The global bio-succinic acid market size is expected to reach USD 272.4 million by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.6% from 2022 to 2030. The growth is attributed to the rising demand for bio-succinic acid in several end-use industries such as food and beverages, pharmaceuticals, and personal care and cosmetics.
Bio-succinic Acid Market Report Highlights
- The polyester polyols application segment is expected to register the highest revenue-based CAGR of 11.1% over the forecast period owing to the wide application of the product in the process of manufacturing polyurethanes and its growing demand from the downstream application industries
- The food and beverages end-use segment is expected to register the highest growth rate of 11.1% in terms of revenue over the forecast period because of the increasing consumer awareness regarding the benefits of bio-based chemicals in the industry
- The use of bio-succinic acid was viewed as an alternative to the usage of succinic acid, which required many chemicals that were harmful. Bio-succinic acid helps to reduce climate change as it replaces petrochemicals, which ensures a clean environment
- The Asia Pacific region is expected to register the highest growth rate of 11.3% in terms of revenue over the forecast period. This is attributed to the rising demand from the pharmaceutical industry in the region and increased awareness regarding a bio-based economy
- Companies such as BASF SE, BioAmber, Myriant Technologies, and DSM have been a part of this industry. These companies take many strategic decisions such as mergers, partnerships, and acquisitions to expand their reach of products
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The growing demand in multiple industries is due to the increase in awareness regarding the availability of substitutes in the market against various harmful chemical substances. The growing utilization of bio-succinic acid in sevseral applications such as BDO, resins, and polyurethanes is also expected to drive the product demand in the near future. Additionally, the growing population and ongoing urbanization and industrialization have led the government of emerging economies to increase their manufacturing expenses to cater to the rising demand for bio-succinic acid.
The product is majorly utilized in the formulation of various plastics, fibers, solvents, and polymers. The demand pattern for various end-use applications is highly dependent on the regional regulations imposed by the government. The increase in construction and infrastructure projects in emerging economies is also expected to trigger the demand.
The global demand for bio-succinic acid was less impacted by the COVID-19 crisis, considering its usage in essential pharmaceutical products along with its application in food and beverages, personal and skincare, and cosmetic products as an anti-biotic agent, which is viewed as a substitute for the previously used harmful chemicals. The global market is expected to witness tremendous growth because of its inclusion in the research and development process related to its use in the pharmaceutical industry.
Bio-succinic Acid Market Insights By Geographical Region
Europe dominated the market with a revenue share of over 30.0%. This is attributed to the increasing demand for environment-friendly construction in the region. The increase in carbon footprints, rising preference for using locally accessible raw materials, and the fluctuations that can be seen in the prices of fossil fuels are some of the major factors that are driving the market in Europe. North America emerged as the second-largest regional market in terms of revenue. This is because of the strategic measures taken by the U.S. and Canadian governments concerning the utilization of bio-based products and their production.
Industry Share Analysis By Major Companies
The competition in the market is high due to the presence of many multinational companies that are engaged in constant production, research, and development activities. These companies offer a wide range of products that can be used in multiple industries and have various applications. Most of these companies have integrated their business operations across the value chain to obtain maximum profit out of a minimum investment. Some prominent players in the global bio-succinic acid market include:
- BASF SE
- DSM
- Roquette Freres
- BioAmber
- Myriant Corporation
- Kawasaki Kasei Chemicals
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Bio-succinic Acid Market Segmentation
Grand View Research has segmented the global bio-succinic acid market on the basis of application, end-use, and region:
- Bio-succinic Acid Application Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- Bio-succinic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- Bio-succinic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- List of Key Players of Bio-succinic Acid Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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