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The bio-based succinic acid market is influenced by various factors that shape its dynamics and growth trajectory. One key factor driving the market is the increasing demand for sustainable and eco-friendly products. As consumers become more environmentally conscious, industries are actively seeking alternatives to traditional petrochemical-based products, and bio-based succinic acid emerges as a viable solution. This shift towards sustainability is further fueled by stringent environmental regulations and policies implemented by governments worldwide, encouraging businesses to adopt greener practices.
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.
Moreover, the rising awareness of the environmental impact of conventional chemical processes has prompted industries to explore bio-based alternatives. Bio-based succinic acid, derived from renewable resources such as biomass, offers a more sustainable and carbon-neutral option compared to its fossil fuel-derived counterpart. This inherent eco-friendliness aligns with the growing trend of corporate social responsibility, driving companies to invest in bio-based solutions to meet both regulatory requirements and consumer expectations.
In addition to environmental concerns, the fluctuating prices of crude oil play a significant role in shaping the bio-based succinic acid market. The traditional succinic acid production relies heavily on petroleum-based feedstocks, making it susceptible to price volatility in the oil and gas sector. As the bio-based succinic acid is derived from renewable resources, it provides a more stable and predictable supply chain, thereby reducing the impact of oil price fluctuations on the market. This stability is attractive to industries seeking reliable and cost-effective alternatives for their production processes.
The market dynamics are also influenced by advancements in biotechnology and fermentation processes. Ongoing research and development efforts are focused on enhancing the efficiency and scalability of bio-based succinic acid production. Innovations in microbial strains and fermentation technologies contribute to increased yields and cost-effectiveness, making bio-based succinic acid a more competitive option in the market. These technological advancements not only improve the overall economics of production but also open up new opportunities for the expansion of the bio-based succinic acid market into diverse applications.
Furthermore, the automotive and packaging industries play a crucial role in driving the demand for bio-based succinic acid. The automotive sector, in particular, is increasingly incorporating sustainable materials into its manufacturing processes to reduce the environmental footprint of vehicles. Bio-based succinic acid, being a versatile building block for bioplastics, can be used in the production of interior components, packaging materials, and other automotive applications. The packaging industry, driven by consumer preferences for eco-friendly packaging solutions, is also a significant consumer of bio-based succinic acid.
As the market continues to evolve, strategic collaborations and partnerships among key industry players become instrumental in shaping its growth trajectory. Companies are forming alliances to leverage complementary strengths, share expertise, and collectively address the challenges associated with scaling up bio-based succinic acid production. These collaborative efforts enhance market competitiveness and foster innovation, contributing to the overall expansion of the bio-based succinic acid market.
In conclusion, the bio-based succinic acid market is influenced by a combination of environmental consciousness, oil price dynamics, technological advancements, and industry collaborations. The increasing demand for sustainable alternatives, coupled with regulatory support, positions bio-based succinic acid as a key player in the shift towards greener and more eco-friendly industrial practices. As industries continue to prioritize sustainability, the bio-based succinic acid market is expected to witness sustained growth, driven by its inherent environmental benefits and versatility across various applications.
Bio-Based Succinic Acid Market Highlights:
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%Â 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 (%)
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
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