Market Overview
Succinic Acid Market can be defined as a colorless, water-soluble, and odorless solid. The expansion of the market in terms of succinic acid market volume would depend much on the intake of the product by several sectors that would include food beverages, pharmaceuticals, cosmetics, and others. The product can be both natural and synthetic and the natural segment is gaining grounds owing to the demand for eco-friendly products from several quarters. The production process would involve the microbial fermentation of glucose using raw material feedstock like sugarcane, wheat, maize, and tapioca. Its application in the manufacturing of industrial solvents, dyes, lacquers, perfumes, alkyd resins, photographic chemicals, metal treatment chemicals, plasticizers, and coatings are creating a succinic acid market demand. The global succinic acid market report, published by Market Research Future (MRFR), declared that the growth can be quite impressive in the coming years between 2016 and 2023, which the report considers as the forecast period.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/1914
In the medicine industry, the percolation of the succinic acid is growing with its use in the manufacturing of sedatives, contraceptives, antiplegm, antispasmers, anrhoers, antiphlogistic, and cancer. The food beverage industry is also going to provide thrust to the market, which would get backing from high disposable income. However, stringent regulations and succinic acid market prices can deter the growth of the market. But new innovations would open up opportunities for market expansion.
Market Drivers and Key Restraints
Boost in demand for 1,4-butanediol, which is viewed as a building block for polyurethanes and resins plasticizers has hiked up the demand for succinic acid. Moreover, succinic acid finds use as a sequestrant in the food industry, as it helps enhance stability as well as the quality of food products. Therefore, with the increasing concern over food quality and expanding the use of succinic acid in these industries, the global market could expect a lucrative run during the forecast period.
On a similar note, succinic acid also finds extensive use in the production of medicines for menopause, pain and arthritis, among others. This factor is bound to have a profitable effect on the succinic acid market in the coming years. Government initiatives within developed regions like Europe and North America favoring the adoption of bio-based chemicals aimed at sustainable development stimulate market growth.
Additionally, rising use of bio-based succinic acid to manufacture polyurethanes compared to adipic acid is presumed to spur the succinic acid market growth. With that said, wavering prices of crude oil could negatively affect the succinic acid market to some extent.
Global Succinic Acid Market - Segmentation
The report has been segmented into five major dynamics.
By Type : Bio-Based and Synthetic
By Grade : Food, Pharmaceutical, and Industrial
By Application : Chemical Intermediate, Food Additive, Medicine, and others.
By End-Use Industry : Polymer, Dyes Pigments, Chemicals, Paints Coatings, Pharmaceuticals, Food, Cosmetics Personal Care, and others.
By Regions : Americas, Europe, Asia Pacific, Middle East Africa, and Rest-of-the-World.
Regional Analysis
The global succinic acid market has been studied taking a closer look at the main regions of Latin America, Europe, Asia Pacific, Middle East Africa and North America.
Asia Pacific has been established as the leading succinic acid market owing to rising industrialization and urbanization. Relaxed investment norms along with low production as well as labor costs in the region act as catalysts in market growth. Asia Pacific market’s growth is expected to be at a high rate in the coming years with the rapid expansion of industries like chemicals, food beverages, and pharmaceuticals, among others.
Europe and North America are some of the strongest markets for succinic acid. The presence of eminent end-use industries, including pharmaceuticals, food beverage, cosmetics, and chemicals is the chief reason for the said growth. Strict environmental regulations help elevate the demand for bio-based succinic acid in these markets. On top of this, the manufacturers in the region are shifting their focus on the development as well as use of succinic acid, which positively influences the regional market.
Middle East Africa could expect an average growth during the given time frame as a result of the rising product demand, especially in the cosmetics and food beverage industries. Lastly, Latin America holds the smallest market for succinic acid on account of poor economic growth as well as the restricted pace of industrialization.
Competitive Landscape
Succinic acid manufacturers are continuously on a lookout for new options and ventures, for which they adopt strategies like product launches, expansions, acquisitions, joint ventures, and agreements. With this, they aim to seize a larger market share. Citing a reference, in 2016, BioAmber Inc., in a joint venture with CJ CheilJedang Corporation (South Korea) produces close to 36,000 metric tons of bio-succinic acid every year in China. The companies also commercialize the product in all of Asia. In another news, in 2017, BioAmber Inc. had developed pharmaceutical-grade succinic acid in a bid to expand its product portfolio.
The esteemed players in the worldwide succinic acid market are Ernesto Ventos. S.A. (Spain), BioAmber, Inc. (US), Anhui Sunsing Chemicals Co., Ltd. (China), Myriant Corporation (US), FUSO CHEMICAL CO., LTD. (Japan), Reverdia (Netherlands), R-Biopharm AG (Germany)NIPPON SHOKUBAI CO., LTD. (Japan), KAWASAKI KASEI CHEMICALS (Japan), Succinity GmbH (Germany), Gadiv Petrochemical Industries Ltd. (Israel), Spectrum Chemical Manufacturing Corp. (US), S.S. Pharmachem (India), Merck KGaA (Germany), ThyssenKrupp AG (Germany), among others.
Access Complete Report @ https://www.marketresearchfuture.com/reports/succinic-acid-market-1914
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
