Succinic Acid Market by Source (Petroleum and Bio-based) -
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The succinic acid market is projected to witness a CAGR of 22.6% by volume between 2014 and 2019, and is expected to generate a global market value of $486.7 million by 2019.
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In-depth Table Of Content on “Succinic Acid Market
by Source (Petroleum and Bio-based)
Global Trends & Forecast to 2019”
The report on “succinic acid” considers its major applications namely, 1,4 BDO, Polyurethane, Food and Beverages, Resins, Coatings & Pigments, Plasticizers, Pharmaceuticals, De-icer solutions, PBS/PBST, Solvents & Lubricants, Personal Care, Others. The key factors driving the global succinic acid market include growing demand from the Asia-Pacific region and from the application segments. 1,4 BDO, Polyurethane, Plasticizers, PBS/PBST, Pharmaceuticals & Personal Care application market growth is one of the key drivers for this market. Increasing cost of the conventional feedstock and regulations of conventional chemicals are further driving it globally.
Market CARG and Growth %
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1, 4 BDO is the largest application of succinic acid across the world. The market size in terms of value for the same is projected to reach $117.2 million by 2019. The succinic acid demand for BDO application from Asia-Pacific region is growing at a high rate. This is due to the growing industrialization and the rise in the manufacturing sector.
While polyurethane currently accounts for the second largest application market for succinic acid, the pharmaceuticals & Personal Care industry is also witnessing increasing demand from the manufacturers of medical accessories and personal hygiene products. Pharmaceuticals & Personal Care is one of the fastest-growing applications of succinic acid, driven by its huge R&D efforts leading to product innovations and the preference for expensive & effective pharmaceuticals & cosmetics product globally.
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Currently Petro-based is the commonly used succinic acid globally. The market for the same is estimated to decline by 2019. Due to the negative impact of the conventional succinic acid, emphasis is laid on production and consumption of bio-based succinic acid. Bio-based succinic acid is primarily preferred for pharmaceuticals & cosmetics applications as they are considerably less toxic, which has great advantages for the industry of personal care, home care, and cosmetics.
"Global Trends & Forecast to 2019"
“Europe: The Biggest Market of Succinic Acid”
Europe was the largest market globally for succinic acid in 2013 in terms of value. Germany is the key consumer of succinic acid in Europe. Rising environmental concerns coupled with presence of domestic bio-based succinic acid manufacturers have shifted consumer focus towards sustainable and environment-friendly chemicals. Pharmaceuticals & Personal Care application is the fastest growing segment for succinic acid in Europe. The largest manufacturers of bio-based succinic acid in this region are Succinity GmbH (Germany), Reverdia (The Netherlands).
“Succinic Acid demand in APAC remains strong”
The demand for conventional succinic acid in the region is strong due to high usage in the growing end-use applications; APAC is estimated to grow at a CAGR of 27.4% between 2014 and 2019. However, the North American region is also experiencing a shift from conventional succinic acid to bio-based succinic acid consumption. China is the largest consumer of succinic acid in APAC region and is expected to grow at a CAGR of 30.5% between 2014 and 2019. The flourishing pharmaceuticals & Personal Care industry is resulting in the higher succinic acid demand from the country.
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Conclusion
The report segments the succinic acid market by source, application, and region. It also focuses on the industry trends and market dynamics, such as drivers, restraints, and opportunities and capacities of various upcoming plants exclusively for bio-based substitutes. The market size forecast is provided by key regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. Top players in the market have been identified and profiled.
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