Yahoo Finance Increasing Bio-based Succinic Acid Demand to Drive Market at 6.5% CAGR from 2022 to 2032: Fact.MR Projections
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.
The demand for Succinic Acid is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 160.8 Million by the end of 2022.
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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.
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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.
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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
Coatings
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
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.
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Key players in the Petro-based Succinic Acid Market
Thyssenkrupp AG
BASF SE
Roquette Frères
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%
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