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
United States, Rockville MD, May 23, 2022 (GLOBE NEWSWIRE) -- In 2022, the global succinic acid market stands at a net valuation of US$ 160.8 Million, and the market is expected to expand at a CAGR of 6.5% from 2022 to 2032.
Increasing use of succinic acid in several industries such as food, pharmaceuticals, cosmetics, and personal care is expected to prominently drive market growth over the coming years. Rising popularity of succinic acid to treat acne and other skincare conditions is expected to drive demand growth in developed as well as developing economies.
For Critical Insights on Petro-based Succinic Acid Market, Request a Sample Report
Rising consumption of food across the world has driven the demand for food additives and preservatives, which is also expected to positively influence succinic acid market growth throughout the forecast period. However, high costs associated with succinic acid production are expected to have a hampering effect on market growth to some extent.
Succinic acid manufacturers are investing in the expansion of their production capacities to meet increasing demand from several industry verticals. Rising demand for bio-based succinic acid from the personal care and cosmetics sector is what market players will be focusing on.
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.
To learn more about Bio-based Succinic Acid Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7361
Key Segments Covered in the Petro-based Succinic Acid Industry Survey
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
Food & Beverages
Demand for Succinic Acid in Cosmetics
Other End Uses
Succinic Acid Market by Region :
North America Succinic Acid Market
Latin America Succinic Acid Market
Europe Succinic Acid Market
APAC Succinic Acid Market
MEA Succinic Acid Market
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.
Get Customization on Bio-based Succinic Acid Market Report for Specific Research Solutions
Key players in the Petro-based Succinic Acid Market
Kawasaki Kasei Chemicals
NIPPON SHOKUBAI CO. LTD
Ernesto Ventós S.A.
Spectrum Chemical Manufacturing Corp
Key Takeaways from Petro-based Succinic Acid Market Study
In 2022, the global succinic acid market stands at US$ 160.8 million.
From 2022 to 2032, demand for succinic acid is expected to increase at a CAGR of 6.5%.
Rising use of succinic acid in food additives, increasing use for acne treatment, rising popularity of antimicrobial properties, and increasing use in industries for solvents and raw materials are expected to drive market growth.
Currently, the North America succinic acid market accounts for a valuation of US$ 52.4 million and holds a dominant market share of 32.6% in the global industry landscape
The China succinic acid market is expected to account for a valuation of US$ 42.4 million by 2032.
Petro-based succinic acid is expected to account for higher sales revenue of US$ 190.6 million by 2032 while progressing at a CAGR of 5.8%
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Pre-emergent Herbicide Market Analysis- Pre-emergent herbicides are widely used in agricultural lands, lawns, and other locations where weed development is a major concern. Pre-emergent herbicides are used to prevent undesirable weed development that threatens land fertility in the future. Acid and salt are the two major formulation kinds. Pre-emergent herbicide market, salt pre-emergent herbicide market captures the majority of the market due to its extensive application in crops such as cereals & grains, oilseeds, pulses, pastures & forage crops, and other crops, which has tremendously thrived the market.
Bio rational Fungicides Market Forecast- Bio rational fungicides are fungicides that have no or minimal harmful effects on the human body or the environment. They are suitable for use in organic greenhouses and indoor agricultural facilities due to their low toxicity. The industry is expected to benefit from the growing trend of using organic fertilisers, insecticides, and fungicides instead of chemicals. Growing global knowledge of the benefits of using organic farm products is driving demand for organic agricultural ingredients, which will eventually increase demand for organic pesticides, particularly bio rational fungicides.
Bio-based Platform Chemicals Market Size- Bio-based platform chemicals are a class of chemical building blocks that can be made from sugar using a biological conversion method. One of the primary drivers driving the market's favourable outlook is significant expansion in the chemical and pharmaceutical industries. Growing need for environment-friendly and bio-based chemicals, as well as rising demand for bio-based levulinic acid and bio-based glucaric acid, are all driving market expansion. Other growth-inducing elements include numerous product developments, such as the invention of superabsorbent polymers (SAPs).
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Japan Sales Office
9F Nakano Sunplaza