ID: MRFR/CnM/1382-HCR | February 2021 | Region: Global | 140 pages
The Succinic Acid Market has been divided all across the globe based on Type, Grade, Application, and End-User Industry.
Based on the Type:
The Succinic Acid Market has been divided all across the globe based on type into the synthetic type and bio-based type.
Based on the Grade:
The Succinic Acid Market has been divided all across the globe based on the grade into industrial grade, pharmaceutical grade, and food grade.
Based on Application:
The Succinic Acid Market has been divided all across the globe based on the application into medicine, food additive, chemical intermediate, and many others.
Based on End-User Industry:
The Succinic Acid Market has been divided all across the globe based on the end-user industry into personal care industry, cosmetics industry, pharmaceuticals industry, paints, and coatings industry, chemicals industry, dyes and pigments industry, polymer industry, and many others.
COVID 19 Analysis:
The Global Pandemic of COVID 19 has affected a large section of society. Most people have lost their livelihood because of this global pandemic. It has affected the growth and dynamics of several industries. Owing to the shortage of vaccines, everyone is concerned about their immunity and follows social distancing. With the increasing social distancing and contactless activities, the demand for packed food has increased many folds which indirectly creates more growth opportunities for the succinic market in the global market. Now people are more inclined towards packaged food for ensuring proper hygiene and safety.
The global pandemic of COVID 19 has a positive impact on the global market share of the Succinic Acid Market. The market share for succinic acid is also expected to grow furthermore during the forecasted period from 2021 to 2028.
The Most Prominent Major Key Players in the Succinic Acid Market all across the globe are mentioned below:
These Major Key Players use various strategies to sustain their market position in the Succinic Acid Market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the succinic acid all across the globe.
Various factors drive the Succinic Acid Market in the global market. Use of succinic acid as an intermediate for producing paint and coatings, metal treatment chemicals, plasticizers, alkyd resins, photographic chemicals, lacquers, perfumes, industrial solvents, and manufacturing dyes. Also, it is largely used in producing medicines for cancer, contraceptives, anrhoers, antiphogistic, antiplegm, antispasmers, and sedatives. Additionally, the increasing use of succinic acid in food and beverages boosts the market growth rate.
With the increase in industrialization, the packaging industry is growing very rapidly and hence creates more demand opportunities for the Succinic Acid Market. Also, a rapid increase in working women ratio, changing dietary habits, growing per-capita income all across the globe provides various growth opportunities in the global market. Also, the availability of various bio-based alternatives creates more growth opportunities. Increasing the use of succinic acid as an intermediate in the various end-user industries creates more demand opportunities in the global market.
Though the Succinic Acid Market is growing rapidly in the global market various factors restrict its growth. This market is a capital-intensive market and requires a huge amount of capital for its manufacturing which is not affordable by all. It requires an adequate supply of raw material, proficient technology, along with rigorous research and development. The presence of stringent regulations related to the environment levied by (REACH) Registration, Evaluation, Authorization and Restriction Chemicals and (EFA) Environment Protection agency restricts the market growth.
Value Chain Analysis:
The demand for Succinic Acid is increasing tremendously in the global market owing to various benefits associated with it. This kind of acid is used to produce industrial solvent 4-Butanediol which is further used in the production of polyurethanes, elastic fibers, and plastics. Increasing the use of plastic and polyurethane creates more demand for the Succinic Acid Market. Moreover, this acid is largely used in the cosmetic industry and helps in keeping the pores of skin clean and closed. It also helps in healing scars, treating blemishes, and reduce the sign of aging. Also, the use of succinic acid in the various end-user industries makes it more valuable in the global market.
