Succinic Acid Market Trends: Focusing on Succinic Acid Market Insight and Forecast Analysis (2024 - 2031)
The "Succinic Acid Market" prioritizes cost control and efficiency enhancement. Additionally, the reports cover both the demand and supply sides of the market. The Succinic Acid market is anticipated to grow at an annual rate of 5.2% from 2024 to 2031.
This entire report is of 129 pages.
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Succinic Acid Market Analysis
The global Succinic Acid market research report analyzes market conditions and provides insights into this bio-based chemical compound. Succinic Acid is used in various industries such as pharmaceuticals, food and beverage, and agriculture due to its eco-friendly nature. Major factors driving revenue growth include increasing demand for sustainable products and government regulations promoting the use of bio-based chemicals. Key players in the market include LCY Biosciences, GC Innovation America, Roquette, and Mitsubishi Chemical. The report outlines market trends, challenges, opportunities, and forecasts for the Succinic Acid market. Recommendations include investment in research and development and strategic partnerships to capitalize on the growing demand for bio-based chemicals.
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Succinic acid is a versatile compound that is used in a variety of industries such as resins, coatings, pigments, PBS, food and beverage, pharmaceuticals, polyester polyols, and others. The market for succinic acid can be segmented into bio-based and petro-based production methods, each catering to different customer needs and preferences.
Regulatory and legal factors play a significant role in shaping the succinic acid market conditions. With increasing focus on sustainability and environmental protection, there is a growing demand for bio-based succinic acid as it is derived from renewable resources. Therefore, companies operating in this space need to adhere to strict regulations and ensure compliance with safety and environmental standards.
In conclusion, the succinic acid market is witnessing steady growth driven by its diverse application across various industries. Companies must navigate through the regulatory landscape and adapt to changing market conditions to stay competitive in this dynamic environment. The future looks promising for succinic acid as it continues to play a key role in the development of innovative products and solutions for a sustainable future.
Top Featured Companies Dominating the Global Succinic Acid Market
The global succinic acid market is highly competitive with key players such as LCY Biosciences (BioAmber), GC Innovation America, Roquette (Reverdia), Succinity GmbH, Mitsubishi Chemical, Kawasaki Kasei Chemicals, Nippon Shokubai, Feiyang Chemical, Sunsing Chemicals, Jinbaoyu Technology, Shandong Landian Biological Technology Co., LTD, Shanghai Shenren Fine Chemical Co., Ltd., and Weinan Huifeng competing for market share.
LCY Biosciences (BioAmber) is a leading producer of succinic acid with a focus on bio-based renewable chemicals. GC Innovation America is known for its innovative technology in succinic acid production. Roquette (Reverdia) is a joint venture between Roquette and DSM, specializing in bio-based succinic acid. Succinity GmbH is a joint venture between BASF and Corbion, offering bio-based succinic acid for various applications.
Mitsubishi Chemical, Kawasaki Kasei Chemicals, Nippon Shokubai, Feiyang Chemical, Sunsing Chemicals, Jinbaoyu Technology, Shandong Landian Biological Technology Co., LTD, Shanghai Shenren Fine Chemical Co., Ltd., and Weinan Huifeng are also key players in the succinic acid market with a focus on different applications and production technologies.
These companies use succinic acid in various industries such as bioplastics, resins, coatings, pharmaceuticals, food, and cosmetics, contributing to the growth of the succinic acid market globally. The increasing demand for bio-based chemicals and sustainability initiatives by governments and consumers are driving the growth of the succinic acid market.
In terms of sales revenue, LCY Biosciences (BioAmber) reported sales of $ million in 2019, while Roquette (Reverdia) reported sales of €12.8 million for the same year. These figures indicate the competitive nature of the succinic acid market and the potential for growth in the coming years.
- LCY Biosciences(BioAmber)
- GC Innovation America
- Roquette(Reverdia)
- Succinity GmbH
- Mitsubishi Chemical
- Kawasaki Kasei Chemicals
- Nippon Shokubai
- Feiyang Chemical
- Sunsing Chemicals
- Jinbaoyu Technology
- Shandong Landian Biological Technology Co., LTD
- Shanghai shenren Fine chemical Co.,ltd.
- Weinan Huifeng
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Succinic Acid Segment Analysis
Succinic Acid Market, by Application:
- Resins, Coatings and Pigments
- PBS
- Food and Beverage
- Pharmaceuticals
- Polyester Polyols
- Others
Succinic acid is widely used in various applications including resins, coatings, and pigments for its ability to enhance durability and adhesion properties. It is also utilized in the production of PBS (polybutylene succinate), a biodegradable polymer, as well as in the food and beverage industry as a flavor enhancer and acidulant. In pharmaceuticals, succinic acid is used as an excipient in drug formulations. One of the fastest-growing application segments in terms of revenue is polyester polyols, where succinic acid is used in the production of bio-based polyurethane foams, coatings, and adhesives due to its eco-friendly nature and low toxicity.
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Succinic Acid Market, by Type:
- Bio-based
- Petro-based
Succinic acid can be produced either through bio-based or petro-based methods. Bio-based succinic acid is derived from renewable resources such as corn, sugarcane, or wheat, while petro-based succinic acid is derived from fossil fuels. The growing demand for sustainable and eco-friendly products has led to an increased interest in bio-based succinic acid. On the other hand, petro-based succinic acid is more cost-effective and readily available. The combination of these two types of succinic acid helps in meeting the diverse needs of different industries, thereby boosting the overall demand in the succinic acid market.
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Regional Analysis:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The succinic acid market is expected to witness significant growth in regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, North America and Europe are expected to dominate the market due to the presence of key market players, increasing demand for bio-based chemicals, and favorable government regulations promoting the use of renewable resources. The market share percent valuation for North America is estimated to be around 35%, while Europe is expected to hold a market share of 25%. Asia-Pacific is also anticipated to have a significant market share of around 20% due to rapid industrialization and increasing adoption of eco-friendly alternatives. Latin America and Middle East & Africa are expected to account for 10% and 5% of the market share respectively.
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