Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Succinic acid, also known as amber acid or butanedioic acid, is a dicarboxylic acid. Succinic is a moderately high value chemical and is a key compound in producing more than 30 commercially important products such as BDO, THF, adipic acid, and GBL. It has applications in industries such as food, pharmaceuticals, polymers, paints, cosmetics, and inks. It is also used as a surfactant, detergent extender, antifoam, and ion-chelator. With the growing world demand, it will be important to produce succinic acid cheaply from biomass. The lower cost will allow it to compete with chemicals currently produced from petroleum-based feedstocks. With increasing costs of oil and petroleum, it may be appropriate for companies to invest in the development and production of bio-based succinic acid.
The global succinic acid market is witnessing sustainable growth owing to increasing adoption of succinic acid as a substitute of adipic acid in polyurethane production. Moreover, the overall market is also being propelled by growing shift towards bio-based renewable substitutes. The market is further boosted by the development of advanced technologies for succinic acid and cheap end-products. Furthermore, rising joint venture and cross-industry collaboration activities would further provide significant growth opportunities to this market in the future. However, the global succinic acid market is hindered by high capital expenditure and volatility in raw material prices.
The report analyses the global succinic acid market based on product type, application and geography.
Based on product type, the market is segmented into bio-based succinic acid and petro-based succinic acid. Succinic acid can be used as a precursor of many industrially important chemicals including adipic acid, 1,4-butanediol, tetrahydrofuran, N-methyl pyrrolidinone, 2-pyrrolidinone, succinate salts and gamma-butyrolactone. Many researchers have made tremendous efforts to develop a biological process to produce succinic acid by employing fungi such as Aspergillus Niger, Aspergillus Fumigatus, Byssochlamys Nivea, Lentinus Degener, Paecilomyces Varioti, Penicillium Viniferum and Yeast Saccharomyces Cerevisiae. These organisms produce succinic acid as a metabolic by-product under aerobic and/or anaerobic conditions.
Based on application, this market is categorized into industrial, pharmaceutical, personal care, paints & coatings and others. Industrial applications majorly include 4-Butanediol (BDO) & derivatives, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants, de-icer solutions among others. Succinic acid is used in food, pharmaceutics and agriculture industry, as a precursor of many industrially important chemicals including adipic acid, 1,4-butanediol, tetrahydrofuran, N-methyl pyrrolidinone, 2-pyrrolidinone, succinate salts and gamma-butyrolactone. Furthermore, the increasing demand for succinic acid is expected as its use is extended to the synthesis of biodegradable polymers such as polybutyrate succinate (PBS) and polyamides (Nylonx,4) and various green solvents.
By geography, the global succinic acid market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. Asia Pacific accounted for the market largest share in 2018, owing to abundant resource availability in this area coupled with increased demand from industrial and food & beverage sector. Countries such as China and Japan are witnessing substantial growth in the succinic acid market. Increasing activities for expansion is likely to boost the market in the future. In addition to this, North America is projected to grow at a lucrative growth rate over the estimate period. Increasing per capita expenditure and growing urbanization are the key growth drivers for succinic acid in this region.
The leading market players of the global succinic acid market include Anhui Sunsing Chemicals Co. Ltd., Bioamber, DC Chemical Co. Ltd, Evonik Industries, Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co. Ltd, Mitsubishi Chemical Holdings Corporation, Mitsui & Co. Ltd., Myriant Technologies LLC (GC Innovation America), Natureworks LLC, Nippon Shokubai Co. Ltd, R-Biopharm AG, Reverdia, Shandong Chemical Co. Ltd., Spectrum Chemical Mfg. Corp., Succinity, Thirumalai Chemicals Limited, Thyssenkrupp and Yantai Shanshui Chemical Technology Co. Ltd.
The global succinic acid market is segmented based on product type, application and geography. Based on product type, the market is segmented into bio-based succinic acid and petro-based succinic acid. Succinic acid can be used as a precursor of many industrially important chemicals including adipic acid, 1,4-butanediol, tetrahydrofuran, N-methyl pyrrolidinone, 2-pyrrolidinone, succinate salts and gamma-butyrolactone.
Based on application, this market is categorized into industrial, pharmaceutical, personal care, paints & coatings and others. Industrial applications majorly include 4-Butanediol (BDO)& derivatives, plasticizers, polyurethanes, resins, coatings, pigments, dyes & inks, solvents & lubricants, de-icer solutions among others.
By geography, the global succinic acid market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. Asia Pacific accounted for the largest share in 2018, owing to abundant resource availability in this area coupled with increased demand from industrial and food & beverage sector. Countries such as China and Japan are witnessing substantial growth in the succinic acid market. Increasing activities for expansion is likely to boost the market in the future.
Why to buy this report:
