Global Succinic Acid Market – Industry Analysis and Forecast (2019-2027)

[akash Arjun pingale]

Global Succinic Acid Market was valued at US$ 132 Mn in 2019 and is expected to reach US$ 221 Mn by 2027, at a CAGR of 6.7% during a forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

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The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding succinic acid market dynamics, structure by identifying and analyzing the market segments and project the global market size.

Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders prioritizing the efforts and investment in the near future to emerging segments in the succinic acid market.

The report study has analyzed the revenue impact of the COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.

Global Succinic Acid Market Overview:

Succinic is rising in concert with the foremost competitive bio primarily based chemicals. The US department of energy has enclosed succinic acid among the highest 12 value-added bio-based chemicals. Succinic Acid is an intermediate in several chemical processes and is used in the production of several products in a fragmented trade that has multiple players in this production process. The market shows a large potential of growth depended vastly on the sustainable production of bio-based succinic acid.

Succinic acid is a chemical that has a sizeable number of applications starting from BDO, pharmaceuticals, food, polyurethanes, polymers, fibers, plasticizers to dyes and coatings. However, the foremost demand originates from coating, resins, BDO, plasticizers, and polyurethanes along with the food trade. Currently, there is a very less number of firms producing succinic acid in more amounts. Most of the companies are small-scale and with restricted capacity.

The major drivers for the growth of the succinic acid market are growing applications and movement of the chemical industry towards bio-based sustainable development in chemicals. One more driving factor is the increase in demand for a bio-based chemical. The use of succinic acid as starting raw material for the production of chemicals and consumer products with huge markets was the main driver that launched the development of technology for bio-based succinic acid production.

Nevertheless, high processing costs and intense competition in the market are the key challenges. A bulk amount of production and an improvement in the production techniques are projected to address the cost possibility issue of the bio-succinic acid market.

Global Succinic Acid Market Regional Analysis:

Based on type, the petro-based segment is expected to be the largest contributor to the market growth during the forecast timeframe. Petro-based succinic acid is worthwhile and has better efficiency in comparison with bio-based type. Moreover, it can be widely used in the food & beverage industry. Greater cost and lower efficiency led to the reduced demand for bio-based succinic acid and resulted in the closure of major succinic acid manufacturing companies such as BioAmber, Myriant, and Succinity GmbH.

In terms of Application, The growing demand for succinic acid is risen by its use for applications in industrial applications. Succinic acid is mostly used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and also have well heated resistance and processability in comparison to other biopolymers.

The major drivers for the succinic acid market are the increasing disposable income, changing customer lifestyle, widely use of plastics and the growing packaging industry.

Geographically, Asia Pacific was the largest market for succinic acid with a market share of 41%, in terms of value, in 2019. Emerging nations like China, India, and Japan in this region together accounted for a share of 70%, in terms of value, in 2019.

APAC is the largest and the fastest-growing market for succinic acid due to the rapid economic growth in the region, Moreover, the availability of low-cost labor, thereby, boosting the growth of major industries such as food & beverage, coating, chemical, and pharmaceutical which in turn, is driving the demand for succinic acid.

Global Succinic Acid Market, Key Highlights:

• Global Succinic Acid Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Succinic Acid Market

• Global Succinic Acid Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Global Succinic Acid Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Global Succinic Acid Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Succinic Acid Market are also profiled.

The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.

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The Scope of the Global Succinic Acid Market: Inquire before buying

Global Succinic Acid Market, by Type:

• Bio-Based Succinic Acid

• Petro-Based Succinic Acid

Global Succinic Acid Market, by Application:

• Food & Beverage

• Pharmaceutical

• Industrial

• Coatings

• Others

Global Succinic Acid Market, by Region:

• North America

• Europe

• Middle East & Africa

• Asia-Pacific

• South America

Global Succinic Acid Market Key Players

• BioAmber

• GC Innovation America

• Succinity GmbH

• Reverdia

• Nippon Shokubai

• Shandong Lixing Chemical

• Kawasaki Kasei Chemicals

• Anqing Hexing Chemical

• Anhui Sunsing Chemicals

• Gadiv Petrochemical Industries

• Myriant Corporation

• Showa Denko K.K.

• Merck KGaA

• FUSO CHEMICAL CO. LTD.

• S.S. Pharmachem

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