Succinic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Succinic Acid Market Analysis
The succinic acid market is projected to witness a CAGR of 7.2% during the forecast period.
- Succinic acid is a typical organic acid that can be used as a precursor to creating a variety of chemicals, including solvents, fragrances, lacquers, plasticizers, dyes, and photographic chemicals in the food, chemical, and pharmaceutical sectors. Aside from being an antibiotic, succinic acid is also a treatment.
- Succinic acid can be used as an acidifier and taste enhancer in food like relishes, beverages, and sausages. The potential use of succinic acid as starting feedstock for the production of industrial chemicals and consumer products with large markets was the main driver that launched the development of technology for bio-based succinic acid production.
- Due to its wide range of applications in various chemical processes, this product's applications go beyond just items and extend to include the human body. By administering the acid to the skin, joint and arthritis pain can be relieved. It greatly aids in fading any skin scars and lessens the effects of aging. Finding alternatives to hazardous chemicals for the environment and human health has become more important due to growing public concern.
- Numerous additional compounds are used in the manufacture of succinic acid. It consequently has a negative impact on the immediate area as well as the environment as a whole. The demand for acid replacements increased as a result. Bio-succinic acid is one such replacement. Climate change is lessened by bio-succinic acid synthesis. Using waste streams, the acid that replaces the use of petrochemicals ensures a clean environment. Many substances that have the potential to harm the environment are thought to be suitable replacements for bio-succinic acid.
Succinic Acid Market Trends
This section covers the major market trends shaping the Succinic Acid Market according to our research experts:
Increase in Demand for a Bioplastics Using Succinic Acid
- Succinic acid derived from carbohydrates is gaining more acknowledgment as a renewable biochemical for producing various sustainable value-added goods, including bio-plastics. A bioplastic alternative to petroleum-based synthetic polymers like polyethylene and polypropylene is polybutylene succinate (PBS).
- The global bioplastics production capacity is expected to rise from roughly 2.42 million tonnes in 2021 to roughly 7.59 million tonnes in 2026, according to the most recent market data provided by European Bioplastics in partnership with the nova-Institute. As a result, the proportion of bioplastics in the world's plastic output will surpass the two percent level for the first time.
- Bioplastics are being used in various industries, including packaging, food service, consumer electronics, automotive, agriculture/horticulture, toys, and several other sectors. According to European Bioplastics, with 48% (1.15 million tonnes) of the global market for bioplastics in 2021, packaging will continue to be the leading market category for these materials.
- The variety of applications in the portfolio is still growing, though. Due to the expanding capabilities of functional polymers, certain industries, like automotive and transportation or building and construction, continue to grow, creating opportunities for the succinic acid market across the globe.
Asia-Pacific is the Fastest-Growing Market
- The succinic acid market is segmented into North America, South America, Asia-Pacific, Europe, the Middle East, and Africa. A significant development in application drives the market in the Asia-Pacific region. Moreover, the availability of low-cost labor is boosting production plants in Asia-Pacific, with China holding the highest production capacity among all the other countries in the region.
- Europe is the leading revenue-generating market for succinic acid, mainly due to the strict regulatory imposition on using certain hazardous chemicals that threaten the environment and human beings. A substantial potential opportunity exists for bio-based succinic acid due to the region's strict environmental rules and the fact that industries play a significant role in the development of any economy. It is well known to be a crucial ingredient used in the production of more than 30 goods used for industrial and commercial reasons. Hence, manufacturers are shifting to greener substitutes (bio-succinic acid) to comply with the requirements.
- Additionally, according to a report published by PlasticsEurope (PEMRG) in 2022, the European Union (EU 27), Norway, Switzerland, and the United Kingdom collected an estimated 29.5 million metric tons of consumer plastic garbage from posters. 35% of this total was recycled. Most post-consumer treatments comprised energy recovery, with landfilling making up nearly a quarter. Such problems have created opportunities for the succinic acid market as it is used to manufacture bioplastics.
Succinic Acid Industry Overview
A diversified product portfolio, high depth in application reach, and technical assistance to customers are the factors responsible for strengthening the position of these companies in the succinic acid market. The players in the market have also been adopting various organic and inorganic growth strategies, such as partnership, agreement, and expansion, to enhance their current position in the succinic acid market. Major succinic acid market players include PTT Public Company Limited (Myriant), Reverdia, Corbion N.V., BASF DE, and Mitsubishi Chemical Corporation.
Succinic Acid Market Leaders
Reverdia
Corbion N.V.
PTT Public Company Limited (Myriant)
BASF SE
Mitsubishi Chemical Corporation
*Disclaimer: Major Players sorted in no particular order
Succinic Acid Market News
- In August 2022, A technology solution has been added to Technip Energies' expanding portfolio of sustainable chemicals with the acquisition of Biosuccinium technology from DSM. The newly acquired method commercially referenced the production of bio-based succinic acid (bio-SAc), which is used as a feedstock for the manufacturing of polybutylene succinate.
- In September 2021, in order to expand the production of alkenyl succinic anhydride sizing agent (ASA) in China, Kemira announced a large investment. The third production line is expected to significantly increase Kemira's ASA production capacity at the company's cutting-edge Nanjing facility in Jiangsu province.
- In August 2021, LCY Biosciences acquired BioAmber's biobased succinic acid plant in Sarnia (Ontario, Canada). The company now produces 18 kilotons. It aims to produce 30 kilotons by the end of 2023.
Succinic Acid Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Bio-based
5.1.2 Petro-based
5.2 Application
5.2.1 Food and Beverage
5.2.2 Pharmaceutical
5.2.3 Industrial
5.2.4 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Italy
5.3.2.6 Spain
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 BASF SE
6.3.2 Myriant
6.3.3 Succinity Gmbh
6.3.4 Reverdia
6.3.5 Nippon Shokubai
6.3.6 Mitsubishi Chemical Corporation
6.3.7 Kawasaki Kasei Chemicals Ltd
6.3.8 Linyi Lixing Chemical Co. Ltd
6.3.9 Anhui Sunsing Chemicals
6.3.10 Gadiv Petrochemical Industries Ltd
6.3.11 Corbion N.V.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Succinic Acid Industry Segmentation
Succinic acid is an organic acid that occurs naturally and can be synthesized for the usage of generating solvents, dyes, photographic chemicals, etc.
The succinic acid market is segmented by type and application. Based on type, the market is segmented into bio-based and petro-based. Based on application, the market is segmented into food and beverage, pharmaceutical, industrial, and other applications. Also, the study provides an analysis of the succinic acid market in emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle-East and Africa.
For each segment, the market sizing and forecasts have been done based on value (in USD million).
| Type | |
| Bio-based | |
| Petro-based |
| Application | |
| Food and Beverage | |
| Pharmaceutical | |
| Industrial | |
| Other Applications |
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Succinic Acid Market Research FAQs
What is the current Succinic Acid Market size?
The Succinic Acid Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in Succinic Acid Market?
Reverdia, Corbion N.V., PTT Public Company Limited (Myriant), BASF SE and Mitsubishi Chemical Corporation are the major companies operating in the Succinic Acid Market.
Which is the fastest growing region in Succinic Acid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Succinic Acid Market?
In 2024, the Europe accounts for the largest market share in Succinic Acid Market.
What years does this Succinic Acid Market cover?
The report covers the Succinic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Succinic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Succinic Acid Industry Report
Statistics for the 2024 Succinic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Succinic Acid analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
