Succinic Acid Market Will Reach Nearly USD 3,613.27 million, Expanding at a CAGR of 18.01% during the Forecast Period of 2030 | Reports and Data
According to the current analysis of Reports and Data, the global Succinic Acid Market was valued at USD 1,027.78 Million in 2021 and is expected to reach USD 3,613.27 million by the year 2030, at a CAGR of 18.01%. The succinic acid is an intermediate in several chemical processes and it is used in the production of various products. The major drivers for the growth of this market are the growing applications and the movement of chemical industry. It is used as a sequestrant, buffer, and a neutralizing agent in various foods. Because of its rise in food production, it is gaining a lot of demand. In various applications, succinic acid can also be used in food and beverages, chemical industries, personal care and pharmaceutical industries.
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Top Key Players: GC Innovation America, Succinity GmbH, Reverdia, Nippon Shokubai, Shandong Lixing Chemical, Kawasaki Kasei Chemicals, Anqing Hexing Chemical, and Anhui Sunsing.
Further key findings from the report suggest:
There is a significant growth in the pharmaceutical application shows a steady growth of 6% to 7% by 2025
The succinic acid market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 6.7 % and 7.3% CAGR, respectively. High Succinic acid prevalence across the globe is the key factor to accelerate the market growth during forecast period across all regions.
BioAmber Inc.had launched BIO-SA pharmaceutical-grade bio-based succinic acid, which is manufactured under the US Food and Drug Administration (FDA) good manufacturing practices (GMP) applicable to food and excipients.
Petro based segment of succinic acid is the largest among the market with a high market share of 58.8% and expected to grow more up to 2028.
Europe is the top revenue-generating market for succinic acid, which is mainly due to the strict regulations on the use of certain hazardous chemicals that pose a threat to the environment and human beings.
The higher cost of crude oil, an increase in investments for green chemicals, demand for renewable chemicals, and an increase in government support will further drive the growth of the market.
The higher price of bio-based succinic acid and lengthy extraction process are some of the restraints for the growth of the succinic acid market.
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By Type (Revenue in USD Million; Volume in Kilo Tons, 2019–2030)
By Application (Revenue in USD Million; Volume in Kilo Tons, 2019–2030)
- Food & Beverage
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Key questions covered in the global Succinic Acid Market report:
- What is the expected market size of the global Succinic Acid Market during the forecast period?
- What factors are expected to hamper global Succinic Acid Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Succinic Acid Market?
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