Market Size of Bio-Based Succinic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bio-Based Succinic Acid Market Analysis
The market for bio-based succinic acid is projected to register a CAGR of less than 2% during the forecast period.
- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The price uncertainty of fossil fuels, the increase in carbon footprints, and the increasing adoption of green chemicals are expected to surge the demand for bio-based succinic acid. On the other hand, the market's expansion is constrained by the higher cost of bio-based succinic acid and the prolonged extraction procedures.
- Further, sustainable dyes made from bio-succinic acid are anticipated to present a market opportunity in the future. The Asia-Pacific region is expected to witness high demand for bio-based succinic acid during the forecast period.
Bio-Based Succinic Acid Industry Segmentation
Succinic acid is a chemical utilized directly in many industrial applications and as an intermediary in the synthesis of various polymers and resins. The biological generation of succinic acid from renewable resources has drawn considerable attention due to the depletion of crude oil and the requirement for sustainable development.
The bio-based succinic acid market is segmented by application and geography. By application, the market is segmented into industrial, pharmaceutical, personal care, paints and coatings, and other applications. The report also covers the market size and forecasts in 15 countries across major regions.
Market sizing and forecasts have been done for each segment based on revenue (USD million).
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| Paints and Coatings | |
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Bio-Based Succinic Acid Market Size Summary
The bio-based succinic acid market is poised for steady growth, driven by the increasing demand for sustainable and eco-friendly alternatives in various industrial applications. This acid serves as a crucial intermediate in the production of plastics, polyurethanes, solvents, and coatings, among others. Its use in creating plasticizers for flooring and food packaging highlights its versatility and importance in sectors like construction and consumer goods. The market's expansion is supported by the rising adoption of green chemicals and the need to reduce carbon footprints, although challenges such as higher production costs and lengthy extraction processes remain. The Asia-Pacific region is expected to experience significant demand growth, fueled by its burgeoning industries and urbanization trends.
The market landscape is characterized by a consolidated structure, with major players like BASF SE, Roquette Frères, and Mitsubishi Chemical Corporation leading the charge. Innovations such as biodegradable polymers and bio-sourced technologies are further propelling market dynamics. The increasing use of bio-based succinic acid in sectors such as pharmaceuticals, personal care, and paints and coatings, particularly in Asia-Pacific, underscores its growing significance. As industries continue to seek sustainable solutions, the bio-based succinic acid market is anticipated to witness robust growth, with emerging applications and regional demand contributing to its positive trajectory.
Bio-Based Succinic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Adoption of Green Chemicals
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Higher Cost of Bio-based Succinic Acid
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Application
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2.1.1 Industrial
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2.1.2 Pharmaceutical
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2.1.3 Personal Care
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2.1.4 Paints and Coatings
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2.1.5 Other Applications
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Rest of Middle-East and Africa
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Bio-Based Succinic Acid Market Size FAQs
What is the current Bio-Based Succinic Acid Market size?
The Bio-Based Succinic Acid Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)
Who are the key players in Bio-Based Succinic Acid Market?
BASF SE, Roquette Frères, Mitsubishi Chemical Corporation, DSM and Mitsui Chemicals, Inc. are the major companies operating in the Bio-Based Succinic Acid Market.
