Global Succinic Acid Market Overview
The Succinic Acid Market Size was estimated at 0.86 (USD Billion) in 2023. The Succinic Acid Industry is expected to grow from 0.94(USD Billion) in 2024 to 2.5 (USD Billion) by 2035. The Succinic Acid Market CAGR (growth rate) is expected to be around 9.3% during the forecast period (2025 - 2035).
Key Succinic Acid Market Trends Highlighted
There are some interesting developments in the Succinic Acid Market right now, thanks to a rising interest in eco-friendly and bio-based goods. As businesses move toward more environmentally friendly options, the need for succinic acid, which comes from renewable resources, is growing. Support from governments throughout the world that promote the use of biodegradable and eco-friendly materials is a big reason for this transformation. The growing use of succinic acid in fields including food additives, medicines, and biodegradable polymers is leading to more people throughout the world using it. There are many chances to produce innovative ways to make things that are cheaper and more efficient.
Biotechnology has made it possible to use microorganisms in the manufacture of succinic acid, which might lead to more ecologically friendly ways of making things. There is also much interest in improving supply chain management so that succinic acid may be distributed more efficiently in different areas. This might provide you with an advantage in this industry. There has been a definite tendency in recent years toward adding succinic acid to polymers and resins. This is in line with the worldwide move toward making products that are better for the environment. This integration not only addresses the need for eco-friendly materials, but it also fits the needs of people who want to make decisions that are good for the environment.
As businesses put more and more emphasis on sustainability, the future of succinic acid seems good. It might increase in a number of application areas. The Succinic Acid Market is likely to grow overall as eco-friendly manufacturing continues to change the way the industry works.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Succinic Acid Market Drivers
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Growing Demand for Biodegradable Plastics
The increasing need for sustainable and biodegradable products is significantly driving the growth of the Succinic Acid Market Industry. According to a report from the European Bioplastics Association, the bioplastics market is projected to reach 5.7 million tons by 2025, indicating a rise in demand for eco-friendly materials. Succinic acid serves as a key building block in manufacturing biodegradable plastics, enhancing their material properties.
Major companies like BASF and DuPont are focusing on Research and Development to create innovative bioplastic products using succinic acid, further stimulating market growth. The European Union has also imposed regulations promoting the use of biodegradable materials, solidifying this trend. As consumers and industries push for greener alternatives, the applicability of succinic acid in biodegradable plastics is expected to propel the market forward.
Expansion in the Chemical Industry
The expanding chemical industry, particularly in developing regions, is acting as a catalyst for the Succinic Acid Market Industry. Reportedly, the specialty chemicals market is projected to reach approximately USD 1 trillion in the coming years, driven by the increasing utilization of chemical compounds across various applications. Succinic acid is sought after in the production of diverse chemicals and solvents, making it crucial for many manufacturers.
Companies like DSM and Genomatica are innovating in the sustainable chemicals space, harnessing succinic acid to create value-added products. This expansion is supported by initiatives from governments across Asia-Pacific and Latin America, encouraging local production and consumption of specialty chemicals. The overall growth in the chemical sector is thus significantly influencing the market dynamics for succinic acid.
Rising Investment in Bio-based Products
Investment in bio-based products is witnessing significant growth, which serves as a key driver for the Succinic Acid Market Industry. Reports suggest a rise in venture capital investments targeting bio-based technologies, with over USD 500 million allocated to such projects in recent years. Succinic acid is recognized for its versatility in producing various bio-based products, including solvents, plastics, and pharmaceutical intermediates.
Established organizations like BioAmber have been pivotal in advancing succinic acid production methods that leverage renewable resources. Government initiatives worldwide are promoting biotechnology investments to reduce reliance on fossil fuels, thereby creating more opportunities for succinic acid's application in bio-based industries. This favorable investment environment is projected to expedite the growth trajectory of the succinic acid market.
