Overview:
Succinic acid can be defined as a colorless, water-soluble, and odorless solid. The expansion of the market in terms of succinic acid market volume would depend much on the intake of the product by several sectors that would including food & beverages, pharmaceuticals, cosmetics, and others. The product can be both natural and synthetic and the natural segment is gaining ground owing to the demand for eco-friendly products from several quarters. The production process would involve the microbial fermentation of glucose using raw material feedstock like sugarcane, wheat, maize, and tapioca. Its application in the manufacturing of industrial solvents, dyes, lacquers, perfumes, alkyd resins, photographic chemicals, metal treatment chemicals, plasticizers, and coatings are creating a succinic acid market demand. The global Succinic Acid Market report, published by Market Research Future (MRFR), declared that the growth can be quite impressive in the coming years between 2023 and 2030, which the report considers as the forecast period.
In the medicine industry, the percolation of succinic acid supplements is growing with its use in the manufacturing of sedatives, contraceptives, antiplegm, antispasmers, anrhoers, antiphlogistic, and cancer. The food & beverage industry is also going to provide thrust to the market, which would get backing from high disposable income. However, stringent regulations and succinic acid market prices can deter the growth of the market. But new innovations would open up opportunities for market expansion.
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Regional Analysis
The Asia Pacific market is known for its high contribution and it had the largest share as per the report. This is happening mostly due to the hike in industrialization and the regional market would enjoy much from the relaxed investment norms. Low production cost and cost-effective labor can transform the global market for the same. This regional market has a high potential to move forward with the highest CAGR in the coming years. North America’s growth would be strong and the end user industries are going to inspire better market traction, which would assist in the market growth. Industries like food & beverage, chemicals, cosmetics, pharmaceuticals, and others can assist the growth in becoming more prolific. The Middle East & Africa market has a chance to show moderate growth as the cosmetics and food & beverage industries are doing well in the region. However, poor economies from Africa can hold back growth. Latin America’s growth would be the least compared to others.
Segmentation
The global Succinic Acid Market Competitive Analysis Report, upon a detailed consideration on the basis of MRFR’s report, can be segmented by type, grade, application, and end-use industry. In the report, the inclusion of various valuations from different segments and proper insights from a detailed factorial study can influence the market outcome.
By type, the global market for succinic acid can be segmented into bio-based and synthetic. The bio-based market for succinic acid is getting influenced by the growing demand for the product for its eco-friendly nature.
By grade, the global market for succinic acid can be segmented into pharmaceutical, food, and industrial. The food & Beverage industry can make sure that the market gets better provision for growth in the coming years.
By application, the global succinic acid market analysis reveals managing medicine, food additive, chemical intermediate, and others as segments. High investment in the healthcare industry to promote growth for the succinic acid market.
By end-use industry, the global report covering succinic acid includes chemicals, dyes & pigments, polymer, paints & coatings, cosmetics & personal care, pharmaceuticals, and others. The pharmaceutical industry can achieve strong growth in the coming years.
Competitive Landscape:
Prominent players making significant contributions to propel the growth of the global market for the succinic acid market are Ernesto Ventos. S.A. (Spain), Merck KGaA (Germany), BioAmber, Inc. (US), ThyssenKrupp AG (Germany), Succinity GmbH (Germany), Myriant Corporation (US), NIPPON SHOKUBAI CO., LTD. (Japan), Reverdia (Netherlands), Anhui Sunsing Chemicals Co., Ltd. (China), KAWASAKI KASEI CHEMICALS (Japan), Spectrum Chemical Manufacturing Corp. (US), Gadiv Petrochemical Industries Ltd. (Israel), S.S. Pharmachem (India), FUSO CHEMICAL CO., LTD. (Japan), and R-Biopharm AG (Germany). MRFR’s profiling of these companies in the latest report reveals how much they can influence the holistic growth of the market.
In February 2019, DSM and Roquette have changed their collaboration status for the production of succinic acid. This new change came into effect from April where Roquette will operate the plant and both would try to assist help people in using bio-based succinic acid.
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