Global Succinic Acid Market Share, by Application (2017):
Source: MRFR Analysis
A water-soluble, odorless, and colorless solid called succinic acid. It can be manufactured by both synthetic and natural processes. Using a natural process of manufacturing, succinic acid is made by microbial fermentation of glucose from raw materials like tapioca (cassava), sugarcane, wheat, and maize. Using a synthetic process of manufacturing, succinic acid is made from maleic anhydride. This acid is highly used as a flavoring agent in the food and beverages industry. Not only in the food and beverages industry, but it is also used in various other industries as well like in dyes, perfumes, photographic, plasticizers, and many others.
The Succinic Acid Market has been divided all across the globe based on the region into Latin American region, North American region, Asia-Pacific region, European region, and the Middle East and African region. The largest market share in the global market is held by the Asia-Pacific region owing to increasing industrialization. Other factors like labor cost, low production, and flexible investment norms in this region also provide growth opportunities.
The second-largest market share in the global market is held by the North American region owing to the presence of various end-user industries like the chemicals industry, food and beverage industries, and many others.
The third-largest market share in the global market is held by the European region owing to the presence of various end-user industries like the cosmetic industry, pharmaceutical industry, and many others. Additionally, stringent environmental rules and norms create positive demand for bio-based succinic acid.
The Middle East and African region also show moderate growth owing to the increasing demand for succinic acid in the food and beverages industry and cosmetic industry.
The Latin American region shows the least growth rate during the forecasted period owing to slow economic growth in this region.
In November 2016, a strategic partnership has been developed between Hangzhou Xinfu Science and Technology (China) and Reverdia. This partnership will help in adopting Bio-succinic in polymers in the packaging industry for a long-term agreement.
In October 2016, a new partnership was observed between Dezhou Xinhuarun Technology (China) and Reverdia. This partnership will help in promoting the use of bio-succinic acid in different end-user industries like making soles for footwear and many other applications.
In August 2016, another method of manufacturing succinic acid and chemicals containing sucrose has been invented by the Anhui Sunsing Chemicals. This will help in manufacturing succinic acid using fermentation with microorganisms.
Gadiv Petrochemical Industries Ltd. (Israel) has been spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company by increasing the sales revenue.
October 16, 2019 - Perricone MD (the US), a global leader in anti-aging skincare, with all products, launched its new two-step acne treatment skincare line named Acne Relief Prebiotic Acne Therapy. The New Acne Relief Prebiotic 90-Day Regimen is formulated with succinic acid as one of the main ingredients to support a healthy surface skin microbiome for a clearer, more radiant complexion.
This Global Succinic Acid Market Research Report consists of the following elements mentioned below:
This Market Research Report contains factors that drive the growth of the Succinic Acid Market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the Succinic Acid Market all across the globe is mentioned.
Nationalized laboratories, raw material suppliers, potential investors, research and development institutes, traders and distributors of succinic acid, succinic acid manufacturers, and many others.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Grade, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Stringent environmental regulations in developed regions such as North America and Europe are expected to boost the demand|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Succinic acid is finds its applications in industries such as food and beverages, chemicals, and pharmaceuticals. In food & beverages it is used as a flavoring agent and in chemicals succinic acid is used as intermediate for manufacturing.
The food & beverages industry is the largest end-user industry of succinic acids.
Rising usages in the drug manufacturing.
Asia Pacific holds the largest share in the global succinic acid market followed by North America and Europe, respectively.
Ernesto Ventos. S.A. (Spain), Merck KGaA (Germany), ThyssenKrupp AG (Germany), Myriant Corporation (US), BioAmber, Inc. (US), Succinity GmbH (Germany), Nippon Shokubai Co., Ltd. (Japan), Reverdia (Netherlands), Kawasaki Kasei Chemicals (Japan), Gadiv Petrochemical Industries Ltd. (Israel), Anhui Sunsing Chemicals Co., Ltd. (China), Spectrum Chemical Manufacturing Corp. (US), S.S. Pharmachem (India), FUSO CHEMICAL CO., LTD. (Japan), and R-Biopharm AG (Germany), are some of the leading players in the global succinic acid market.