Succinic Acid Market Segment Insights
Succinic Acid Market Application Insights
The Succinic Acid Market showcases robust market growth within its application segment, demonstrating significant potential across various sectors, evidencing a market revenue of 0.94 USD Billion in 2024 and projected growth through to 2035. The application segment is critical as it encompasses diverse industries, particularly Chemical Synthesis, Food and Beverage, Pharmaceuticals, Cosmetics, and Biodegradable Plastics, each contributing uniquely to the market dynamic. Chemical Synthesis is a major contributor, with a valuation of 0.3 USD Billion in 2024, and an increase to 0.77 USD Billion by 2035, leading the market due to its essential role in producing various chemicals and materials, owing to succinic acid's versatility as a building block for chemical synthesis.
The Food and Beverage industry is also noteworthy, holding a market value of 0.2 USD Billion in 2024, enhancing flavors, and food preservation through its acidifying properties, while expected to grow to 0.53 USD Billion by 2035. Pharmaceuticals present another significant application, valued at 0.15 USD Billion in 2024, with a projected increase to 0.39 USD Billion, driven by the need for succinic acid in drug formulations and active pharmaceutical ingredients, underlining its critical role in healthcare solutions. The Cosmetics sector is progressively gaining traction with a market valuation of 0.1 USD Billion in 2024, anticipated to reach 0.25 USD Billion in 2035, where succinic acid serves as a humectant and stabilizing agent, fueling demand in the beauty and personal care industry.
Biodegradable Plastics, valued at 0.19 USD Billion in 2024, are projected to grow to 0.56 USD Billion by 2035, reflecting the rising consumer demand for sustainable products, with succinic acid being vital in producing environmentally friendly plastic alternatives, thereby supporting ecological sustainability initiatives. Overall, the Succinic Acid Market segmentation reveals critical insights into how each application interplays with market trends and growth drivers, highlighting opportunities for innovation and expansion across multiple sectors ly.
Market growth is further attributed to increasing awareness of sustainable practices, the drive for biodegradable materials, and advancements in pharmaceutical research, showcasing a path forward in addressing challenges through innovative applications of succinic acid in various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Succinic Acid Market End Use Insights
The Succinic Acid Market is witnessing substantial growth across various end use sectors, contributing significantly to the overall market expansion. By 2024, the market is projected to reach a valuation of 0.94 USD Billion, with a strong focus on applications in critical industries. The Industrial segment is a major player, utilizing succinic acid in the production of biodegradable plastics and solvents, which aligns with the increasing demand for sustainable materials ly. Meanwhile, the Personal Care industry leverages its properties for emulsification and as a pH adjuster in cosmetic formulations, highlighting its importance in enhancing product effectiveness.
The Food Industry utilizes succinic acid as a food additive and preservative, ensuring safety and quality in consumables. In the Automotive sector, it is favored for its use in eco-friendly antifreeze and lubricants, contributing to the industry's shift towards sustainable practices. Furthermore, in Medicine, succinic acid supports the development of pharmaceuticals, particularly in pain management and anti-inflammatory applications. The growth across these sectors is driven by a collective push towards sustainable alternatives and regulatory support for eco-friendly products, making this market a focal point for innovation and development ly.
Market growth is expected to be propelled by these trends, reinforcing the importance of succinic acid across multiple end use applications.
Succinic Acid Market Production Process Insights
The Succinic Acid Market is experiencing a significant transformation driven by various production processes. By 2024, the overall market is expected to be valued at 0.94 USD Billion, with an anticipated growth trajectory through diverse methods such as fermentation, chemical synthesis, catalytic conversion, and biorefinery. Fermentation has emerged as an important method due to its sustainability and preference for bio-based feedstocks, aligning with shifts toward greener manufacturing. Chemical synthesis, while traditionally dominant, faces challenges linked to environmental regulations, yet remains crucial for high-purity succinic acid production.
Catalytic conversion is gaining traction due to advancements that improve efficiency and reduce waste, making it a vital player in modern production strategies. The biorefinery approach is gaining recognition, enabling the integration of multiple bioproducts, which enhances overall economic viability. Succinic Acid Market statistics reveal strong growth potential, with various processes catering to increasing industrial demand across sectors such as bioplastics and solvents. As these production methods evolve, they redefine the landscape of the Succinic Acid Market, highlighting the importance of both innovation and sustainability in meeting future market needs.
