The global succinic acid industry is witnessing a growing interest in bio-based alternatives which has low production cost and are environment-friendly to conventional methods of production. Since the conventional way of production from petroleum derivatives is not economical for manufacturers and does not support environment-related targets. Using microbial organisms’ way of production, succinic acid has huge market potential as a building block for commodity chemicals with applications in several industries. Some of the succinic acid derivatives include tetrahydrofuran, 1,4-butanediol, succinimide, succinonitrile, dimethyl succinate, N-methyl-pyrrolidone, 2-pyrrolidone, and 1,4-diaminobutane. As the demand for these chemical compounds is growing from a range of industries including general manufacturing, food & beverage, pharmaceutical, personal care & cosmetics, therefore, it is expected that the consumption of succinic acid would propel eventually. For instance, according to industry data, the global Succinic Acid Market is expected to grow at a rate of 8% between 2021-2026.
According to UnivDatos Market
Insights (UMI)’ research report “Global Succinic Acid Market”,
the market is expected to showcase a growth of around 8% during the
forecast period. Succinic
acid is a versatile chemical compound that finds application in a range of
industries including general industry, food & beverage, pharmaceutical, and
personal care & cosmetic, and paint & coatings to name a few. As these
industries witness increasing demand for products, therefore, to meet the
growing demand, the demand for chemical intermediates like succinic acid is
growing.
𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=31671&utm_source=linkedin&utm_medium=himan
Based on type, the market is categorized into
petro-based and bio-based. Of both, the bio-based category is likely to showcase
faster growth over the forecast period. The high cost associated with the
conventional way of succinic acid production using the petroleum-derived maleic
anhydride route along with environmentally unfriendly production method is
increasing interest in bio-based succinic acid.
Based on end-user, the market is categorized into
general industrial, paints & coatings, food & beverages, personal care
& cosmetics, pharmaceutical, and others. Among these, general industrial
application held a strong position in the market and is expected to maintain
the position during the forecast period. Succinic acid is used in
tetrahydrofuran, 1,4-butanediol, urethane, and plasticizers, to name a few.
These products find application in a range of industries. For instance,
1,4-butanediol is used as a solvent in the chemical industry whereas it is used
as a crucial raw material in fiber manufacturing like Spandex.
Asia-Pacific is
expected to showcase robust growth over the forecast period
For a better
understanding of the market adoption of succinic acid, the market is analyzed
based on its worldwide presence in the countries such as North America (the
United States, Canada, Rest of North America), Europe (Germany, the United
Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan,
India, and Rest of Asia-Pacific), and Rest of World. The Asia-Pacific region
held a strong position in the market and is expected to maintain a positive
momentum during the forecast period. The region is a global manufacturing hub
and is among the largest producers and consumers of products where succinic
acid is used as a key building block.
𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=31671&utm_source=linkedin&utm_medium=himan
According
to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the
global succinic acid market include Nippon Shokubai Co. Ltd., Air Water Performance
Chemicals Inc., REVERDIA V.O.F., Ernesto Ventós S.A., Anhui Sunsing Chemicals
Co. Ltd., BioAmber Inc., Succinity GmbH, PTT Global Chemical Public Company
Limited, Spectrum Chemical Mfg. Corp., and Shandong Sparrow Chemical Co. Ltd. These
companies are taking several strategic decisions to meet the growing demand and
increase their market share.
“Global Succinic
Acid Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of Go to Market Strategies and identifying the blue ocean for its
offerings.
Market Segmentation:
1.
By Type (Petro-Based and
Bio-Based)
2.
By End-User (General
Industrial, Paints & Coatings, Food & Beverages, Personal Care &
Cosmetics, Pharmaceutical, and Others)
3.
By Region (North America (the
United States, Canada, Rest of North America), Europe (Germany, the United
Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India,
Rest of APAC), and Rest of World)
4.
By Company (Nippon
Shokubai Co. Ltd., Air Water Performance Chemicals Inc., REVERDIA V.O.F.,
Ernesto Ventós S.A., Anhui Sunsing Chemicals Co. Ltd., BioAmber Inc., Succinity
GmbH, PTT Global Chemical Public Company Limited, Spectrum Chemical Mfg. Corp.,
and Shandong Sparrow Chemical Co. Ltd.)
Key questions answered in the study:
1.
What are the current and future trends
of the global succinic acid industry?
2.
How the industry has been evolving in terms
of type and end-user?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global succinic acid industry?
5.
What are the customer orientation,
purchase behavior, and expectations from the global succinic acid suppliers across
various region and countries?
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