Increasing use of succinic acid in several industries such as food, pharmaceuticals, cosmetics, and personal care is expected to prominently drive market growth over the coming years. Rising popularity of succinic acid to treat acne and other skincare conditions is expected to drive demand growth in developed as well as developing economies.
The Demand for Succinic Acid is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 160.8 Million by the end of 2022.
Rising consumption of food across the world has driven the demand for food additives and preservatives, which is also expected to positively influence succinic acid market growth throughout the forecast period. However, high costs associated with succinic acid production are expected to have a hampering effect on market growth to some extent.
China is well known for its robust manufacturing capability and is expected to provide rewarding opportunities for the succinic acid market as well. Low labor costs and supportive government initiatives are expected to bolster succinic acid market growth in China.
Manufacturing of succinic acid food additives, succinic acid supplements, and succinic acid tablets is expected to see a rise in the nation across the forecast period.
The China succinic acid market currently accounts for a share of 45.2% of the Asia Pacific succinic acid industry.
Key Segments Covered in the Petro-based Succinic Acid Industry Survey
- Succinic Acid Market by Type :
- Petro-based Succinic Acid
- Bio-based Succinic Acid
- Succinic Acid Market by End Use :
- Sales of Succinic Acid in Industrial Sector
- Coatings
- Food & Beverages
- Demand for Succinic Acid in Cosmetics
- Other End Uses
- Succinic Acid Market by Region :
- North America Succinic Acid Market
- Latin America Succinic Acid Market
- Europe Succinic Acid Market
- APAC Succinic Acid Market
- MEA Succinic Acid Market
Competitive Landscape
Key succinic acid manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope across the world.
Succinic acid suppliers are also investing in the expansion of their production plants to increase capacity to meet high demand from several industry verticals.
- In August 2021, LCY Biosciences, a leading name in succinic acid production, announced that it is producing 18 KT of bio-based succinic acid at a plant in Sarnia, Ontario, Canada. The plant was previously owned by BioAmber and produced 8 KT at the time.
Key players in the Petro-based Succinic Acid Market
- Thyssenkrupp AG
- BASF SE
- Roquette Frères
- Kawasaki Kasei Chemicals
- NIPPON SHOKUBAI CO. LTD
- Ernesto Ventós S.A.
- Spectrum Chemical Manufacturing Corp
Key Takeaways from Petro-based Succinic Acid Market Study
- In 2022, the global succinic acid market stands at US$ 160.8 million.
- From 2022 to 2032, demand for succinic acid is expected to increase at a CAGR of 6.5%.
- Rising use of succinic acid in food additives, increasing use for acne treatment, rising popularity of antimicrobial properties, and increasing use in industries for solvents and raw materials are expected to drive market growth.
- Currently, the North America succinic acid market accounts for a valuation of US$ 52.4 million and holds a dominant market share of 32.6% in the global industry landscape
- The China succinic acid market is expected to account for a valuation of US$ 42.4 million by 2032.
- Petro-based succinic acid is expected to account for higher sales revenue of US$ 190.6 million by 2032 while progressing at a CAGR of 5.8%
Read More Details Insight: https://www.factmr.com/report/succinic-acid-market
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