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The market trends of bio-based succinic acid have witnessed significant growth and transformation in recent years. Succinic acid, a key chemical building block, is traditionally derived from petrochemical sources. However, the rising awareness of environmental concerns and the push for sustainable practices have spurred the demand for bio-based alternatives. This has led to a surge in the bio-based succinic acid market, with a forecasted compound annual growth rate (CAGR) that reflects the industry's promising trajectory.
One of the major drivers behind the increasing popularity of bio-based succinic acid is the growing emphasis on green chemistry and the need to reduce dependence on fossil fuels. Bio-based succinic acid is primarily produced through the fermentation of renewable resources, such as agricultural feedstocks and plant-based sugars. This eco-friendly production process aligns with the global shift towards sustainable and environmentally conscious practices, appealing to industries looking to reduce their carbon footprint.
The versatility of bio-based succinic acid further contributes to its market appeal. It serves as a crucial precursor for various applications, including biodegradable polymers, resins, solvents, and pharmaceuticals. The expanding use of succinic acid in these diverse sectors amplifies its market potential and positions it as a pivotal player in the bio-based chemicals landscape. Manufacturers are increasingly recognizing the multifaceted benefits of incorporating bio-based succinic acid into their product formulations, driving the market's growth.
Another noteworthy trend is the rising adoption of bio-based succinic acid in the production of biodegradable plastics. As the global awareness of plastic pollution and its environmental impact intensifies, there is a growing demand for sustainable alternatives. Bio-based succinic acid offers a viable solution by enabling the development of biodegradable and compostable plastics. This shift aligns with regulatory initiatives and consumer preferences favoring eco-friendly packaging materials, further propelling the market forward.
In addition to its environmental advantages, the bio-based succinic acid market is witnessing strategic collaborations and partnerships among key industry players. This trend is driven by the need for technological advancements, research and development, and market expansion. Companies are joining forces to leverage each other's strengths, share expertise, and collectively address the challenges associated with scaling up bio-based succinic acid production. Such collaborations are expected to foster innovation, enhance production efficiency, and solidify the market's position as a sustainable alternative to traditional succinic acid sources.
Geographically, the market trends of bio-based succinic acid exhibit a global footprint, with North America, Europe, and Asia-Pacific emerging as key regions of growth. Government incentives, regulatory support, and a favorable business environment for sustainable practices contribute to the market's expansion in these regions. Additionally, the Asia-Pacific region stands out as a significant player, driven by the increasing demand from emerging economies and a growing focus on renewable resources.
In conclusion, the market trends of bio-based succinic acid underscore a transformative shift towards sustainability in the chemical industry. The increasing awareness of environmental concerns, coupled with the versatile applications of bio-based succinic acid, positions it as a key player in the transition to greener and more sustainable practices. As the market continues to evolve, collaborations, technological advancements, and global initiatives are expected to drive further growth, solidifying bio-based succinic acid's role in shaping the future of the chemical industry.
Bio-Based Succinic Acid Market Highlights:
Bio-Based Succinic Acid Market Overview
According to the research reports by MRFR, the global market for bio-based succinic acid is estimated to flourish at a healthy CAGR of 19.6%Â during the review timeframe. The report further predicts the market to attain USD 900 million by the end of during the forecast period. In general, succinic acid is primarily produced using the C4-fraction of naphtha and using a four-carbon hydrocarbon via maleic anhydride. The succinic acid is obtained by hydrogenation of hydration afterward and maleic anhydride. The eco-friendly succinic acid is extensively used in making coatings, resins, and ink.
The growing global pollution and rising carbon footprint are projected to drive the growth of the global Bio-Based Succinic Acid market. Many geographical locations are part of this global market, which includes North America, the Middle East, Africa, Europe, Asia Pacific, and others. Of these, the North American regional market is projected to generate the largest market share in the forecast timeframe.
The global market for Bio-Based Succinic Acid has been segmented based on the application, end-use industry, and processed type. Further, the end-use industry has been segmented into food & beverage, personal care, pharmaceutical, agriculture, and chemical. The processed type segment is divided into different parts like the direct crystallization process, electrodialysis process, and ammonium sulphate process. The application segment is classified into different parts like 1, 4 Butanediol, solvents & coatings, Plasticizers, polymers & esters, Polybutylene Succinate, and others.
Global Bio-Based Succinic Acid Market, by Application, 2017 (%)
Source: MRFR Analysis
Segmental Analysis
The global bio-based succinic acid market has been segmented on the basis of processed type, application, end-use industry, and region.
Based on processed type, the global bio-based succinic acid market has been divided into ammonium sulfate process, direct crystallization process, and electrodialysis process.
By application, the global bio-based succinic acid has been categorized into 1, 4 butanediol, polybutylene succinate, plasticizers, polyester polyols, polymers & esters, solvents & coatings, and other applications.
By end-use industry, the global bio-based succinic acid has been segregated into chemical, food & beverage, pharmaceutical, personal care, and agriculture.
Regional Analysis
The global bio-based succinic acid market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The North American market held the largest share of the global bio-based succinic acid market in 2018. The growing use of bio-based succinic acid in chemical and pharmaceutical industries is driving the growth of the bio-based succinic acid market in the region. The regional market is expected to continue the dominance during the forecast period.
The Asia-Pacific market for bio-based succinic acid was the fastest growing and held the second-largest share in 2018. The increasing demand in the pharmaceutical, automotive, and agricultural industries in India, China, Thailand, and South Korea is expected to fuel the growth of the bio-based succinic acid market in the region. Asia-Pacific is expected to be the dominant regional market by the end of the forecast period.
The European market closely followed Asia-Pacific in terms of market share in 2018. The increasing use of bio-based succinic acid in food & beverage and personal care industries is expected to be the major factor contributing to the growth of the bio-based succinic acid market in the region. The European market is expected to witness considerable growth during the forecast period.
The Latin American market is projected to record moderate growth during the forecast period. The growth is attributed to the rising environmental concerns and shift towards the use of bio-based succinic acid by chemical industries in the region.
The Middle East & African market for bio-based succinic acid is expected to witness sluggish growth during the forecast period, due to the large presence of petroleum industries and high dependence of manufacturers on petroleum for the production of succinic acid.
Market Players
BioAmber Inc (US), DSM (Netherlands), Mitsui & Co., Ltd (Japan), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Roquette Frères (France), Corbion (The Netherlands), and Reverdia (Netherlands) are some of the key players operating in the global bio-based succinic acid market.Recent Development
In February 2022
Bio MADE, or the Bioindustrial Manufacturing and Design Ecosystem, is presently offering federal funds of USD5.8 million to 16 innovative projects intending to enhance the bio-industrial manufacturing capabilities, knowledge, and workforce in the US. Moreover, these projects also boost the ecosystem by leveraging the non-federal cost-share of an extra USD6.3 million.
Intended Audience:
- Manufacturers and Producers of Bio-Based Succinic Acid
- Traders and Distributors of Bio-Based Succinic Acid
- Raw Material Suppliers
- Nationalized Laboratories
- Research and Development Organizations
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