Market Size of Succinic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Succinic Acid Market Analysis
The succinic acid market is projected to witness a CAGR of 7.2% during the forecast period.
- Succinic acid is a typical organic acid that can be used as a precursor to creating a variety of chemicals, including solvents, fragrances, lacquers, plasticizers, dyes, and photographic chemicals in the food, chemical, and pharmaceutical sectors. Aside from being an antibiotic, succinic acid is also a treatment.
- Succinic acid can be used as an acidifier and taste enhancer in food like relishes, beverages, and sausages. The potential use of succinic acid as starting feedstock for the production of industrial chemicals and consumer products with large markets was the main driver that launched the development of technology for bio-based succinic acid production.
- Due to its wide range of applications in various chemical processes, this product's applications go beyond just items and extend to include the human body. By administering the acid to the skin, joint and arthritis pain can be relieved. It greatly aids in fading any skin scars and lessens the effects of aging. Finding alternatives to hazardous chemicals for the environment and human health has become more important due to growing public concern.
- Numerous additional compounds are used in the manufacture of succinic acid. It consequently has a negative impact on the immediate area as well as the environment as a whole. The demand for acid replacements increased as a result. Bio-succinic acid is one such replacement. Climate change is lessened by bio-succinic acid synthesis. Using waste streams, the acid that replaces the use of petrochemicals ensures a clean environment. Many substances that have the potential to harm the environment are thought to be suitable replacements for bio-succinic acid.
Succinic Acid Industry Segmentation
Succinic acid is an organic acid that occurs naturally and can be synthesized for the usage of generating solvents, dyes, photographic chemicals, etc.
The succinic acid market is segmented by type and application. Based on type, the market is segmented into bio-based and petro-based. Based on application, the market is segmented into food and beverage, pharmaceutical, industrial, and other applications. Also, the study provides an analysis of the succinic acid market in emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle-East and Africa.
For each segment, the market sizing and forecasts have been done based on value (in USD million).
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| Food and Beverage | |
| Pharmaceutical | |
| Industrial | |
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Succinic Acid Market Size Summary
The succinic acid market is experiencing significant growth, driven by its versatile applications across various industries such as food, chemicals, and pharmaceuticals. This organic acid serves as a precursor for a wide range of chemicals, including solvents, fragrances, and plasticizers, and is also used as an acidifier and taste enhancer in food products. The development of bio-based succinic acid production technology has been propelled by its potential as a starting feedstock for industrial chemicals and consumer products, addressing the growing demand for environmentally friendly alternatives to hazardous chemicals. The market is further bolstered by the increasing recognition of succinic acid derived from carbohydrates as a renewable biochemical for producing sustainable goods like bioplastics, which serve as alternatives to petroleum-based polymers.
Regionally, the succinic acid market is segmented into North America, South America, Asia-Pacific, Europe, the Middle East, and Africa, with Europe leading in revenue generation due to stringent environmental regulations. The Asia-Pacific region is witnessing significant development in application, supported by low-cost labor and high production capacity, particularly in China. The market is characterized by a diversified product portfolio and strategic partnerships among key players such as PTT Public Company Limited, Reverdia, Corbion N.V., BASF SE, and Mitsubishi Chemical Corporation. These companies are actively engaging in organic and inorganic growth strategies to enhance their market position, with recent acquisitions and investments aimed at expanding production capabilities and developing sustainable chemical solutions.
Succinic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Bio-based
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2.1.2 Petro-based
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2.2 Application
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2.2.1 Food and Beverage
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2.2.2 Pharmaceutical
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2.2.3 Industrial
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Succinic Acid Market Size FAQs
What is the current Succinic Acid Market size?
The Succinic Acid Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in Succinic Acid Market?
Reverdia, Corbion N.V., PTT Public Company Limited (Myriant), BASF SE and Mitsubishi Chemical Corporation are the major companies operating in the Succinic Acid Market.
