Succinic Acid Market

Succinic Acid Market Analysis :

Succinic acid is a water-soluble, colorless and odorless di-carboxylic acid. It can be obtained naturally and produced by artificial process. Naturally, succinic acid is produced by microbial fermentation of glucose majorly obtained from maize, wheat, or sugarcane. Conversely, in laboratories, it is manufactured from maleic anhydride. Succinic acid is an intermediate in several chemical processes, and is used in the production of various products. As chemical intermediate, it finds its application in the manufacture of dyes, industrial solvents, perfumes, lacquers, photographic chemicals, alkyd resins, plasticizes, polyurethanes, metal treatment chemicals, and coatings. Succinic acid is used to manufacture drugs such as sedatives, antispasmers, antiplegm, aniphogistic, anrhoers, contraceptives, and drugs for the treatment of cancer.

COVID-19 scenario analysis

• The coronavirus pandemic has severely affected the manufacturing sector all across the globe. With the lockdown implemented in almost all the nations,the succinic acid market has been affected to a notable extent.
• Succinic acid is applicable in perfumes, resins, plasticizers, and coatings, which fall under non-essential items.Thus, the demand for these products has significantly declined, resulting in decrease in demand for succinic acid.
• Owing to the restrictions in national and international transport, the procurement of raw materials and distribution of finished product have become a challenge for the manufacturers, which has, in turn, resulted in dysfunctional supply chain.
• The economic downfall which followed the pandemic has declined the demand for succinic acid in the market.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The major drivers of the global succinic acid market are increase in applications of succinic acid inchemical industry. Succinic aid is used for flavor enhancement in numerous packaged food items. Thus, development of the food industry is expected to boost the demand for succinic acid. Polybutylene succinate (PBS) is a biopolymer produced by poly-condensation of succinic acid that has a wide range of applications, including single-use food service ware such as cutlery, cups, and lids; agricultural mulching films; and compostable bags. PBS is further used as a biodegradable drug encapsulation system, and is being investigated for application in medical implants. Moreover,succinic acid finds its application in coatings and resins, thus fueling its demand across chemical and automobile industries. Thus, all these factors collectively boost the growth of the global succinic acid market.

However, volatility of prices of raw materials coupled with high cost of production and availability of alternatives such as citric and maleic acids act as major restraints of the succinic acid market.

The global succinic acid market trends are as follows:

Rise in demand for plasticizers and polyurethanes

The growth of the global succinic acid market is majorly driven by rise in demand for polyurethanes in the global market for its wide array of applications such as sealants, coatings, elastomers, and adhesives. In addition, increase in demand for flexible and rigid polyurethanes has boosted the demand for succinic acid.

Moreover, plasticizers are used as additives in the production of polyvinyl chloride (PVC) that has several uses in the industry. It is also used in the manufacture of polyvinyl butyral (PVB) and several other products for its low viscosity and low volatility.

Key benefits of the report

• This study presents the analytical depiction of the global succinic acid industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global succinic acid market share.
• The current market is quantitatively analyzed to highlight the global succinic acid market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

Questions answered in the globalsuccinic acid market research report:

• Which are the leading market players active in the global succinic acid market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Succinic Acid Market Report Highlights