According to the current analysis of Reports and Data, the global succinic acid market was valued at USD 1,027.78 Million in 2021 and is expected to reach USD 3,613.27 million by the year 2030, at a CAGR of 18.01%. Succinates are an intermediate in several chemical processes and it is used in the production of various products. The major drivers for the growth of this market are the growing applications and the movement of the chemical industry. It is used as a sequestrant, buffer, and neutralizing agent in various foods. Because of its rise in food production, it is gaining a lot of demand. In various applications, Succinates can also be used in food and beverages, chemical industries, personal care, and pharmaceutical industries.
Some of the factors which driving the growth of the Succinates market are increasing applications and movement of the chemical industry towards bio-based sustainable chemicals, increased use of Succinates in pharma industries, increasing concerns and awareness of the environmental issues, low cost, and eco-friendly has an increased the demand of Succinates in the market. Petro-based Succinates is of low cost and has better efficiency as compared to bio-based type. Also, it can be widely used in the food beverage industry as a flavor enhancer and in the chemical industry for the manufacture of PBS. Some of the challenges which are hampering the growth of the Succinates market are the availability of alternatives such as citric and malic acid, both of these chemicals occur naturally which is the reason some of the application segments prefer to use them, thereby leading to a competitive challenge.
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Major Factors Driving the Global Succinates Market Revenue Growth
Revenue growth of the global materials chemicals industry is primarily driven by factors such as rapid industrialization and substantially growing demand for chemicals materials various industries including pharmaceutical, food beverage, oil gas, personal care cosmetics, pulp paper, textile, and manufacturing industries. Growing environmental awareness, increasing use of environmentally sustainable chemicals and raw materials, technological advances in manufacturing techniques, growing used of organic industrial chemicals, and rising need for high-performance specialty chemicals are other factors driving market revenue growth.
Top Companies Profiled in the Report:
GC Innovation America, Succinity GmbH, Reverdia, Nippon Shokubai, Shandong Lixing Chemical, Kawasaki Kasei Chemicals, Anqing Hexing Chemical, and Anhui Sunsing.
Further key findings from the report suggest
- There is a significant growth in the pharmaceutical application showing a steady growth of 6% to 7% by 2025
- The Succinates market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 6.7 % and 7.3% CAGR, respectively. High Succinates prevalence across the globe is the key factor to accelerate the market growth during the forecast period across all regions.
- BioAmber Inc. launched BIO-SA pharmaceutical-grade bio-based Succinates, which is manufactured under the US Food and Drug Administration (FDA) good manufacturing practices (GMP) applicable to food and excipients.
- Petro based segment of Succinates is the largest in the market with a high market share of 58.8% and is expected to grow more up to 2028.
Regional Outlook
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Frequently Asked Questions Addressed in the Report:
- What are the forecast revenue growth rate and size of the global Succinates markets?
- What are some of the key factors driving revenue growth of the global Succinates markets over the forecast period?
- What are the latest trends opportunities influencing the industry revenue growth?
- Who are the prominent players in the global Succinates market?
- What are the imminent risks and challenges expected to restrain the Succinates industry's growth in the near future?
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By Type (Revenue in USD Million; Volume in Kilo Tons, 2017–2030)
- Petro-Based
- Bio-Based
By Application (Revenue in USD Million; Volume in Kilo Tons, 2017–2030)
- Industrial
- Coatings
- Food Beverage
- Pharmaceutical
- Others
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