Bio-Based Succinic Acid Market Size

Bio-Based Succinic Acid Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for bio-based succinic acid is forecast to remain at a strong valuation of $900 million in both 2024 and 2025, with a CAGR of 19.6% from 2017 to 2025. This stability in market size reflects a maturing industry, which is consolidating its achievements, but is still open to innovation and investment. The stable market size reflects a steady increase in the number of applications in the pharmaceuticals, food and biodegradable plastics industries. Among the factors driving this impressive growth is the rising demand for sustainable, eco-friendly products, which has led to a rise in investment in bio-based chemicals. Also driving the market forward are advances in fermentation and the development of more efficient production methods. The major players in the industry, such as BASF, Myriant and Reverdia, are pursuing strategic initiatives, such as collaborations and product launches, in order to strengthen their position in the market and take advantage of the rising demand for bio-based alternatives. These initiatives not only strengthen their position in the market, but also further the global goals for sustainability, further driving the market forward.

Regional Market Size

Regional Deep Dive

The Bio-based Succinic Acid Market is experiencing significant growth in various regions, driven by the increasing demand for sustainable and eco-friendly alternatives to petrochemical derivatives. In North America, the market is characterized by the high focus on innovation and sustainability, with a large number of companies investing in bio-based technology. Europe, on the other hand, is the leading region in terms of regulatory support for bio-based products, thereby creating a conducive environment for market growth. In the Asia-Pacific region, the market is characterized by rapid industrialization and the increasing focus on green chemistry, while in the Middle East and Africa (MEA), the market for bio-based solutions is gradually being established in the context of economic diversification. Latin America is characterized by the exploitation of agricultural resources in order to produce bio-based succinic acid, in line with the global trend for sustainable development.

North America

• The United States Department of Energy has launched a new program for the development of bio-based chemicals, including succinic acid, which is expected to spur research and development in this field.
• In North America, BioAmber and Myriant are establishing large-scale production and marketing of bio-based succinic acid, which is expected to increase the availability of the product and lower its price.
• The increasing demand for sustainable products is causing manufacturers to seek bio-based alternatives. This is leading to cooperation between chemical companies and agricultural producers in order to ensure a supply of raw materials.

Europe

• In promoting bio-based chemicals, succinic acid in particular, the European Union’s Green Deal and Circular Economy Package are crucial. They encourage investment and innovation in this sector.
• Developments in the production of succinic acid in the bio-refinery sector by BASF and Reverdia will strengthen the region's position in the sustainable chemicals market.
• The European regulations are becoming more and more favourable to the use of bio-based products, while at the same time introducing stricter controls on those derived from fossil fuels. This makes the market for bio-based succinic acid very promising.

Asia-Pacific

• The development of bio-based chemicals in China is advancing rapidly, and the development of succinic acid by Henan Jindan Lactic Acid Technology Co., Ltd. will be able to meet the needs of the market.
• In the region of the Rhineland, where the green chemistry is becoming more and more important, universities and industry are working together to develop new methods of producing succinic acid from the acetic acid fermentation.
• In countries like India, government subsidies and support programmes have accelerated the market penetration and acceptance of bio-based products.

MEA

• There is a tendency among the countries of the Middle East to diversify their economies from oil, and to turn to the manufacture of bio-based chemicals, such as succinic acid, as a part of their national strategy.
• Production of succinic acid from biodegradable material, a process that is to create new markets, is being encouraged by the establishment of links between the chemical industry and the agricultural sector.
• Regulations for the bio-based products are slowly evolving. They may lead to an increase in investment and to a shift towards a more sustainable industry.

Latin America

• In Brazil, where the agricultural sector is rich and the land is fertile, bio-based succinic acid is produced. Gran Bio is a company that has developed a process for its production that is in harmony with the environment.
• The government’s emphasis on sustainable development is reflected in the encouragement of bio-based chemicals. This is expected to drive the market.
• The collaboration between universities and industry will contribute to the development of the production of bio-based succinic acid, which will increase the competitiveness of the region on the world market.

Did You Know?

“Succinic acid, a derivative of succinic acid, is a substance of vegetable origin, which is produced from corn, sugarcane, and even from a waste product.” — U.S. Department of Energy

Segmental Market Size

Succinic acid, bio-based, is experiencing growth, fueled by the rising demand for sustainable, eco-friendly alternatives to petrochemicals. This demand is mainly due to the increasing awareness of consumers towards the environment, the favorable regulatory environment for bio-based products and the technological developments in the field of fermentation. At the forefront of the industry are companies like BASF and Myriant, which are using innovative processes to produce succinic acid from sustainable sources.

This sector is already in the era of large-scale deployment in regions such as North America and Europe, where the drive for sustainability is strong. Its main application is in the manufacture of biodegradable plastics, solvents and food additives. For example, DuPont uses bio-based succinic acid in its bioplastics. It is a sector that is well suited to the current trends of a circular economy and the government’s requirement for low carbon emissions. Bio-based succinic acid has a future, with the development of microbial fermentation and enzymatic processes.

Future Outlook

The Succinic Acid Market is expected to grow at a CAGR of 19.6% from 2024 to 2025. The growth is driven by the rising demand for sustainable and eco-friendly alternatives in various industries such as plastics, textiles, and food. The increasing shift towards bio-based chemicals is also expected to boost the demand for bio-based succinic acid. In 2025, the market size is expected to remain at around $900 million, owing to the increasing focus on sustainable production and technological innovations in the production process.

Succinic acid is produced from sugars by a fermentation process. Various improvements, such as the development of more efficient fermentation processes and more efficient catalysts, will increase the production efficiency of bio-succinic acid, thereby reducing its cost and increasing its availability. Also, the government’s promotion of bio-based products, with the help of laws and regulations, will further stimulate growth. Also, the emergence of a circular economy and the integration of bio-based chemicals into the production of petrochemicals will change the landscape of competition. The bio-succinic acid market is thus expected to be a dynamic one, with innovation, collaboration, and a focus on sustainability.