Bio-Based Succinic Acid Market Research Report - Global Forecast till 2030

Bio-Based Succinic Acid Market: Information by Processed Type (Ammonium Sulphate Process, Direct Crystallization Process), Application (1,4 Butanediol, Polybutylene Succinate, Plasticizers), End-Uses Industry (Chemical, Food) and Region Forecast till 2030

ID: MRFR/CnM/6309-HCR | September 2022 | Region: Global | 140 Pages         

Bio-Based Succinic Acid Market

According to the research reports by MRFR, the global market for bio-based succinic acid is estimated to flourish at a healthy CAGR of 19.6% during the review timeframe.

Segmentation

By Processed Type Ammonium Sulphate Process Direct Crystallization Process
By Application 1 4 Butanediol Polybutylene Succinate Plasticizers
By End-Use Industry Chemical Food

Key Players

  • BioAmber Inc (US)
  • DSM (Netherlands)
  • Mitsui & Co.
  • Mitsubishi Chemical Corporation (Japan)
  • BASF SE (Germany)
  • Roquette Frères (France)
  • Corbion (The Netherlands)
  • Reverdia (Netherlands)

Drivers

  • The volatile price of fossil fuels.
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Bio-Based Succinic Acid Market Overview


According to the research reports by MRFR, the global market for bio-based succinic acid is estimated to flourish at a healthy CAGR of 19.6% during the review timeframe. The report further predicts the market to attain USD 900 million by the end of during the forecast period. In general, succinic acid is primarily produced using the C4-fraction of naphtha and using a four-carbon hydrocarbon via maleic anhydride. The succinic acid is obtained by hydrogenation of hydration afterward and maleic anhydride. The eco-friendly succinic acid is extensively used in making coatings, resins, and ink.


The growing global pollution and rising carbon footprint are projected to drive the growth of the global Bio-Based Succinic Acid market. Many geographical locations are part of this global market, which includes North America, the Middle East, Africa, Europe, Asia Pacific, and others. Of these, the North American regional market is projected to generate the largest market share in the forecast timeframe.


The global market for Bio-Based Succinic Acid has been segmented based on the application, end-use industry, and processed type. Further, the end-use industry has been segmented into food & beverage, personal care, pharmaceutical, agriculture, and chemical. The processed type segment is divided into different parts like the direct crystallization process, electrodialysis process, and ammonium sulphate process. The application segment is classified into different parts like 1, 4 Butanediol, solvents & coatings, Plasticizers, polymers & esters, Polybutylene Succinate, and others.


Global Bio-Based Succinic Acid Market, by Application, 2017 (%)


Global Bio-Based Succinic Acid Market, by Application, 2017 (%)


Source: MRFR Analysis


Segmental Analysis:


The global bio-based succinic acid market has been segmented on the basis of processed type, application, end-use industry, and region.


Based on processed type, the global bio-based succinic acid market has been divided into ammonium sulfate process, direct crystallization process, and electrodialysis process.


By application, the global bio-based succinic acid has been categorized into 1, 4 butanediol, polybutylene succinate, plasticizers, polyester polyols, polymers & esters, solvents & coatings, and other applications.


By end-use industry, the global bio-based succinic acid has been segregated into chemical, food & beverage, pharmaceutical, personal care, and agriculture.


Regional Analysis:


The global bio-based succinic acid market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.


The North American market held the largest share of the global bio-based succinic acid market in 2018. The growing use of bio-based succinic acid in chemical and pharmaceutical industries is driving the growth of the bio-based succinic acid market in the region. The regional market is expected to continue the dominance during the forecast period.


The Asia-Pacific market for bio-based succinic acid was the fastest growing and held the second-largest share in 2018. The increasing demand in the pharmaceutical, automotive, and agricultural industries in India, China, Thailand, and South Korea is expected to fuel the growth of the bio-based succinic acid market in the region. Asia-Pacific is expected to be the dominant regional market by the end of the forecast period.


The European market closely followed Asia-Pacific in terms of market share in 2018. The increasing use of bio-based succinic acid in food & beverage and personal care industries is expected to be the major factor contributing to the growth of the bio-based succinic acid market in the region. The European market is expected to witness considerable growth during the forecast period.


The Latin American market is projected to record moderate growth during the forecast period. The growth is attributed to the rising environmental concerns and shift towards the use of bio-based succinic acid by chemical industries in the region.


The Middle East & African market for bio-based succinic acid is expected to witness sluggish growth during the forecast period, due to the large presence of petroleum industries and high dependence of manufacturers on petroleum for the production of succinic acid.


Market Players:


BioAmber Inc (US), DSM (Netherlands), Mitsui & Co., Ltd (Japan), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Roquette Frères (France), Corbion (The Netherlands), and Reverdia (Netherlands) are some of the key players operating in the global bio-based succinic acid market.

Recent Development


In February 2022


Bio MADE, or the Bioindustrial Manufacturing and Design Ecosystem, is presently offering federal funds of USD5.8 million to 16 innovative projects intending to enhance the bio-industrial manufacturing capabilities, knowledge, and workforce in the US. Moreover, these projects also boost the ecosystem by leveraging the non-federal cost-share of an extra USD6.3 million.


Intended Audience:



  • Manufacturers and Producers of Bio-Based Succinic Acid

  • Traders and Distributors of Bio-Based Succinic Acid

  • Raw Material Suppliers

  • Nationalized Laboratories

  • Research and Development Organizations



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2023: USD 900 million
  • 2030 : Significant value
  •   CAGR   19.6% (2022–2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Processed Type, Application and End-Use
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   BioAmber Inc (US), DSM (Netherlands), Mitsui & Co., Ltd (Japan), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Roquette Frères (France), Corbion (The Netherlands), and Reverdia (Netherlands)
      Key Market Opportunities   The rising pollution and growing carbon footprint due to the use of petroleum-based succinic acid is the major environmental concern.
      Key Market Drivers   The volatile price of fossil fuels.


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    Frequently Asked Questions (FAQ) :

    Valuation of The Global Bio-Based Succinic Acid Market is projected to escalate to USD 900 MN by 2023.

    Bio-Based Succinic Acid Market is projected to expand at 19.6% CAGR during the assessment period (2018-2023).

    By application, the 1,4 butanediol segment and by end-use industry, the chemical segment account for major shares in The Global Bio-Based Succinic Acid Market.

    North America holds the largest share in The Global Bio-Based Succinic Acid Market, followed by the Asia Pacific and Europe, respectively.

    DSM (The Netherlands), BioAmber Inc. (US), Mitsui & Co., Ltd (Japan), BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), Roquette Frères (France), Reverdia (The Netherlands), and Corbion (Netherlands), are some of the major players operating in the Bio-Based Succinic Acid Market.