Succinic Acid Market Size By Type (Petro-based, Bio-based), By End-use Industry (Industrial, Coating, Food & Beverages, Cosmetics, Pharmaceuticals), By Geographic Scope And Forecast
Report ID: 41809|No. of Pages: 202
Succinic Acid Market Size By Type (Petro-based, Bio-based), By End-use Industry (Industrial, Coating, Food & Beverages, Cosmetics, Pharmaceuticals), By Geographic Scope And Forecast
Succinic Acid Market Size and Forecast
Succinic Acid Market size was valued at USD 204.9 Million in 2024 and is projected to reach USD 386.82 Million by 2031, growing at a CAGR of 9.12% from 2024 to 2031.
- Succinic acid, also called butanedioic acid, is a dicarboxylic acid. It is a white, crystalline substance that is soluble in water and commonly found in nature, particularly in plant and animal tissues. Succinic acid is an important component of the Krebs cycle, a metabolic process for energy production in cells, where it is transformed into fumarate by the enzyme succinate dehydrogenase.
- Succinic acid has a wide range of applications in many sectors. It is a key chemical intermediary in the production of medications, food additives (marked as E363), and biodegradable polymers. It is also used in the production of lacquers and perfumes, and it has potential applications in agriculture as a growth promoter. Its usefulness as a natural preservative and flavoring ingredient continues.
Global Succinic Acid Market Dynamics
The key market dynamics that are shaping the succinic acid market include:
Key Market Drivers
- Growing Demand in the Biodegradable Plastics Industry: Succinic acid is a vital component in the creation of biodegradable plastics, which are becoming increasingly popular due to environmental concerns. According to a European Bioplastics Association report, worldwide bioplastics production capacity is expected to rise from 2.23 million tons in 2022 to 6.3 million tons in 2027. This significant development trajectory shows an increase in demand for bio-based raw materials such as succinic acid.
- Increasing Adoption in the Food and Beverage Industry: Succinic acid is commonly used as a flavor enhancer and preservative in the food and beverage industry. According to the Food and Agriculture Organization (FAO) of the United Nations, worldwide food production will need to expand by 60% by 2050 to meet rising population demands. This anticipated increase in food production is likely to drive up demand for food additives and preservatives, particularly succinic acid.
- Expanding Applications in the Pharmaceutical Industry: Succinic acid and its derivatives have numerous medicinal uses. According to the United States Food and Drug Administration (FDA), the number of new medicine approvals is constantly growing, with 50 unique drugs approved in 2021, up from 48 in 2019. This trend in pharmaceutical innovation and production is predicted to drive up demand for raw materials and intermediates such as succinic acid, which is utilized in drug formulation.
Key Challenges:
- Production and Supply Disruptions: Recent incidents, such as Typhoon Saola in China, have significantly hampered production capacities, resulting in a 10-15% price increase due to low supply availability. Also, maintenance turnarounds at key manufacturing facilities have put further strain on the market, resulting in insufficient inventory levels and weak trade activity, complicating the worldwide market’s supply-demand balance.
- High Capital Investment required for Manufacturing: The succinic acid market is capital-intensive, requiring significant financial resources to establish production facilities and conduct rigorous R&D. Emerging producers struggle to obtain the technology and trained manpower required to make succinic acid competitively. This barrier discourages new entrants and stifles innovation in the sector, ultimately impeding market expansion.
- Commercialization of Bio-based Succinic Acid: Despite efforts to establish renewable production methods, several businesses have encountered issues such as low yields and costly separation processes. As a result of these difficulties, bio-based succinic acid is less popular than petrochemical-based succinic acid. The intricacy of bio-production procedures, along with competition from proven petrochemical methods, complicates efforts to grow the bio-succinic acid market.
Key Trends:
- Increasing Demand for Bio-Based Succinic Acid: The global succinic acid market is experiencing a shift towards bio-based alternatives. Driven by environmental concerns and sustainability aims, industries are increasingly turning to bio-succinic acid as a greener alternative to petrochemical-derived succinic acid. Advancements in manufacturing methods and the availability of cost-competitive bio-based alternatives are hastening this transition, particularly in nations with significant sustainability mandates, such as Europe and China.
- Rising Popularity in Personal Care and Pharmaceutical Applications: Succinic acid is gaining popularity in the personal care and pharmaceutical industries due to its diverse qualities. In personal care, it is utilized in anti-aging treatments, skin-lightening formulas, and as a natural preservative. In pharmaceuticals, succinic acid is used in drug production, drug delivery systems, and as a buffer in injectable solutions. The rising desire for natural and sustainable components is a major driver of succinic acid’s increased use in these industries.
- Expanding Applications in Coatings and Paints: The succinic acid market is experiencing rising demand from the coatings and paints industries. Succinic acid serves as a building block for alkyd resins, which are widely used in paints and coatings. Its ability to improve adhesion, flexibility, and corrosion resistance makes it a popular choice among producers. The increasing construction industry and the requirement for environmentally acceptable coatings are driving the demand for succinic acid in this application.
