Bio-based Succinic Acid Market to Witness Exponential Growth | 2024
A growing number of players in the global bio-based succinic acid market are taking active interest in bio-based methods of producing succinic acid as is evident in its rapidly rising production volumes, notes Transparency Market Research (TMR). Several players are focused on finding novel approaches for large-scale industrial production to capitalize on emerging opportunities. They are increasingly adopting better technologies that have low ecological footprint for the cost-effective production of bio-based succinic acid. A number of companies in the market are experimenting with a variety of inorganic and organic expansion strategies, in order to get a firm foothold in the market, TMR observes. In addition, top players constantly seek to expand their product portfolio and are setting up research and development centers at strategically important regions, in a move to consolidate their positions in the market.
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Some of the leading players operating in the global bio-based succinic acid market include Koninklijke DSM N.V, Roquette Frères S.A., Myriant Corporation, Corbion N.V, BioAmber Inc., and BASF SE.
The global bio-based succinic acid market is projected to rise magnificently at a CAGR of 20% from 2017 to 2026. The market is anticipated to collect a revenue of more than US$900 Million by the end of the forecast period.
Broadly, the various end users are chemical industry, food, pharmaceutical, personal care, and agriculture. Of these, the chemical industry leads the pack and will continue to remain the most attractive segment in the global bio-based succinic acid market. The widespread application of the acid to produce a large number of industrially useful chemicals using sustainable methods world over is fueling the growth.
On a geographic footprint, Europe led the global market in 2017. However, by the end of 2026, North America is projected to become the most attractive region, offering substantially lucrative prospects to market players. The two regions are anticipated to collect more than two-third market revenue share over the assessment period.
Bio-based succinic acid has generated surging interest among producers looking for sustainable methods to replace petroleum-based resources in the production of the acid. The popularity of bio-based production methods is stoked by advantages such as low ecological footprint and cost-effectiveness.
The robustly rising focus of manufacturers on green chemicals in numerous emerging and developed economies is a notable factor catalyzing the growth of the market. In addition, a marked shortage of crude oil supply and the steep fluctuations in oil prices in various regions are noteworthy factors aiding in the rapid expansion of the market.
In recent years, the demand for bio-based succinic acid has gathered momentum as a platform chemical to produce a number of useful derivatives at a competitive cost. The market is also expected to substantially benefit from the use of succinic acid as commodity chemicals. The significantly rising use of bio-based succinic acid as feedstock in the production of several biodegradable products is also accentuating the growth of the market.
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However, considerable capital required to set up production plants for bio-based succinic acid, along with the elevated cost of raw materials, is a critical concern expected to serve as bottlenecks to the growth of the market. Furthermore, the intense competition amongst regional players doesn’t bode well for the market. Nevertheless, with low-carbon economy gathering momentum in various parts of the world, the demand for bio-based succinic acid is expected to soar over the years. A variety of emerging applications of succinic acid will provide a shot in the arm for the growth of the market. For instance, the rising use of bio-succinic in making polyesters polyols and 1,4 Butanediol (BDO) is likely to catalyze the growth of the market during the assessment period.
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