Bio Succinic Acid Market Expected to Reach $235.02 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bio Succinic Acid Market," The bio succinic acid market was valued at $126.80 million in 2020, and is estimated to reach $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030.

Bio succinic acid is a natural acid that can be used in food, skincare, and pharma products. It helps to reduce joint pain and arthritis pain when applied to the skin. It reduces the aging and scars on the skin. It is primarily being used as a replacement for petrol succinic acid in few applications such as solvents &lubricants, de-icer solutions, cosmetics, food, and pharma. In addition to the above mentioned applications, it is also utilized in the production of plasticizers, polyester polyols, 1, 4-Butanediol, and other chemical compounds that have wide range of application in commercial and industrial applications. The presence of the above mentioned applications will accelerate the future growth of the market. 1, 4-Butanediol (BDO) can be synthesized using succinic acid as a precursor. The automotive and electronics industries heavily rely on BDO to produce connectors, insulators, wheel cover, gearshift knobs, and reinforcing beams. In addition to this, it is used as a food additive and dietary supplement, succinic acid is generally recognized as safe by the U.S. Food and Drug Administration. It is mainly used as an acidity regulator in the food and beverage industry. It is also utilized as a flavouring agent, primarily used for sour and astringent component to umami taste.

The demand for bio succinic acid is primarily driven by increased demand for bio-based products as they are harmless to humans and environment. Furthermore, the market is driven mostly due to the volatility in fossil fuels, rise in carbon footprints and an interest in using renewable raw materials that are available locally. In addition, increased global demand for green chemicals is anticipated to trigger the adoption in wide range of applications, especially in bio plastics. The presence of above mentioned concerns has led to the discovery of biological manufacturing of succinic acid.

Higher prices of bio succinic acid and lengthy extraction processes are major factors that hamper the market growth. Research and development of bio succinic acid technology are expected to make profitable growth opportunities. The presence of wide range of application and surge in awareness among the consumers regarding the advantages of the green chemicals compared to conventional chemicals are expected to spur the expansion of bio succinic acid market by providing many growth opportunities.

The bio succinic acid market is segmented on the basis of end use and region.

By end use, the global bio succinic acid market is segmented into industrial, food, pharmaceuticals, cosmetics and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for the largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of eco-friendly products in the region is anticipated to continue to boost the bio succinic acid market, due to the presence of huge industrial manufacturing process with complete low cost manufacturing conditions in North America region have created opportunities for the market growth.

The key players that operate in the global bio succinic acid market are BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi Corporation, BASF SE, RoquetteFrerse S.A, Purac, Kawasaki Kasei chemicals, and Reverdia. Other players in the value chain (not profiled in the report) include Cargill Incorporated, Nippon shokubai, The Dow Chemical Company, and others, etc., are competing for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the future demand for the bio succinic acid market during the forecast period.

Key findings of the study

• By region, Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
• By end use, industrial application segment held the largest market share in 2020.

IMPACT OF COVID-19 ON THE GLOBAL BIO SUCCINIC ACID MARKET

• Emergence of COVID-19 had less impact on growth of the global bio succinic acid market during the pandemic outbreak period.
• This impact is mostly attributed to significant disruptions in the raw material transportation, unavailability of labor, shutdown of many manufacturing industries.
• The decrease in demand for many non-essential products and shut down of manufacturing industries created a negative impact on the development of global bio succinic acid market.