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Succinic Acid Market

Succinic Acid Market

Succinic Acid Market Analysis By Type (Petro-based Succinic Acid & Bio-based Succinic Acid) By End-Use (Industrial Sector, Coatings, Food & Beverages, Cosmetics & Others) By Region (North America, Latin America, Europe, APAC & MEA) - Global Market Insights 2022 to 2032

Succinic Acid Market
FACT7361MR

Succinic Acid Market Outlook (2022-2032)

At present, the global succinic acid market accounts for a valuation of US$ 160.8 million and is estimated to climb to US$ 301.4 million by the end of 2032. Consumption of succinic acid is predicted to increase at 6.5% CAGR from 2022 to 2032.

Report Attributes

Details

Global Succinic Acid Market Size (2022)

US$ 160.8 Million

Predicted Market Value (2032F)

US$ 301.4 Million

Global Market Growth Rate (2022-2032)

6.5% CAGR

North America Market Share (2022)

32.6%

Key Companies Profiled

  • 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.

Rising use of polyurethane and tetrahydrofuran is expected to propel the sales of succinic acid in the industrial sector. This new succinic acid market analysis by Fact.MR suggests that the market will be majorly driven by increasing demand for succinic acid in the pharmaceutical and personal care industries.

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Succinic Acid Consumption Analysis (2017-2021) Vs. Market Growth Forecasts (2022-2032)

Succinic acid is non-toxic in nature, antimicrobial, and anti-inflammatory, and these properties are expected to drive its demand across the forecast period. Increasing popularity of the aforementioned characteristics is expected to drive demand for succinic acid for skin treatment and acne treatment.

Succinic acid for acne treatment is being recommended by dermatologists, and hence, companies are focusing on creating hydrating gels with succinic acid to meet increasing demand.

As per this succinic acid market report, the industry exhibited expansion at a CAGR of 5.4% from 2017 to 2021.

Succinic acid is also being widely used in several industries as a solvent and raw material for the manufacturing of different products. Rising focus on the consumption of organic products is also expected to positively impact shipments of succinic acid.

Increasing use of succinic acid as a feedstock for the production of plasticizers is also expected to provide lucrative opportunities for succinic acid manufacturers throughout the forecast period.

Rising use of bio-based succinic acid in the food industry to manufacture succinic acid food additives as demand for them increases with increasing food consumption across developed and developing countries alike. However, the high costs of production of succinic acid are expected to have a constraining effect on the global industry growth.

The worldwide market for succinic acids is expected to expand at a CAGR of 6.5% from 2022 to 2032.

Succinic acid market forecast by Fact.MR

How are Sales of Succinic Acid Evolving across Regional Market?

“Demand for Succinic Acid to Remain Highest in North America”

The North America succinic acid market is projected to account for a revenue of US$ 102.3 million and a market share of 33.9% in the global industry by the end of 2032. Rising use of food additives in the food industry in the region is expected to prominently drive succinic acid market demand.

Rising demand for food preservatives and additives in the economies of India and China are expected to significantly boost market potential in the APAC region. Succinic acid food additives are expected to see a high increase in sales across the forecast period in this region.

The Asia Pacific succinic acid market accounts for US$ 45.9 million and is projected to expand at a high CAGR of 6.8% from 2022 to 2032.

An Adaptive Approach to Modern-day Research Needs

Country-wise Insights

Why is Demand for Succinic Acid in Cosmetics Industry High in the United States?

“Rising Demand for Organic Cosmetic Products to Boost Bio-Succinic Acid Consumption”

The United States is expected to lead the sales of succinic acid in North America. The United States succinic acid market stands at a valuation of US$ 48.9 million in 2022 and is expected to account for a major market share of 93.6% in the North America succinic acid market by 2032.

High consumer spending potential has positively influenced the consumption of personal care and cosmetic products in the nation. This factor will majorly drive demand for succinic acid in the personal care industry of the United States through 2032.

