Succinic Acid Market Size to Cross $280 Million Revenue by 2030

Succinic Acid Market Overview

“The Global Succinic Acid Market is expected to grow rapidly at a 6.4% CAGR consequently, it will grow from its existing size of from $172 Million in 2023 to $280 Million by 2030.”

Succinic acid is also known as Butanedioic Acid, a dicarboxylic acid with the molecular formula of C4H6O4 widespread in all tissues of animals and plants and plays an important role in the metabolism of intermediaries. It is a non-coloured solid crystal that dissolves in water and with an melting temperature between 185 and 187 degrees Celsius (365-369deg F).

Succinic acid first came into existence from the distillation process that was derived from amber (Latin: succinum) that is why it is known as. The most common method for synthesis of succinic acids is catalytic hydrogenation of maleic acid or its anhydride however other methods are being investigated and used. Succinic acid can be found in a variety of drugs and compounds as well as in agricultural and food production, as well as in the manufacture of.

Succinic acid can be described as a dicarboxylic acids with the chemical formula (CH2)2(CO2H2)2. Succinic acid is a dicarboxylic acid. Succinic acid is an anion referred to as the succinate within the body of humans. It is involved in multiple biological functions and functions as a metabolic intermediary.

Succinic acid is an unodourless colorless, water-soluble solid that is created by using chemical and natural processes. The natural process for producing succinic acids involves the fermentation of glucose by microbes using the raw materials such as sugarcane, tapioca and maize as well as wheat. N-butane is among the most important raw materials utilized to make succinic acid.

It is Succinic acid is made synthetically by using maleic anhydride. It is a crystalline di-carboxylic acid that has four carbons. Succinic acid is mostly used as an acidifier that enhances the flavor of drinks as well as sausages and relishes. It can also be used as a chemical intermediate in order to make lacquers, for perfume esters, as well as in the field of medicine.

Succinic acid Succinic acid is able to function as neutralizing agent, or as a buffer. The acid is non-hygroscopic acid with more water-soluble properties that allows for greater flexibility for the formulation of drinks, and powdered food items. Succinic acid is used extensively in many industries like chemical, pharmaceuticals, and food. Currently, the majority of succinic acid comes by petroleum feedstock.

The increasing use for succinic acid a substitute for adipic acid for the production of polyurethane will propel the market over the anticipated time. Elastomers and sealants, coatings and adhesives are the main applications driving need for polyurethanes. A rise in demand for both rigid and flexible Polyurethanes is an important factor driving the growth in need for polyurethanes. The characteristics of succinic acid like its non-toxic nature, higher heat resistance and processability as well as biodegradable properties are predicted to drive the market over the next years.

Demand for bio-based chemicals growing rising per capita income around the world, shifting diet patterns, and a growing demand from food and beverage industry experts will boost the market in the upcoming years. A rise in need for plasticizers are anticipated to boost the consumption of succinic acid.

The majority of plasticizers are utilized as additives to the production of polyvinyl chloride (PVC). PVC is used in many industries. This is the main reason behind market growth in the Succinic Acid Market. Plasticizers are used in production of PVC pipes, polyvinylbutyral (PVB) and various other products because of their low viscosity and volatility.

The set-up for succinic acid manufacturing plant for both renewable and petro-based chemicals requires a massive investment in capital, advanced technology, and a sufficient quantity of the raw material together with strict R&D on a micro-level to produce a top-quality product.

The manufacturer must also gain economies of scale by conducting large-scale production and ensuring regular bulk purchases of their products to ensure a continuous cash flow for their operations. These aspects have resulted in significant impacts on the price of the final product. Thus, it is difficult for emerging manufacturers to have access to such technology and skilled labour with the high capital investment to manufacture environment-friendly, efficient, and sustainable succinic acid products at a very competitive price.

These reasons are restricting the expansion in this Succinic Acid Market. Succinic Acid Market Succinic Acid Market can be described as a highly capital-intensive market and the time-to-market involved in the penetration of succinic acid in the form of an intermediary for the material/application currently in use also causes substantial losses to the end-user industries.

The R&D cost associated with the petro-based succinic acid in terms of labor as well as raw materials, are high. The inability of bio-based succinic acid because of the inability to compete on cost and performance issues when used as a substitute for succinic acid derived from petroleum has pushed up the demand for petro-based sucinic acid.

Demand Outlook

Succinic acid is safe in nature, as well as antimicrobial and anti-inflammatory. These characteristics are expected to boost its demand throughout the forecast time. Growing demand for these features is expected to increase demand for succinic acids for treatments for acne and skin.

Succinic acid as a treatment for acne is being suggested by dermatologists. As a result companies are now focusing on developing hydrating gels using succinic acid in order to meet the increasing demand.

Succinic acid is extensively used in a variety of industries as an ingredient in the production of solvents and as a raw material to make of many different products. A growing focus on the use of organic products is anticipated to impact the supply of succinic acids.