Succinic Acid Market Regional Insights
The Succinic Acid Market exhibits considerable revenue across various regions, highlighting its increasing prominence. In 2024, the overall market is valued at 0.94 USD Billion. North America holds a significant portion with a valuation of 0.25 USD Billion, expected to rise to 0.65 USD Billion by 2035, showcasing its growth potential largely driven by demand in the bioplastics and pharmaceuticals sectors. Europe follows closely, starting at 0.3 USD Billion in 2024 and projected to reach 0.85 USD Billion in 2035. Emphasis on sustainability and green chemistry has bolstered market activity in this region.
Meanwhile, South America presents an emerging opportunity, beginning at 0.1 USD Billion, increasing to 0.3 USD Billion, as industries diversify their sources of raw materials. Asia Pacific, valued at 0.2 USD Billion in 2024 and anticipated to grow to 0.5 USD Billion, holds promise due to rising industrialization and the increasing adoption of succinic acid in textiles and food sectors. Lastly, the Middle East and Africa, while starting smaller at 0.09 USD Billion, show potential with a growth to 0.2 USD Billion, backed by growing industrial applications.
This diverse segmentation showcases the various driving forces and opportunities within the Succinic Acid Market, emphasizing both the regional growth dynamics and the increasing applications across multiple industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Succinic Acid Market Key Players and Competitive Insights
The Succinic Acid Market has seen remarkable growth and transformation, driven by various factors including increased demand for bio-based chemicals, renewable resources, and heightened awareness of environmental sustainability. As a platform for bio-based chemicals, succinic acid has gained prominence in various applications ranging from solvents to food additives and pharmaceuticals. The competitive landscape is characterized by a diverse group of players striving for innovation and market share. Companies are heavily investing in research and development to create more efficient production processes and novel applications for succinic acid, thus enhancing their competitive positioning. The market is evolving rapidly, with a focus on operational efficiencies, product differentiation, and strategic partnerships that enable firms to harness emerging trends.
Key Companies in the Succinic Acid Market Include
- Mitsubishi Chemical
- Huangpu Tianhua
- Genomatica
- DAICEL
- Showa Denko
- BASF
- Xiongwei
- DSM
Succinic Acid Market Industry Developments
In October 2023, BASF announced a strategic partnership with Mitsubishi Chemical aimed at next-generation biobased succinic acid, leveraging advancements in sustainable chemistry. Furthermore, Huangpu Tianhua has been investing in expanding its production capacity, signaling a positive growth trajectory for the market. Recent figures indicate that the market valuation for succinic acid is projected to grow significantly, driven by the increasing demand for bioplastics and eco-friendly chemicals. While there have been no significant mergers or acquisitions reported among the specified companies in recent months, the ongoing partnerships and collaborations are reinforcing the sector's foundation and paving the way for innovative solutions in biobased chemical production. The initiatives taken by these companies highlight the growing importance of sustainability in the Succinic Acid Market, aligning with trends toward environmentally friendly manufacturing practices.
Succinic Acid Market Segmentation Insights
Succinic Acid Market Application Outlook
- Chemical Synthesis
- Food and Beverage
- Pharmaceuticals
- Cosmetics
- Biodegradable Plastics
Succinic Acid Market End Use Outlook
- Industrial
- Personal Care
- Food Industry
- Automotive
- Medicine
Succinic Acid Market Production Process Outlook
- Fermentation
- Chemical Synthesis
- Catalytic Conversion
- Biorefinery
Succinic Acid Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Succinic Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Succinic Acid Market is expected to be valued at 0.94 USD Billion in 2024.
The market is projected to reach 2.5 USD Billion by the year 2035.
The CAGR for the market is expected to be 9.3% during the forecast period from 2025 to 2035.
The Chemical Synthesis segment is expected to have the highest market value at 0.77 USD Billion in 2035.
The Pharmaceuticals segment is projected to reach a market value of 0.39 USD Billion by 2035.
North America is expected to dominate the market with an estimated value of 0.65 USD Billion in 2035.
The Europe region is forecasted to reach a market size of 0.85 USD Billion by 2035.
Key players include Huangpu Tianhua, Genomatica, DAICEL, and Mitsubishi Chemical, among others.
The Biodegradable Plastics application segment is expected to reach a market size of 0.56 USD Billion by 2035.
The South America market is projected to grow to a value of 0.3 USD Billion by 2035.