Succinic acid supplements and succinic acid tablets are expected to see a steady increase in consumption throughout the forecast period owing to increasing health consciousness in the country.

Increasing demand for organic products and rising awareness about the side effects of chemical-based products will further bolster demand for succinic acid in the U.S.

Will China Be a Lucrative Market for Succinic Acid Manufacturers?

“Low Production Costs to Provide Attractive Opportunities for Succinic Acid Suppliers”

China is well known for its robust manufacturing capability and is expected to provide rewarding opportunities for the succinic acid market as well. Low labor costs and supportive government initiatives are expected to bolster succinic acid market growth in China.

Manufacturing of succinic acid food additives, succinic acid supplements, and succinic acid tablets is expected to see a rise in the nation across the forecast period.

The China succinic acid market currently accounts for a share of 45.2% of the Asia Pacific succinic acid industry.

Category-wise Insights

Should Market Players Focus on Petro-based Succinic Acid Production?

“Petro-based Succinic Acid Accounts for Major Market Share”

Increasing use of petro-based succinic acid in polyurethane production as an alternative to adipic acid is expected to drive the growth of the petro-based succinic acid segment over the coming years. At present, petro-based succinic acid sales account for a value of US$ 98.6 million, which is anticipated to surge to US$ 190.6 million by the end of 2032.

On the other hand, the bio-succinic acid market is expected to rise at a CAGR of 6% across the forecast period. Increasing health consciousness and environmental concerns by governments across the world are prominent factors driving demand for bio-based succinic acid.

The bio-based succinic acid market is expected to account for a market share of 36.8% and a revenue of US$ 110.8 million by the end of 2032. 

What is the Outlook for Sales of Succinic Acid in the Industrial Sector?

“Industrial End-use Segment to Dominate Global Succinic Acid Market”

Increasing use of succinic acid in multiple industries as a solvent and raw material for manufacturing is expected to drive sales of succinic acid in the industrial sector.

Sales of succinic acid in the industrial sector account for a net revenue total of US$ 53.7 million in 2022. Rising demand for spandex will also increase succinic acid market volume as succinic acid is a crucial raw material for the manufacturing of tetrahydrofuran which is majorly used in spandex manufacturing.

Demand for succinic acid in pharmaceuticals and demand for succinic acid in the food industry is expected to see good growth over the forecast period owing to the rising scope of application. Bio-based succinic acid is expected to be preferred in pharmaceutical and food industries owing to rising awareness about the side effects of the use of petro-based succinic acid.

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COVID-19 Pandemic Analysis

This succinic acid market analysis evaluates the impact of the COVID-19 pandemic on a global scale. Sales of succinic acid were negatively impacted in 2020 owing to worldwide lockdown restrictions that were put in place to curb the spread of infections.

However, succinic acid demand is expected to rise at a steady pace in the post-pandemic era as industrial activity has resumed to full flow and world trade volumes have returned to pre-pandemic levels.

Competitive Landscape :

Key succinic acid manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope across the world.

Succinic acid suppliers are also investing in the expansion of their production plants to increase capacity to meet high demand from several industry verticals.

  • 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.

Key Segments Covered in Succinic Acid Industry Research

  • Succinic Acid Market by Type :

    • Petro-based Succinic Acid
    • Bio-based Succinic Acid
  • Succinic Acid Market by End Use :

    • Sales of Succinic Acid in Industrial Sector
    • Coatings
    • Food & Beverages
    • Demand for Succinic Acid in Cosmetics
    • Other End Uses
  • Succinic Acid Market by Region :

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

- FAQs -

The global succinic acid market accounts for US$ 160.8 million valuation in 2022.
By the end of 2032, the global market for succinic acid is projected to reach US$ 301.4 million.
Demand for succinic acid is expected to increase at a CAGR of 6.5% from 2022 to 2032.
The industrial sector is projected to account for the largest succinic acid market share of 37.4% by the end of 2032.
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.
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.

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