Global Succinic Acid Market to Hit $1,000.0 Million in 2020: Growth Analysis
Zion Market Research has published a new report titled “Succinic Acid Market for 1,4-BDO, Resin, Coatings, Dyes & Inks, Pharmaceutical, Polyurethane, Food, Plasticizers, Cosmetics, Solvents & Lubricants and De-Icing Solutions Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”. According to the report, the global succinic acid market was valued at approximately USD 400.0 million in 2014 and is expected to reach approximately USD 1,000.0 million by 2020, growing at a CAGR of over 20% between 2015 and 2020. In terms of volume, global succinic acid market stood at 100.0 tons in 2014.
Succinic acid is an important intermediate chemical witnessing strong demand. It is a building block chemical for producing many specialty and commodity chemicals that are used in a wide range of applications such as polymers, food, metals, pharmaceutical, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates, cosmetics, etc. This platform chemical is produced through mixed-acid fermentation of carbohydrates in a process that also yields the other valuable chemicals such as lactic acid, acetic acid, formic acid, and alcohols. Succinic acid is also known as amber acid. Succinic acid can be manufactured using conventional (crude oil based) method and by bio-based route as well. Presently, large volume of succinic acid is derived from petroleum feedstock and a small amount is produced from fermentation process.
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Succinic acid is widely used as a building block chemical in the manufacturing of many other chemicals. Succinic acid yields derivatives such as 1, 4-butanediol (BDO), gamma-butyrolactone (GBL), and tetrahydrofuran (THF), have high potential for use as solvents and fibers such as lycra. In addition, pyrrolidinones and N-methylpyrrolidinone can also be directly produced from succinic acid manufactured by fermentation. These organic chemicals find high demand in pharmacology. Succinic acid market is expected to witness strong growth owing to increasing demand for its derivatives. Strong demand from Asia Pacific is also expected to fuel growth of succinic acid market owing strong growth prospectus of various end-user industries in the region. However, environmental concerns and fluctuations in raw material prices are expected to be major concerns for the manufacturers of petroleum based succinic acid. On the other hand, bio-based succinic acid manufacturers are expected to face challenges such as high initial investment and high production cost as compared to petroleum based succinic acid.
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1,4-BDO, resin, coatings, dyes & inks, pharmaceutical, polyurethane, food, plasticizers, cosmetics, solvents & lubricants and de-icing solutions are some of the important application markets for succinic acid. With around 20% share in total volume consumed, coatings, resins, dyes, and inks collectively was the largest application market for succinic acid in 2014. Pharmaceutical is also one of the prominent application markets for succinic acid. Pharmaceutical was the second largest application market for succinic and closely followed by polyurethane and 1, 4-BDO. 1, 4-BDO is expected to exhibit robust growth rate in the years to come. It is mainly used in the production of tetrahydrofuran (THF), polyurethane elastomers, polybutylene terephthalate (PBT), and gamma-butyrolactone.
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Europe was a leading regional market for succinic acid in 2014. Asia Pacific and Europe accounted for almost similar share of the total succinic acid volume consumed in 2014. However, Asia Pacific is expected to grow at rapid pace and outperform Europe in succinic acid demand by the end of 2020. This strong growth can be attributed to the rising demand for paints and coatings, polyurethane, 1,4-BDO in various end-user industries in the region. China, India, Japan and South Korea are major demand driver in the region. However, Europe will keep dominating bio-based succinic acid market all through the forecast period.
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Some of the key players in global succinic acid market include BioAmber Inc, Gadiv Petrochemical industries ltd, Kawasaki Kasei Chemicals Ltd, Mitsubishi Chemical Corporation , Mitsui & Co. Ltd , Myriant Corporation , Nippon Shokubai Co. Ltd, PTT Global Chemical Public Co. Ltd , Purac, BASF SE, Reverdia, Roquette Freres S.A and DSM N.V.
This report segments the global succinic acid market as follows:
Global Succinic Acid Market: Application Segment Analysis
- Dyes & Inks
- Solvents & Lubricants
- De-Icing Solutions
Global Succinic Acid Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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