The increasing use of succinic acid as a source of feedstock for manufacturing of plasticizers is likely to create lucrative opportunities for manufacturers of succinic acid over the next few years.

The increasing demand for bio-based succinic acid within the industry of food to make succinic acid food additives, as the demand for them rises as food consumption increases across the developed and developing worlds. However, the high cost for the production of succinic acids will likely limit the development of the industry globally.

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Market Dynamics

Growth Drivers

The rising demand for 1,4-butanediol which is the basic ingredient for polyurethanes as well as plasticizers and resins, and will lead to an increase in need for succinic acid. Furthermore, succinic acids are used to sequester carbon dioxide in the food processing, helping in enhancing the quality and stability of foods items. With the increasing worry about food quality it is expected that the need for succinic acid is predicted to rise.

Furthermore, increasing demand for succinic acids in the manufacturing of drugs for pain, arthritis and menopausal issues. is expected to fuel the growth of the succinic acid market. Additionally, initiatives by governments in developed regions like North America and Europe towards adopting bio-based chemicals to promote sustainable development have increased the demand for bio-based succinic acid.

Furthermore, the increasing utilization of bio-based succinic acid for the production of polyurethanes, instead of adipic acids, is expected to boost succinic acid market's growth. However, fluctuations in the price of oil crude are likely to affect the cost of succinic acids as well.

In addition, the more expensive manufacturing costs for bio-based succinic acids is predicted to hinder expansion of the market over the this forecast time. Therefore, the advancement of efficient manufacturing methods for bio-based succinic acid could bring new opportunities to the expansion of the succinic acid market.

Increase in Demand for Food and Beverages The main driver behind Succinic Acid Market

• The industry of food and beverages is a key factor in the economic growth. The global food and beverages industry has seen a significant increase in the past decade. The rising the demand for food additives to improve flavor and taste enhancement in both developed as as developing nations is one of the major drivers for the global food and beverage industry.
• Urbanization is growing, as well as the rise in disposable income of the consumer and a growing preference for a variety of food styles can also contribute to the increasing the demand of food ingredients. This will fuel the food industry over the forecast time.
• Demand for food preservatives within the industry of food in countries with emerging economies like China, India, Russia, Brazil, and South Africa is expected to increase the global food and beverage industry in the near future.
• Succinic acid is commonly utilized as a food ingredient. Succinic acid can be used to enhance flavor and add a the food with a fruity flavor. It also serves as an ingredient in the preparation of food.
• Preservatives and flavor enhancers are widely used within the industry of food. The increasing use of succinic acid as a flavor enhancer and preservative is increasing consumption of succinic acids in the food and beverage industry.
• This is why the increasing the need for food additives within the food and beverages industry is anticipated to boost globally the succinic acid industry over the forecast time

Opportunities

Development of Plasticizers Industry

• The plasticizers business has grown dramatically across the globe in the past few years as a result of an increase in the demand for plasticizers as an ingredient in the manufacturing of polymers, like polyvinyl chloride (PVC). Plasticizers provide flexibleness and flexibility to PVC which is required for a variety of applications, including in the construction industry (sheathing for cables and electric wires flooring membranes, roofing membranes, walls, and flooring) as well as in automobiles (trim cables, trim sealants for underbody applications) furniture, as well as synthetic leather products. Additionally, plasticizers enhance the plasticity and reduce the viscosity of plastics. These properties are causing the development of plasticizers to be additives to the PVC industry.
• According to European Plasticisers, a sector section belonging to the European Chemical Industry Council, about 7.5 million tonnes of plasticizers consumed each year all over the world. Europe is among the biggest users of plasticizers. About 1.35 million tons of these plasticizers used every year in Europe. PVC products accounted for more than 15% of the market for plasticizers in Europe in the year 2020.
• Succinic acid can be used as a feedstock for the manufacture of plasticizers. Therefore, the growth of the plasticizers industry is expected to boost the succinic acid market over the forecast timeframe.

Succinic Acid Market Segment Analysis

Market players should focus on the Petro-based Succinic Acid Manufacturing?

"Petro-based Succinic Acid holds a major Market share"

A growing the use of succinic acid derived from petro in the production of polyurethane as a substitute for Adipic acid is anticipated to boost the expansion of the petro-based succinic acid market over the next years. Presently the sales of petro-based succinic acids represent US dollars 95.6 million and is predicted to grow to US$ 180.6 million by the end of 2030.

However the bio-succinic acid market is predicted to expand by a CAGR of 6.4% during the forecast period. The growing awareness about health and environmental concerns from governments around the globe are the main factors driving the demand for bio-based succinic acid.

The market for bio-based succinic acid is anticipated to contribute an estimated market part of 36.8 percent and generate a profit that is $110.8 million at the end of 2030.

How do you see the Outlook for Sales of Succinic Acid in the Industrial Sector?

"Industrial End-Use Segment to Control the Global Succinic Acid Market"

The increasing use of succinic acid across a range of fields as a solvent and a raw material for manufacturing is anticipated to boost the demand for succinic acids in industry.