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Global Succinic Acid Market Regional Analysis
Here is a more detailed regional analysis of the succinic acid market:
Asia Pacific:
- The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia Pacific region is experiencing a considerable increase in biodegradable plastics production, fueling demand for succinic acid as an essential raw material. According to a European Bioplastics Association report, Asia continues to be the dominant bioplastics production hub, accounting for more than 45% of worldwide production capacity by 2022. This dominance is predicted to reach more than 60% by 2027, indicating a high need for bio-based compounds such as succinic acid.
- Furthermore, the Asia Pacific region, particularly India and China, has emerged as a significant pharmaceutical production hub, resulting in increased demand for succinic acid in medicine formulations. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical market is estimated to reach USD130 Billion by 2030. Similarly, China’s National Medical Products Administration (NMPA) reports that the government approved 48 new medications in 2021, up from 20 in 2018, indicating a burgeoning pharmaceutical industry that may increase demand for raw chemicals such as succinic acid.
Europe:
- Europe region is estimated to exhibit substantial growth within the market during the forecast period. Europe has been at the forefront of adopting sustainable and bio-based products, resulting in increased demand for succinic acid as a renewable chemical. According to the European Commission’s Bioeconomy Strategy, the EU’s bio-based industries sector had a turnover of €750 billion in 2017 and is predicted to increase to €1.3 trillion by 2030. This huge increase in the bioeconomy sector shows a growing need for bio-based products such as succinic acid.
- Furthermore, European regulations encourage the use of biodegradable polymers, which include succinic acid as an important constituent. According to the European Bioplastics Association, Europe’s share of global bioplastics manufacturing capacity expanded from 18% in 2022 to 25% in 2027. This anticipated growth is partly due to the European Strategy for Plastics and new EU legislation that has boosted the market for bioplastics.
Global Succinic Acid Market: Segmentation Analysis
The Succinic Acid Market is segmented based on Type, End-User Industry, and Geography.
Succinic Acid Market, By Type
- Petro-based
- Bio-based
Based on Type, the market is segmented into Petro-based and Bio-based. The petro-based segment is estimated to dominate the succinic acid market owing to its lower costs and higher efficiency when compared to bio-based alternatives. Petro-based succinic acid is widely used in a variety of applications, primarily in the food and beverage industry as a flavor enhancer and in the manufacturing of polyurethane and polyester polyols, bolstering its market position.
Succinic Acid Market, By End-User Industry
- Industrial
- Coating
- Food and Beverages
- Cosmetics
- Pharmaceuticals
- Others
Based on End-use Industry, the market is segmented into Industrial, Coating, Food & Beverages, Cosmetics, Pharmaceuticals, and Others. The industrial segment is estimated to dominate the succinic acid market due to the increasing need for succinic acid in a variety of industrial applications, including polyurethane, plastic, and coating production. The rising use of succinic acid as a substitute for adipic acid in polyurethane synthesis is a major driver of the industrial segment’s growth.
Succinic Acid Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on Geography, the Succinic Acid Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to dominate during the forecasted period. This dominance is due to expanding demand from end-use sectors such as medicines, chemicals, and food and beverage, which is being driven by rising populations, disposable income, and rapid industrialization in nations such as China, India, and Japan.
Key Players
The “Succinic Acid Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are BASF SE, Roquette Freres, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventos, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO. LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co. Ltd., and Novomer, Inc.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Succinic Acid Market Recent Developments
- In June 2022, NIPPON SHOKUBAI CO., LTD. raised the price of succinic acid by USD 0.5/kg (JPY 50/kg).
- In June 2021, Roquette Frères announced that their product BIOSUCCINIUM has been certified by the US Department of Agriculture (USDA) as a bio-based product.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | BASF SE, Roquette Freres, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventos, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO. LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co. Ltd., and Novomer, Inc. |
| SEGMENTS COVERED | Type, End-User Industry, and Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL SUCCINIC ACID MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL SUCCINIC ACID MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL SUCCINIC ACID MARKET, BY TYPE
5.1 Overview
5.2 Petro-based
5.3 Bio-based
6 GLOBAL SUCCINIC ACID MARKET, BY END-USER
6.1 Overview
6.2 Industrial
6.3 Coating
6.4 Food & Beverage
6.5 Cosmetics
6.6 Pharmaceuticals
7 GLOBAL SUCCINIC ACID MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL SUCCINIC ACID MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Merck KGaA
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Ernesto Ventos. S.A.
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 ThyssenKrupp AG
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 BioAmber, Inc.
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Myriant Corporation
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Succinity GmbH
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Reverdia
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 NIPPON SHOKUBAI CO., LTD.
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 KAWASAKI KASEI CHEMICALS
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 Anhui Sunsing Chemicals Co., Ltd.
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
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Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
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- Market drivers and restraints, along with their current and expected impact
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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