Bio Succinic Acid Market Is Projected To Be Around $11497.55 Million By 2025
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A research study titled, “Bio Succinic Acid Market by Product, Application, Source Type, and Modality - Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the Bio Succinic Acid Market is projected to be around $11497.55 million by 2025.
The bio succinic acid market was worth USD 356.09 million in the year 2016 and is anticipated to reach roughly USD 11497.55 million by 2025, while registering itself at a compound annual growth rate (CAGR) of 47.12% during the forecast period. Bio-succinic acid is also known as 1, 4-butanedioic acid and amber acid. It is produced naturally as a cellular metabolism product and is synthetically produced from maleic anhydride. It is a 4-carbon dicarboxylic acid that is extremely versatile and has several uses in plastic, pharmaceuticals, metal plating’s and pigments. For the production of alkyd resin, bio-succinic acid can be utilized as an alternative to phthalic anhydride as it provides several environmental benefits and is cost-effective. Bio-succinic acid is extensively used in personal care products, lubricants, pigments and food colorants. It also used in products like Polybutylene Terephthalate, Tetrahydrofuran and Gamma-Butyrolactone in a number of applications such as pharmaceuticals and engineering.
The global bio-succinic acid market has witnessed substantial growth owing to it environmental benefits and cost-effectiveness. Increasing requirement of lubricants, pigments and other personal care products among consumers is said to one of the major factors to boost the growth of this market. Rising demand of bio-succinic acid in applications such as polyester polyols, alkyd resins, butanediol and plasticizers in various countries is anticipated to spur the growth of the global bio-succinic acid market. Additionally, regulatory encouragement that focuses on increasing awareness of the hazards that are caused by using petroleum-based products is expected to fuel the demand of bio-succinic acid. Furthermore, rising awareness regarding utilization of bio-based products for the packing of food sis one of the factors that boosts the growth of this market.
On the basis of type the global bio-succinic market is segmented into petroleum-based and bio-based. O the basis of application the market is segmented into solvents & lubricants, Polyurethane, Plasticizers, De-icer Solutions, Pharmaceuticals, Food & Beverage, Resins, pigments & coating and personal care. The leading manufacturers in this market are BioAmber, Mitsubishi Chemical Holdings, Gadiv Petrochemical Industries Ltd, Reverdia, Linyi Lixing Chemical Co., Ltd., Kawasaki Kasei Chemicals Ltd. and Succinity.
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Key findings of Bio Succinic Acid Market
- Bio-succinic acid is extremely useful in place of several plasticizers that are phthalate-based which is anticipated to open up new avenue for the market. The utilization of certain phthalate plasticizers has been banned in Europe with them aim to implement bio-based products. The plasticizers market is the biggest market of the bio-succinic acid.
- The second largest application market was the Polyester Polyols that registered for 10.67 percent of the global demand in the year 2013. The utilization of Polyester Polyols in the production of polyurethanes along with rising requirement of polyurethanes is anticipated to boost the growth of this market significantly.
- Europe was the biggest market in 2013 for bio-succinic acid that registered for 49 percent of the global consumption. The region has encountered rising preference of using products that are bio-based which is anticipated to boost the growth of the market.
- Asia Pacific is anticipated to be a swiftly emerging regional market due to rising applications in countries like India and China. Moreover, petroleum-based products’ being expensive is another factor that contributes to the growth of this market.