According to a new report published by UnivDatos Markets Insights, the succinic acid market is expected to grow at a CAGR of around 8% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the succinic acid market is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into the type (petro-based and bio-based); end-user (general industrial, paints & coatings, food & beverages, personal care & cosmetics, pharmaceutical, and others); region/country.
The succinic acid market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the market. The market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository estimates the succinic acid market at the global and regional levels.
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Market Overview
Succinic acid is a versatile chemical compound used in a range of industries. It has tremendous potential as a platform chemical for a number of industrial chemicals. It is currently used as an intermediate in the production of polyesters, alkyd resins, polyurethanes, plasticizers, 1,4-butanediol, and solvents. Besides this, it is used as a flavoring agent for food and beverages. In the pharmaceutical industry, it is used in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, contraceptives, and cancer-curing. As the global end-use industry has showcased tremendous growth over the year and is expected to maintain its historical performance, the demand for chemicals and intermediates including succinic acid would propel during the forecast period. Further, succinic acid is identified as the top twelve building-block chemicals that could be produced from renewable feedstocks is increasing the interest of chemical manufacturers to increase their investment in the area.
COVID-19 Impact
The recent COVID-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted industrial operations in a negative way, which has impacted the demand for succinic acid as its highly dependent on industries’ performance.
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The global succinic acid market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is categorized into petro-based and bio-based. Of both, the bio-based category is likely to showcase faster growth over the forecast period. The high cost associated with the conventional way of succinic acid production using the petroleum-derived maleic anhydride route along with environment unfriendly production method is increasing interest in bio-based succinic acid. Moreover, the global target to become carbon neutral is increasing the focus of the chemical industry to use fossil fuel alternatives for chemical production supporting the growth of the bio-based category.
· Based on end-user, the market is categorized into general industrial, paints & coatings, food & beverages, personal care & cosmetics, pharmaceutical, and others. Among these, general industrial application held a strong position in the market and is expected to maintain the position during the forecast period. Succinic acid is used in tetrahydrofuran, 1,4-butanediol, urethane, and plasticizers, to name a few. These products find application in a range of industries. For instance, 1,4-butanediol is used as a solvent in the chemical industry whereas it is used as a crucial raw material in fiber manufacturing like Spandex.
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Succinic Acid Market Geographical Segmentation Includes:
· North America (The United States, Canada, and the Rest of North America)
· Europe (Germany, The United Kingdom, France, Italy, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)
· Rest of the World
The Asia-Pacific region captured a majority share of the global succinic acid market, and it is likely to take more position in the market during the forecast period. Large and growing end-use industries in regional economies like China, India, and ASEAN countries along with a growing population coupled with rising disposable income are fueling the market growth. Further, investors have positive sentiment toward the regional market due to the positive market outlook of the region, as a result, regional economies are witnessing huge capital inflow in the manufacturing sector, which in turn growing the end-markets for Succinic Acid, thereby propelling Succinic Acid demand.
The major players targeting the market include
· Nippon Shokubai Co. Ltd.
· Air Water Performance Chemicals Inc.
· REVERDIA V.O.F.
· Ernesto Ventós S.A.
· Anhui Sunsing Chemicals Co. Ltd.
· BioAmber Inc.
· Succinity GmbH
· PTT Global Chemical Public Company Limited
· Spectrum Chemical Mfg. Corp.
· Shandong Sparrow Chemical Co. Ltd.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the succinic acid market?
• Which factors are influencing the succinic acid market over the forecast period?
• What are the global challenges, threats, and risks in the succinic acid market?
• Which factors are propelling and restraining the succinic acid market?
• What are the demanding global regions of the succinic acid market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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