Authored By: Sarah
15 Jul 2024

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

According to a research report “ Succinic Acid Market” by Type (Petro-based, Bio-based ) End-user (Industrial, Coatings, Pharmaceuticals, Others ) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 211.71 million, at a CAGR of 9.85% during the forecast period. Succinic acid plays a pivotal role as a building block in the production of eco-friendly bioplastics, including polybutylene succinate (PBS), polybutylene terephthalate (PBT), and polylactic acid (PLA). The escalating demand for sustainable materials, driven by the food and beverage industry's growth, is anticipated to fuel the market expansion for succinic acid. In addition, succinic acid functions as a flavoring agent and acidity regulator in the food and beverage sector, as well as a preservative in certain food products. Furthermore, its application as an excipient in the pharmaceutical industry and the production of various drugs underscores its significance in these sectors..

Browse market data tables, figures, and in-depth TOC on “Succinic Acid Market” by Type (Petro-based, Bio-based ) End-user (Industrial, Coatings, Pharmaceuticals, Others ) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Type, the Petro-based segment is projected to dominate the market size in 2024

In the global succinic acid market, the industrial sector held the largest market share in 2022. Succinic acid's widespread usage in industries is driven by its versatility in various applications. As a dicarboxylic acid, succinic acid is integral to the manufacturing of polymers, bioplastics, solvents, and food additives. Furthermore, it is employed in the production of essential chemicals, such as 1,4-butanediol (BDO), tetrahydrofuran, and gamma-butyrolactone. Succinic acid's advantages, including low toxicity, biodegradability, and renewable production sources, make it a preferred choice over other acids. Its role as a versatile building block for the synthesis of numerous chemicals and materials further underscores its significance in industries.

By End-user, Industrial  segment is expected to hold the largest market size for the year 2024

In the industrial landscape, succinic acid derived from petroleum-based feedstocks offers significant advantages. This chemically produced acid, sourced from maleic anhydride, a petroleum derivative, boasts a wide array of applications. The primary reason for its popularity lies in the economical nature of petroleum-derived feedstocks compared to their sugar-based counterparts. The abundance and accessibility of petroleum resources ensure a cost-effective production process. Moreover, the utilization of petroleum feedstocks fosters a consistent and dependable manufacturing approach, minimizing the risk of yield inconsistencies inherent in fermentation-based processes. The growing market demand for biodegradable plastics and eco-friendly materials further bolsters the significance of succinic acid in the business world.

Europe is forecasted to hold the largest market size by region in 2024

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.

The Succinic Acid Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • EMCO Dyestuff Pvt. Ltd.
  • Fengchen Group Co. Ltd.
  • HENAN BON INDUSTRIAL CHEMICAL CO. LTD.
  • Henan GP Chemicals Co. Ltd.
  • KUNSHAN ODOWELL CO. LTD.
  • Labdhi Chemicals
  • LCY Chemical Corp.
  • Merck KGaA
  • Nippon Shokubai Co. Ltd.
  • Otto Chemie Pvt. Ltd.
  • Roquette Freres SA
  • Spectrum Laboratory Products Inc.
  • Tokyo Chemical Industry Co. Ltd.
  • Vizag Chemical International
  • Zhengzhou Alfa Chemical Co. Ltd.
  • Aurochemicals
  • Central Drug House Pvt. Ltd.
  • Corbion nv
  • Jinan Qinmu Fine Chemical Co. Ltd.
  • Nice Chemicals Pvt. Ltd.
.

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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

Succinic acid is a versatile organic compound with the chemical formula C4H6O4. It is naturally found in small quantities in various fruits, vegetables, and even in human urine. However, commercial production of succinic acid is primarily done through fermentation of water and land-based raw materials such as corn, wheat, or molasses. The manufacturing process involves the fermentation of sugars using microorganisms like Mycobacterium succinicus. The resulting succinic acid is then purified and sold as a raw material for various industries. Succinic acid has a wide range of applications, including as a surfactant in soldering flux, a performance enhancer in renewable chemicals, and a building block for producing derivatives like Disodium succinate, N-bromosuccinimide (NBS), Ferrous succinate, and Dimethyl succinate (DMS). In the chemical industry, succinic acid is used in the production of 1,4-BDO, Polybutylene succinate (PBS), and Polyurethane. It is also used in cosmetics, food and beverage, and the agricultural sector. Raw materials for succinic acid production can be derived from both petro-based and bio-based sources. Petroleum-based succinic acid production involves the oxidation of 1,4-butanediol (BDO) or the oxidation of adipic acid. However, the shift towards bio-based sources is increasing due to the reduction in CO2 emissions and the need for renewable chemicals. Succinic acid is also used in the production of polymers like polyglycolic acid, polylactic acid, and polymethyl succinate. Derivatives like Diethylmaleate, Glyoxylic acid, and Fumaric acid are also produced from succinic acid. In the automotive industries, succinic acid is used in coatings and plastics production. Tetrahydrofuran and Polyurethane are some of the major applications of succinic acid in this sector. In conclusion, succinic acid is a versatile compound with a wide range of applications in various industries. Its production can be done through fermentation of sugars or the oxidation of 1,4-butanediol or adipic acid. The shift towards bio-based sources is increasing due to the need for renewable chemicals and the reduction in CO2 emissions.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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