Succinic Acid Market Size to grow by USD 211.71 million between 2023-2027

Technavio, a leading provider of market research reports, has released its latest study on Succinic Acid Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• 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. - The Succinic Acid Market is experiencing significant growth, fueled by the Application in various industries. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Application in various industries
  • Consumer preference toward environment-friendly products
  • High competition among vendors
  • Stringent regulations on production processes
• Growth Projections

The market size is estimated to grow by USD 211.71 million, at a CAGR of 9.85% during the forecast period. 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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• Regional Insights

The European succinic acid market held the largest market share in the global succinic acid industry in 2022, driven by the significant demand from end-use sectors such as pharmaceuticals, industrial food and beverage, and personal care and coating. Key European countries, including Germany, Italy, and the UK, dominate the regional market due to their substantial consumer bases and the presence of numerous industries utilizing succinic acid. The burgeoning demand for bio-based materials in the paints and coating industries is anticipated to fuel the growth of the succinic acid market in Europe. Moreover, the increasing utilization of succinic acid in the production of BDO, polyurethanes, plasticizers, and alkyd resins for the construction, pharmaceuticals, food packaging, and automotive industries will further propel market expansion throughout the forecast period.

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