The global Succinic Acid Market is projected to witness significant growth in the coming years due to the increasing demand for biodiesel as a renewable source of energy. Succinic Acid is used as a catalyst in the production of biodiesel and its demand is expected to rise as more countries implement regulations and initiatives to reduce carbon emissions. The Asia Pacific region is expected to dominate the market, driven by the growing chemical and pharmaceutical industries in countries like China and India. The market is also expected to see growth in North America and Europe due to the rising demand for biodiesel and other renewable fuels.
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Top Leading Players in The Global Succinic Acid Market Are:
GC Innovation America, Succinity GmbH, Reverdia, Nippon Shokubai, Shandong Lixing Chemical, Kawasaki Kasei Chemicals, Anqing Hexing Chemical, and Anhui Sunsing.
Further key findings from the report suggest:
- There is a significant growth in the pharmaceutical application shows a steady growth of 6% to 7% by 2025
- The succinic acid market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 6.7 % and 7.3% CAGR, respectively. High Succinic acid prevalence across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- BioAmber Inc.had launched BIO-SA pharmaceutical-grade bio-based succinic acid, which is manufactured under the US Food and Drug Administration (FDA) good manufacturing practices (GMP) applicable to food and excipients.
- Petro based segment of succinic acid is the largest among the market with a high market share of 58.8% and expected to grow more up to 2028.
- Europe is the top revenue-generating market for succinic acid, which is mainly due to the strict regulations on the use of certain hazardous chemicals that pose a threat to the environment and human beings.
- The higher cost of crude oil, an increase in investments for green chemicals, demand for renewable chemicals, and an increase in government support will further drive the growth of the market.
- The higher price of bio-based succinic acid and lengthy extraction process are some of the restraints for the growth of the succinic acid market.
Segments covered in the report:
By Type (Revenue in USD Million; Volume in Kilo Tons, 2019–2030)
- Petro-Based
- Bio-Based
By Application (Revenue in USD Million; Volume in Kilo Tons, 2019–2030)
- Industrial
- Coatings
- Food & Beverage
- Pharmaceutical
- Others
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Succinic Acid Market Upcoming Growth:
The succinic acid market is expected to witness increasing demand in the coming years, primarily due to the growing applications in bioplastics and chemicals. Succinic acid is a key building block for the production of biodegradable plastics, which are increasingly used in various end-use industries, such as packaging and textiles. The growing demand for sustainable and eco-friendly materials, coupled with the need to reduce carbon emissions, is driving market growth. Additionally, the increasing adoption of succinic acid in the production of chemicals, such as 1,4-butanediol and tetrahydrofuran, is further fueling market growth. The Asia Pacific region is projected to hold the largest market share, owing to the increasing demand from various end-use industries in countries like China and India. With the growing applications in bioplastics and chemicals, the succinic acid market is poised for increasing demand in the coming years.
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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