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Market Summary

The global succinic acid market was valued at USD 137.42 million in 2019 and is expected to reach USD 232.17 million by the year 2027, delivering a CAGR of 6.7% through the forecast period.

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Succinic acid, also known as butanedioic acid, is involved in different chemical processes in the body. The U.S. Energy Department considers succinic acid as one of the best targets and top chemicals that could be extracted from biomass by fermentation because living cells produce this compound naturally. Succinic acid is an important molecule on the platform and widely used as an intermediate for the production of numerous products, medical, and adhesives.

The main drivers for the succinic acid market's growth are growing applications and the chemical's shift towards sustainable chemicals centered on the industry. The increase in demand for bio-based chemicals is another major driver. There is a potential use of succinate as a starting material for manufacturing. Nonetheless, in the manufacturing of various chemicals, the use of succinic acid based on petroleum as an intermediate is limited due to its price volatility and carbon footprints. Such issues led to the discovery of succinic acid biological production.

Type Outlook:

The growth of the segment is mainly attributed to the demand from the chemical industry for PBS/ PBST, and polyurethane. When compared with bio-based succinic acid, petro-based succinic acid is cost-effective and has better efficiency. Moreover, it can be widely used in the food & beverage industry as a flavor enhancer and in the chemical industry for the manufacturing of PBS.

Application Outlook:

Succinic acid is mainly used in a few applications such as solvents and lubricants, deicer solutions, cosmetics, food, and medicine as a substitute for petrol-based succinic acid. Besides, the future growth of the industry will be driven by new applications such as 1,4-Butanediol (BDO), PBS, plasticizers, and polyester polyols. Additionally, lower crude oil prices, increased green chemical production, demand for renewable chemicals, and increased government funding will further fuel market growth. Nonetheless, higher rates of bio-succinic acid and long cycles of processing are mainly limiting the development of the industry for the next few years.

Several industrial application markets such as PBS, polyester polyols, resins, plasticizers, coatings, & pigments, alkyd resins, solvents & lubricants, BDO and deicer solutions are also studied in the report. In 2019, the demand for resins, coatings, & pigments produced maximum revenue. BDO is expected to emerge as the largest application group, however, seven years down the line. These are primarily due to increased succinic acid use in BDO production as a replacement for maleic anhydride.

The succinic acid market is going to gain a lot of attention due to this upsurge in food production as it is used as an acidity regulator in various food items. Moreover, the increasing demand for green chemicals is driving the growth of the succinic acid market. The major drivers for the growth of the succinic acid market are increasing applications and movement of the chemical industry towards bio-based sustainable chemicals, use as a feedstock for the production of industrial chemicals and consumer products.

Succinic acid is used in PBS for food packaging, as these are biodegradable, non-toxic, and also have better heat resistance and processability. The increasing demand in the succinic acid market is the increasing disposable income, increased use of plastics, changing consumer lifestyle, and the growing packaging industry. These factors have fueled the demand for bio-degradable PET bottles, blood bags, non-toxic food containers, disposable syringes, and other consumer goods in countries such as China, India, Japan, U.S., and Germany that have led to the growth of the succinic acid market in the PBS/PBST segment.

Regional Outlook:

The growth of the market in APAC is mainly driven by the shift of production facilities from North America and Europe to this region. India, China, and Southeast Asia are the major contributors to the growth of the industrial, pharmaceutical, food & beverage, and coating industries in the region. These industries are witnessing growth owing to the increasing per capita expenditure and growing urbanization. This is further expected to create a demand for succinic acid in the region.

Market-O-Nomics:

The global succinic acid market was valued at USD 137.42 million in 2019 and is expected to reach USD 232.17 million by the year 2027, delivering a CAGR of 6.7% through the forecast period.

Petro-based segment is the leading product segment of the global succinic acid market is expected to register the highest CAGR among the succinic acid market as petro-based succinic acid is cost-effective and has better efficiency when compared to bio-based type.

The pharmaceuticals segment was valued at over USD 30 million by 2019 and is expected to grow at the largest rate of 7.5%. An increase in the use of succinic acid in various pharmaceutical companies and industries help to boost the market growth of this product segment.

The Industrial segment is expected to reach USD 123.71 million by the year 2027, growing at a CAGR of 6.8% during the forecast period.

The food and beverage segment is expected to reach USD 24.56 million by 2027.

Asia-Pacific regional segment of the succinic acid market is expected to remain the fastest-growing segment during 2017-2027, at a CAGR of 8% due to high economic growth, growing manufacturing sector, cheap labor, increasing foreign investments, agreements/collaborations, and expansions.

Competitive Landscape:

Key companies are BioAmber, Myriant, Succinity, Reverdia, Gadiv Petrochemical Industries Ltd., Purac, Nippon Shokubai, Mitsubishi Chemical Holdings, Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co., Ltd., Anhui Sunsing Chemicals, BASF, and DSM Netherlands.

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data has segmented the succinic acid market on the basis of type, application, and region:

By Type (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

Petro-Based

Bio-Based

By Application (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

Industrial

Coatings

Food & Beverage

Pharmaceutical

Others

By Region (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

North America

U.S.



Canada

Europe

Germany



Italy



France



U.K.



Spain



Rest of Europe

Asia Pacific

Japan



China



India



Rest of Asia Pacific

Latin America

Brazil



Rest of South America

Middle East and Africa