Succinic Acid Market by Type (Petro-based, Bio-based), End-User (Industrial, Coating, Food & Beverage, Cosmetics) & Region for 2024-2031

Succinic Acid Market Valuation – 2024-2031

The succinic acid market is now expanding rapidly, owing to its increasing applications in a variety of industries, including medicines, food and beverages, and bio-based chemicals. Succinic acid, a dicarboxylic acid, is a critical intermediary in the manufacture of many chemicals and materials. Its biodegradability and promise as a renewable resource help to drive its increased demand particularly in the context of sustainable and green chemistry projects. These factors are likely to enable the market size surpass USD 153.21 Billion in valued in 2024 to reach a valuation of around USD 253.76 Billion by 2031.

Rise in investigating new uses and improving the cost-effectiveness of bio-based succinic acid, is experiencing ongoing innovation with businesses. Overall, the succinic acid market is expected to rise steadily, pushed by technical advancements and a global push for sustainability. The rising demand for succinic acid is enabling the market grow at a CAGR of 6.51% from 2024 to 2031.

Succinic Acid MarketDefinition/ Overview

Succinic acid, a four-carbon dicarboxylic acid, with the chemical formula C4H6O4. It exists naturally in plants and animals as an intermediary in the citric acid cycle. It is industrially manufactured using chemical synthesis or fermentation. Succinic acid is used to produce bioplastics, resins, solvents, and medicines. Its bio-based manufacture from renewable feedstocks is gaining appeal as environmental concerns grow.

Succinic acid is widely utilized in a variety of applications, including the manufacture of biodegradable polymers, which are an environmentally acceptable alternative to traditional plastics. It acts as a precursor in the synthesis of polyurethanes and resins, hence improving their characteristics. It is also used in the pharmaceutical business for medicine formulations, the food industry as an acidity regulator, and agriculture as an ingredient in herbicides and plant growth stimulants.

In the future, succinic acid is expected to play an important role in the development of biodegradable polymers, improved medicines, and high-performance materials. Its potential as a platform chemical for bio-based polymers and resins will promote innovation in green manufacturing. Furthermore, its use in food additives and dietary supplements is likely to develop, leveraging its natural and environmentally beneficial features to fulfil rising consumer demand for green products.

Will Rise in Demand for Food and Beverages Drive the Succinic Acid Market?

The food and beverage business are a key driver of global economic growth, having expanded significantly over the last decade. A variety of causes contribute to this rise, the most notable of which is the growing demand for food additives designed to improve taste and flavour profiles. Consumer preferences for food products that provide enhanced sensory experiences are increasing in both developed and emerging countries, necessitating the use of chemicals that improve taste and scent. This tendency is fuelled further by rising urbanization rates, an increase in disposable incomes, and a growing preference for diverse culinary styles among various groups.

Rising demand for food preservatives in emerging markets like China, India, Russia, Brazil, and South Africa is expected to benefit the global food and beverage business. These regions, noted for their growing populations and shifting eating preferences, present considerable potential for food makers to meet the growing demand for preserved foods. This trend points to a hopeful expansion in the food business, with various preservatives and additives playing an important part in meeting the growing demand for processed and preserved food items.

Succinic acid is emerging as a potential possibility for food additives. Succinic acid, with its diverse value as a flavour enhancer, acidity regulator, and preservative, is perfectly suited to the food and beverage industry’s growing needs. As the industry continues to grow, fuelled by factors such as urbanization, rising incomes, and shifting consumer preferences, demand for succinic acid is expected to rise, propelling the succinic acid market along with the overall food and beverage sector.

How will Volatility in Raw Material Hamper the Succinic Acid Market?

The succinic acid market is challenged by raw material price volatility, which can interrupt production and cause demand imbalances in some regions. Fluctuations in the prices of major raw materials, such as bio-based feedstocks like corn and sugarcane, can have a considerable impact on production costs, impacting succinic acid pricing and availability. In some cases, rapid increases in raw material prices might make production economically unviable, resulting in supply shortages and restricting market expansion.

Additionally, countries that depend largely on imports for succinic acid production may be particularly exposed to swings in global raw material prices. This dependence can amplify the effects of price volatility, potentially leading to supply chain disruptions and market instability. Also, fluctuations in raw material prices might influence consumer demand patterns, since greater production costs may result in price increases for succinic acid-based products, reducing consumer purchasing power and overall market demand.

To resolve such challenges, market participants may diversify their raw material sourcing channels, invest in R&D to improve manufacturing processes and build strategic partnerships to ensure reliable supply chains. By actively dealing with the effects of raw material price volatility, stakeholders may better navigate market risks and maintain revenue growth in the succinic acid market over the forecast period.

Category-Wise Acumens

Will Increase in Demand from the Chemical Industry Drive the Type Segment?

