Introduction

Succinic acid is a natural, four-carbon dicarboxylic acid that can be produced by both petrochemical and bio-based routes. It is a versatile intermediate chemical used in a wide range of applications, including food and beverage, pharmaceuticals, personal care, coatings, and industrial products.

According to Stratview Research, the global succinic acid market is expected to grow at a CAGR of 9.4% during the forecast period (2022-2028). This growth is being driven by a number of factors, including:

  • Increasing demand for bio-based products
  • Growing use of succinic acid in food and beverage applications
  • Expanding pharmaceutical and personal care industries
  • Growing demand for sustainable coatings and industrial products

Market Trends

The following are some of the key trends driving the growth of the global succinic acid market:

  • Rising demand for bio-based products: Consumers are increasingly demanding products that are made from sustainable and renewable resources. Bio-based succinic acid is a viable alternative to petrochemical-based succinic acid, and its demand is expected to grow significantly in the coming years.
  • Growing use of succinic acid in food and beverage applications: Succinic acid is used as a food acidulant, sequestrant, and flavoring agent. It is also used in the production of bio-based plastics, such as polybutylene succinate (PBS). The growing food and beverage industry is expected to drive the demand for succinic acid in this application segment.
  • Expanding pharmaceutical and personal care industries: Succinic acid is used in the production of a variety of pharmaceutical and personal care products, including antibiotics, pain relievers, and cosmetics. The expanding pharmaceutical and personal care industries are expected to boost the demand for succinic acid in these application segments.
  • Growing demand for sustainable coatings and industrial products: Succinic acid is used in the production of sustainable coatings and industrial products, such as bio-based plasticizers and solvents. The growing demand for sustainable products is expected to drive the demand for succinic acid in these application segments.

Competitive Landscape

The global succinic acid market is relatively fragmented, with a number of players operating in the market. The key players in the market include:

  • Reverdia
  • Corbion
  • Myriant
  • BASF
  • Mitsubishi Chemical Corporation
  • Succinity
  • BioAmber
  • FUSO CHEMICAL CO., LTD.
  • Ernesto Ventós S.A.
  • CJ CheilJedang Corporation
  • PTT Global Chemical

These players are investing in research and development to develop new and innovative applications for succinic acid. They are also expanding their production capacity to meet the growing demand for succinic acid.

Market Outlook

The global succinic acid market is expected to grow at a CAGR of 9.4% during the forecast period (2022-2028). The market is expected to reach a value of USD 438.35 million by 2028.

The Asia Pacific region is expected to be the fastest growing market for succinic acid during the forecast period. The growth in this region is being driven by the expanding food and beverage, pharmaceutical, and personal care industries.

Emerging Trends and Technologies

The following are some of the emerging trends and technologies in the global succinic acid market:

  • Development of bio-based succinic acid production processes: Researchers are developing new and innovative bio-based succinic acid production processes that are more efficient and sustainable than existing processes.
  • Expanding use of succinic acid in new applications: Succinic acid is being used in a variety of new applications, such as the production of bio-based fuels, lubricants, and adhesives.
  • Development of new succinic acid-based products: Manufacturers are developing new succinic acid-based products, such as bio-based plastics, coatings, and solvents.

These emerging trends and technologies are expected to boost the growth of the global succinic acid market in the coming years.

Opportunities and Challenges

The following are some of the key opportunities and challenges in the global succinic acid market:

Opportunities:

  • Increasing demand for bio-based products
  • Growing use of succinic acid in new applications
  • Development of new succinic acid-based products
  • Expanding food and beverage, pharmaceutical, and personal care industries
  • Growing demand for sustainable coatings and industrial products

Challenges:

  • High cost of bio-based succinic acid
  • Lack of awareness about succinic acid and its applications
  • Competition from petrochemical-based succinic

Conclusion

The global succinic acid market is expected to witness significant growth in the coming years, driven by the increasing demand for bio-based products, growing use of succinic acid in food and beverage applications, expanding pharmaceutical and personal care industries, and growing demand for sustainable coatings and industrial products.