Succinic Acid Market Size, Share, and Growth Analysis 2031
Succinic acid,
a naturally occurring dicarboxylic acid, has gained significant attention in
various industries due to its versatile applications in sectors such as
pharmaceuticals, food & beverages, personal care, and chemicals. Derived
from renewable sources like plant-based feedstocks, it has emerged as a
promising sustainable chemical, particularly as a bio-based alternative to
petroleum-derived chemicals. The global succinic acid market is poised for
substantial growth, driven by increasing demand for eco-friendly and
sustainable solutions in industrial applications. This research delves into the
market's current size, projected growth, trends, and key factors influencing
the market by 2031.
The global succinic acid market was valued at approximately
USD 268.24 million in 2023 and is expected to grow at a compound annual growth
rate (CAGR) of around 9.7% from 2024 to 2031. This growth is driven by a rise
in demand for bio-based products, an increasing focus on sustainability, and
the shift toward renewable raw materials. Succinic acid's ability to replace
petroleum-based chemicals in several applications makes it an attractive option
for industries looking to reduce their carbon footprint.
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Market Drivers
1. Sustainability and Bio-based Chemical Demand - One
of the main drivers of the succinic acid market is the global shift towards
sustainability and green chemistry. As businesses and consumers prioritize
environmentally friendly and renewable products, succinic acid, which can be
derived from renewable resources like corn and sugarcane, offers a viable
alternative to petroleum-based chemicals. Its bio-based nature also makes it a
preferred choice in the growing bio-based chemicals market.
2. Pharmaceutical and Cosmetic Applications -
Succinic acid is used in pharmaceuticals and cosmetics due to its functional
properties, such as its role in the production of certain drugs and its
presence in personal care formulations. The increasing demand for
pharmaceuticals, including vaccines and treatments for chronic diseases, is
expected to fuel the market for succinic acid. Additionally, its use as a
stabilizer in cosmetics and skincare products is set to boost demand.
3. Food and Beverage Industry - Succinic acid is used
as an acidulant and preservative in the food and beverage sector. The demand
for organic and naturally sourced ingredients in processed foods has increased
consumer interest in succinic acid, especially as a safe and non-toxic additive.
Its use as a flavor enhancer in beverages, candies, and other food products is
also contributing to market growth.
4. Automotive and Polymer Applications - Succinic
acid is also used in the production of biodegradable polymers, coatings, and
plastics. As the automotive and packaging industries move toward eco-friendly
alternatives, the demand for succinic acid-derived bio-based polymers is
expected to rise. Succinic acid-based polymers are used in applications such as
automotive interior parts and biodegradable packaging materials.
Market Segmentation
1. By Source
- Bio-based
Succinic Acid: Derived from renewable feedstocks, bio-based succinic acid
dominates the market due to its sustainable and eco-friendly nature.
- Petrochemical-based
Succinic Acid: This segment, though still significant, is gradually losing
market share to bio-based products as companies transition to greener
alternatives.
2. By Application
- Food &
Beverages: As an acidulant, preservative, and flavor enhancer, succinic
acid finds a wide range of applications in the food industry.
- Pharmaceuticals:
Succinic acid is used in drug formulations, vaccines, and as an intermediate in
the synthesis of active pharmaceutical ingredients (APIs).
- Polymers:
Succinic acid is used to produce biodegradable plastics and resins, which are
essential in various applications, including packaging and automotive parts.
- Personal Care
& Cosmetics: Its mild acidity makes it an ideal ingredient in skincare
products, shampoos, and other cosmetics.
- Industrial
Applications: Used in chemical syntheses for producing solvents, coatings,
and detergents, succinic acid plays a crucial role in many industrial
processes.
3. By Region
- North America:
The U.S. holds a significant share in the succinic acid market due to its
technological advancements, research in bio-based chemicals, and the presence
of major market players.
- Europe:
Europe is a leading region for bio-based succinic acid, supported by government
regulations promoting sustainable products and the presence of major chemical
companies.
- Asia-Pacific:
The Asia-Pacific region is expected to witness the highest growth rate, driven
by the growing demand for succinic acid in manufacturing, food, and personal
care sectors in countries like China and India.
Key Market Trends
1. Technological Advancements in Bio-manufacturing -
Advances in bio-manufacturing processes, such as fermentation and genetically
engineered microorganisms, are enhancing the production efficiency of succinic
acid. These technologies have lowered production costs and increased the
scalability of bio-based succinic acid, thus boosting its adoption in various
applications.
2. Strategic Partnerships and Mergers - To strengthen
their position in the growing succinic acid market, key players are forming
strategic partnerships, mergers, and acquisitions. For instance, collaborations
between bio-based chemical producers and major corporations in automotive and
packaging industries are expected to accelerate market growth.
3. Rising Investment in R&D - Ongoing research in
new production methods and potential applications of succinic acid is
attracting significant investments. Companies are focused on improving yields,
reducing costs, and exploring new markets, such as bio-based solvents, in which
succinic acid has potential.
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Competitive Landscape
The succinic acid market is moderately consolidated with a
few key players holding substantial shares. Some of the prominent companies
operating in the market include:
·
BioAmber Inc.
·
Succinity GmbH (a subsidiary of BASF SE)
·
Anhui Sunsing Chemicals Co., Ltd.
·
Kawasaki Kasei Chemicals Ltd.
·
Reverdia (a joint venture between DSM and
Roquette Frères)
·
Nippon Shokubai Co., Ltd.
·
Mitsubishi Chemical Corporation
·
Myriant Corporation
·
Gadiv Petrochemical Industries Ltd.
·
Thyssenkrupp AG
·
Merck KGaA
·
Shandong Lixing Chemical Co., Ltd.
·
R-Biopharm AG
·
Succinity GmbH (a joint venture between BASF and
Corbion)
·
Sennics Co., Ltd.
·
GFT GmbH
·
KAWASAKI KASEI CHEMICALS
·
Shandong Weijiao Holdings Group Co., Ltd.
·
Jinan Huaming Biochemistry Co., Ltd.
·
Qingdao Kehai Biochemistry Co., Ltd.
These companies are focusing on expanding their production
capabilities, forming strategic alliances, and developing innovative solutions
to cater to the growing demand for bio-based succinic acid.
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Market Challenges
While the succinic acid market has promising growth
prospects, it faces challenges such as:
- High Production Costs: The production of bio-based
succinic acid is still relatively expensive compared to petrochemical-based
alternatives, which could limit its widespread adoption.
- Limited Awareness in Emerging Markets: In regions
like Africa and parts of Asia, awareness of the benefits of succinic acid and
bio-based products remains limited, hindering market growth.
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