Petro-based sector is expected to be the key driver of market expansion over the forecast period. This dominance is mostly driven by the chemical industry’s high demand, particularly for the manufacturing of polybutylene succinate (PBS), polybutylene succinate-co-terephthalate (PBST), and polyurethane.

Petro-based succinic acid has various advantages over its bio-based cousin, including lower cost and higher manufacturing efficiency. These benefits make it an appealing choice for organizations looking for cost-effective solutions without compromising performance.

Also, in the chemical sector, petro-based succinic acid is used to make PBS, a biodegradable thermoplastic polyester with a wide range of applications, including packaging materials and disposable cutlery.

The versatility and efficiency of petroleum-based succinic acid contribute to its market domination by meeting the unique needs of various industries. Despite bio-based succinic acid shows promise as a sustainable alternative, its present market share is limited due to greater production costs and scalability issues. However, continued biotechnology breakthroughs and rising environmental concern may boost the use of bio-based succinic acid in the future.

The petro-based segment of the succinic acid market is predicted to rise further, leading to its cost-effectiveness, efficiency, and applicability across different industries. However, market dynamics may change over time as sustainable alternatives develop and consumer preferences change, creating long-term prospects for both petro-based and bio-based succinic acids.

Will Increase in Demand of Non-Toxic and Bio-Degradable Consumer Goods Drive the End-User Segment?

The  industrial sector is the expected to hold major share in the succinic acid market. This significance is due to the widespread use of succinic acid in industrial applications, particularly the synthesis of polybutylene succinate (PBS/PBST) for food packaging. PBS/PBST has advantages over other biopolymers, such as non-toxicity, biodegradability, and superior heat resistance and processability and this drives its demand in the industrial sector.

Many factors drive the succinic acid market, including rising disposable incomes, changing consumer lifestyles, increased plastic use, and an expanding packaging industry. These forces have increased demand for non-toxic and biodegradable materials in a variety of consumer goods, including PET bottles, food containers, disposable syringes, and blood bags.  so, the PBS/PBST section of the succinic acid industry is seeing significant expansion.

In addition, the increasing emphasis on sustainability and environmental consciousness drives up the demand for succinic acid-based materials in the industrial sector. Manufacturers are increasingly opting for eco-friendly alternatives to traditional plastics which is pushing the use of succinic acid in a variety of applications. This trend highlights succinic acid’s critical role in meeting the changing needs of sectors looking for sustainable solutions in packaging and other consumer goods.

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Country/Region-wise Acumens

Will Increasing Commercial Construction Activities Drive the Market in North America?

Rise in commercial construction activity in North America is resulting in a significant increase in the use of paints and coatings for both interior and outdoor applications. This increase in demand needs the employment of diverse additives to ensure the stability, sustainability, and usefulness of coatings.

Succinic acid is used as an intermediate in the synthesis of a wide range of compounds. Succinic acid is used in the manufacturing process of sectors such as textiles and metal finishing chemicals, resulting in the manufacture of a diverse range of products. Its versatility as a chemical intermediary facilitates the synthesis of chemicals required for textile manufacture, improving metal surface treatments, and help other chemical processes. This highlights succinic acid’s wide range of applications beyond coatings which is boosting demand in many industrial sectors across North America.

Furthermore, the growing fragrances market in North America is closely related to rising consumer spending in the beauty and personal care sectors. Succinic acid’s natural origins and eco-friendly nature make it a good fit for the growing customer preference for sustainable products.  so, North American succinic acid demand is expected to rise further, fuelled by the region’s thriving building and beauty industries.

Will Rise in Demand for Pharmaceutical Products Boost the Growth of Market in the Asia-Pacific?

The Asia-Pacific market emerges as a major contributor to the worldwide succinic acid market with a significant revenue share throughout the forecast period. This significance is primarily due to the region’s increased demand for pharmaceutical items as well as paints and coatings. Rapid urbanization and economic development are driving infrastructure developments and consumer expenditure, resulting in an increased need for medicines and coatings to meet construction and industrial needs.

Rising demand for succinic acid derivatives in China is critical to driving regional market growth. China’s industrial sector has grown steadily in recent years, owing to the rise of downstream sectors and developments in product manufacturing. This growth trend presents a major market potential for succinic acid and its derivatives which find extensive applications in a variety of industries.

Overall, the Asia-Pacific area presents a profitable market scenario for succinic acid, driven by rising demand for pharmaceuticals, paints, and coatings as well as a thriving industrial sector in countries such as China. As these trends progress, the region is likely to be a significant revenue producer in the worldwide succinic acid market.

Competitive Landscape

The succinic acid market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the succinic acid market include

• 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.
• Novomer, Inc.

Latest 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

Succinic Acid Market, By Category

 Type

• Petro-based
• Bio-based

End-User

• Industrial
• Coating
• Food & Beverage
• Cosmetics
• Pharmaceuticals

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• 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• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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