Succinic Acid Market Overview:
Succinic Acid Market is expected to reach USD 750 Million at the end of the forecasted period and is expected to grow at CAGR of 29% from 2018 to 2023.
Succinic acid is a water-soluble, colourless, and odourless solid. It is produced using both natural and synthetic processes. It can be produced naturally by microbial fermentation of glucose from raw material feedstock such as maize, wheat, sugarcane, and tapioca (cassava). Synthetically, it is manufactured from maleic anhydride.
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Succinic Acid Market Key Players:
Some of the prominent players in the global succinic acid market are Merck KGaA (Germany), Ernesto Ventos. S.A. (Spain), ThyssenKrupp AG (Germany), BioAmber, Inc. (US), Myriant Corporation (US), Succinity GmbH (Germany), Reverdia (Netherlands), NIPPON SHOKUBAI CO., LTD. (Japan), KAWASAKI KASEI CHEMICALS (Japan), Anhui Sunsing Chemicals Co., Ltd. (China), Gadiv Petrochemical Industries Ltd. (Israel), Spectrum Chemical Manufacturing Corp. (US), FUSO CHEMICAL CO., LTD. (Japan), S.S. Pharmachem (India), and R-Biopharm AG (Germany).
Succinic Acid Market Regional Analysis:
Succinic Acid Market has been analysed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest share of the global succinic acid market due to rapid industrialization on account of relaxed investment norms and low production and labour costs in the region. The market in Asia-pacific is expected to grow at a significant CAGR during the forecast period.
North America and Europe are also major markets for succinic acid due to the presence of strong end-use industries such as food & beverage, pharmaceuticals, chemicals, and cosmetics. Stringent environmental regulations are positively influencing the demand for bio-based succinic acid in these regions.
The market in the Middle East & Africa is expected to register moderate growth during the forecast period. Product demand is expected to be dominated by the regional cosmetics and food & beverage industries.
Latin America held the least market share in 2018 due to slow economic growth in the region.
As per analysis, Europe is expected to account the highest growth during the forecast period due to the huge demand from the application industries.
Succinic Acid Market Segmentation:
Succinic Acid Market has been segmented by type, grade, application, end-use industry, and region.
On the basis of type, the global succinic acid market has been segmented into bio-based and synthetic.
On the basis of grade, the global succinic acid market has been divided into food, pharmaceutical, and industrial.
On the basis of application, the global succinic acid market has been categorized as chemical intermediate, food additive, medicine, and others.
On the basis of end-use industry, the global succinic acid market has been segmented into polymer, dyes and pigments, chemicals, paints and coatings, pharmaceuticals, cosmetics and personal care, and others.
Succinic Acid Market Table of Content:
1 Executive Summary
2 Scope of The Report
3 Market Research Methodology
4 Market Landscape
5 Market Dynamics of Global Succinic Acid Market
Succinic Acid Market Table of Content to be Continue….,
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Succinic Acid Market Overview: