The Global Market for Succinic Acid is Projected to Reach 654 Thousand Tonnes Valued at US$3.5 Billion by 2020

Surging Popularity of Green Chemicals Drives Demand for Succinic Acid, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Succinic Acid. The global market for Succinic Acid is projected to reach 654 thousand tonnes valued at US$3.5 billion by 2020, driven by the increasing popularity of bio-based succinic acid.

Succinic acid is a key building block for a wide range of secondary chemicals used in the chemical, pharmaceutical, food, and agricultural industries. Increasing need for green chemicals, as substitutes for conventional chemicals, for producing polymers and other complex derivatives is driving demand for bio-succinic acid. Efforts to expand production capacity of bio-succinic acid will help foster market growth in the coming years. Increasing use of succinic acid as a building block in 1, 4 Butanediol (BDO) and various other high-value and high-volume chemicals is also helping drive growth in the market. Adoption of stringent energy policies and continuous advancements in technology are driving focus on bio-succinic acid, derived from renewable feedstocks.

Demand for bio-based succinic acid is supported by benefits such as lower carbon footprint, cost efficiency, reduced price volatility compared to fossil fuel-based alternatives, and ability to reduce dependency on crude oil. The increasing use of bio-succinic acid as a replacement for butane-based maleic anhydride that is extensively used in production of succinic anhydride, diethylmaleate, glyoxylic acid, fumaric acid, and other plastics bodes well for succinic acid market growth. The growth in the coming years will be driven largely by increased use of succinic acid in perfumes and dyes, detergents, surfactants, additives, and as a flavoring agent in the food & beverage industry.

As stated by the new market research report on Succinic Acid, Asia-Pacific represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market, led by the robust demand patterns in emerging markets such as China and India. By end-use, BDO presents the maximum growth opportunities for succinic acid. BDO finds use in a variety of applications including manufacture of Lycra fibres, engineering plastics and solvents. Demand for succinic acid in PBS, PBST category will be driven by surging demand from packaging applications, particularly for bio-degradable and bio-based products. Polyurethanes segment is expected to witness increasing substitution of adipic acid by succinic acid.

Major players covered in the report include Anhui Sunsing Chemicals Co. Ltd, Anqing Hexing Chemical Co. Ltd., BASF SE, Succinity GmbH, BioAmber Inc., Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co. Ltd., Mitsui & Co. Ltd., Myriant Technologies LLC, Nippon Shokubai Co., and Reverdia Ltd, among others.

The research report titled "Succinic Acid: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. End-use application markets analyzed include BDO, Food, Pharmaceuticals, PBS/PBST, Polyester Polyols, and Others.

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