Succinic acid sales in the industrial industry account for the total net revenue in the range of USdollars 53.7 millions through 2022. The rising demand for spandex will also drive up the market size for succinic acid since succinic acid is a vital raw material needed for the manufacture of tetrahydrofuran that is primarily used for the manufacture of spandex.

Succinic acid is a key ingredient in pharmaceuticals as well as demand of succinic acids in food production are expected to increase significantly in the coming years due to the expanding applications. Bio-based succinic acids are expected to be a preferred choice in the food and pharmaceutical industries due to the increasing awareness of adverse effects of petro-based succinic Acid.

Competitive Landscape of the Succinic Acid Market

• Thyssenkrupp AG
• BASF SE
• Roquette Frères
• Kawasaki Kasei Chemicals
• NIPPON SHOKUBAI CO. LTD
• Ernesto Ventós S.A.
• Spectrum Chemical Manufacturing Corp
• FUSO CHEMICAL CO. LTD.
• R-Biopharm AG
• ESIM Chemicals
• Anhui Sunsing Chemicals Co. Ltd.
• Novomer Inc.

Recent Developments in Succinic Acid Market

In August 2022, A technology solution has been added to Technip Energies' expanding portfolio of sustainable chemicals with the acquisition of Biosuccinium technology from DSM. The newly acquired method commercially referenced the production of bio-based succinic acid (bio-SAc), which is used as a feedstock for the manufacturing of polybutylene succinate.

In August 2021, LCY Biosciences, a leading name in succinic acid production, announced that it is producing 18 KT of bio-based succinic acid at a plant in Sarnia, Ontario, Canada. The plant was previously owned by BioAmber and produced 8 KT at the time.

On 8 June 2021, Cargill and HELM formed a joint venture, Qore, to manufacture 1,4-butanediol (BDO) under the brand name QIRA. Both firms would invest a total of USD 300 Million to develop the first bio-based BDO facility in the United States. Qore has licensed Genomatica's BDO process technology for production and distribution of QIRA.

On 1 April 2019, DSM and Roquette, a producer of plant-based ingredients, agreed to dissolve their Reverdia bio-succinic acid production joint venture, and transfer the rights and obligations related to the Reverdia’s Biosuccinium plant to

In August 2018, Myriant changed its name officially to GC Innovation America, which is anticipated to be a tactical move by PTT.

In December 2019, Nippon Shokubai and Sanyo Chemical merge to open up a new firm and named that Synfomix Co., Ltd.

In November 2016, Reverdia entered into a strategic partnership with Hangzhou Xinfu Science & Technology (China) for a long-term supply agreement.

In October 2016, Reverdia struck an agreement with Dezhou Xinhuarun Technology to manufacture and promote Biosuccinium-based microcellular polyurethane foams.

25.06.2013: Myriant Starts up New Bio-succinic Acid Plant in Louisiana

October 5, 2012: BASF and CSM establish 50-50 joint venture for biobased succinic acid

Regional Insights

"Demand for Succinic Acid To remained at its highest within North America"

According to the North America succinic acid market is expected to generate an estimated revenue that is US$1 95.65 millions and an estimated market share of 32.15 percent within the global market at 2030. Growing usage of food additives in the industry of food in this region is anticipated to be a major driver of the demand for succinic acid in the market.

The rising demands for preservatives and food additives in the countries of India and China are anticipated to dramatically enhance the potential for market growth in the APAC region. Succinic acid is a food additive that is predicted to see a substantial growth in sales over the forecast timeframe for the APAC region.

The Asia Pacific succinic acid market is worth USUSD 43.5 millions and is expected to grow at a CAGR 6.3% from 2023 until 2030.

Segments Covered in the Succinic Acid Market

Succinic Acid Market By Type

• Petro-based Succinic Acid
• Bio-based Succinic Acid

Succinic Acid Market By End Use

• Industrial Sector
• Coatings
• Food & Beverages
• Cosmetics
• Other End Uses

Succinic Acid Market By Region

• North America
• Latin America
• Europe
• APAC
• MEA

Frequently Asked Questions:

What valuation does the global succinic acid market enjoy?

The Global Succinic Acid Market is expected to grow rapidly at a 6.4% CAGR consequently, it will grow from its existing size of from $172 Million in 2023 to $280 Million by 2030.

Which industry is the largest end user of succinic acid?

The industrial sector is projected to account for the largest succinic acid market share of 35.5% by the end of 2030.

What are the key driving forces behind the demand growth of succinic acid?

Increasing use of succinic acid in several industries such as food, pharmaceutical, cosmetics, and personal care are expected to majorly drive market potential through 2032.

Which key succinic acid manufacturers are profiled in this succinic acid market report?

Key succinic acid suppliers are Thyssenkrupp AG, BASF SE, Roquette Frères, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO. LTD, Ernesto Ventós S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO. LTD., and R-Biopharm AG.