Analysis by Application
6 Key Companies Profiled
7 Bio-succinic Acid Manufacturing Cost Analysis
8 Marketing Channel, Distributors and Customers
9 Bio-succinic Acid Market Dynamics
10 Global Bio-succinic Acid Market Forecast
11 Research Finding and Conclusion
12 Methodology and Data Source
13 Forecast by Type and by Application (2022-2027)
14 Research Finding and Conclusion
15 Methodology and Data Source
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Peter Barzilai is a high school pitcher and college rower turned longtime World News journalist. Peter has also written for Buzz Feed and Huffington Post and many other major publications, Peter Loves everything about sports and loves to write on trending topics and he is DailyFactsNTrends member since 2017.