Latest News - Succinic Acid Market: Petro-based is expected to lead the Type segment during 2024-2028

The Succinic Acid Market is being driven by Application in various industries

The Succinic Acid Market is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 261 million. In the chemical industry, the demand for bio-succinic acid is experiencing significant growth due to its increasing utilization in the production of 1,4-Butanediol (BDO). With the volatile pricing trends of conventional fossil fuel-based raw materials and the heightened emphasis on carbon footprint reduction, BDO manufacturers are turning to renewable bio-based feedstocks, such as bio-succinic acid, as alternatives. Furthermore, bio-succinic acid serves as a viable substitute for adipic acid in polyols, contributing to the expanding market for sustainable and eco-friendly chemicals. The rising awareness and priority given to the sustainable use of natural resources have fueled the rapid growth of the bio-based or renewable chemicals sector, with bio-succinic acid being a key player as a replacement for traditional building blocks like adipic acid and phthalic anhydride. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Petro-based
  • Bio-based
• End-user
  • Industrial
  • Coatings
  • Pharmaceuticals
  • Others
• Geography
  • Europe
    • Germany
    • Italy
  • North America
    • US
    • Canada
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Application in various industries
• Consumer preference toward environment-friendly products
• Expanding food and beverage industry

However, the market also witnesses some limitations, which are as follows:

• High competition among vendors
• Stringent regulations on production processes
• Low penetration in potential market

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Market Scope in Succinic Acid Market Research Report

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Research Analysis Overview

Succinic acid is a versatile organic compound with the chemical formula C4H6O4. It is a colorless, odorless, and crystalline substance that is soluble in water and alcohol. Succinic acid and its derivatives, including Disodium succinate, N-bromosuccinimide (NBS), Ferrous succinate, and Dimethyl succinate (DMS), have wide applications in various industries. In the chemical industry, succinic acid is used as a building block for producing 1,4-Butanediol (BDO), a key intermediate for producing polyesters such as Polybutylene succinate (PBS) and Polybutylene succinate-co-terephthalate (PBST). It is also used in the production of polymers, plastics, and coatings. In the food and beverage industry, succinic acid is used as a food additive and a preservative. In cosmetics, it is used as a pH adjuster and a preservative. In the pharmaceutical industry, succinic acid is used in the synthesis of N-bromosuccinimide (NBS), a brominating agent. Succinic acid can be produced from both petro-based and bio-based sources. Traditionally, it was produced from petroleum, but with the increasing focus on reducing CO2 emissions, there is a growing interest in producing succinic acid from bio-based sources such as fermentation of sugars. Other related compounds include glyoxylic acid, fumaric acid, and Diethylmaleate. Overall, the succinic acid market is expected to grow significantly due to its wide applications in various industries, including cosmetics, coating, food and beverage, personal care, polymers, and plastics. The shift towards bio-based sources for producing succinic acid is also expected to drive the growth of the market.

Market Research Overview

The succinic acid market is a significant segment of the global specialty chemicals industry, which encompasses companies and products that specialize in high-value-added chemicals utilized in the manufacturing of various products. This market includes, but is not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market research, the global specialty chemicals market is expected to grow due to the increasing demand for specialty adhesives and sealants, which are essential components in numerous industries such as automotive, construction, and electronics. This shift towards specialty adhesives and sealants is a key growth driver for the specialty chemicals market during the forecast period. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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