Succinic Acid Market Size, Share & Industry Analysis, By Type (Bio-Based, Petro-Based), By Application (Food & Beverage, Industrial Chemicals, Pharmaceuticals, Others) and Regional Forecast, 2024-2032

Succinic acid is also known as butanedioic acid; it occurs in nature in its original form in plant and animal tissues or in various forms of its esters. With the rapid advancements in fermentation technology and processes, the global succinic acid market has received strong growth impetus.

The succinic acid market is driven by the huge growth potential of converting succinic acid to a range of industrial chemicals with strong demand dynamics. However, the production of bio-based succinic acid is complex and expensive process. The selection of inputs coupled with highly degree of knowledge for purification processes remains crucial for the sustainable production of succinic acid.

The key players in the global succinic acid market are intensifying their manufacturing capabilities as it is evident from the volumetric capacities expansion undertaken by Succinity, Myriant and Reverdia. The availability of microorganisms as a reliable source for succinic acid is expected to provide major boost to bio-based succinic acid market. The value-added and derivatives products from succinic acid offer another a lucrative platform to the companies. The fact that succinic acid acts as a precursor of many industrial chemicals and consumer products is further facilitating the overall market growth.

The strong production and subsequent demand of polyurethanes, resins & plasticizers are also boosting the overall market sentiments for succinic acid. Succinic acid is also generally recognized as safe by the U.S. Food and Drug Administration. It is increasingly utilised for flavouring base materials, acidity regulator in various foods. Food manufacturers and processors around the globe have embraced succinic acid as a multi-functional, clean label flavour enhancer. It is also incorporated in reduced-sodium diets due to its flavour-prolonging property.

Key Players Covered

Some of the major companies that are present in the global succinic acid market are Nippon Shokubai Co. Ltd, Succinity GmbH, Global Chemical Public Company Limited, The Mitsubishi Chemical Holdings Corporation Group, Novomer Inc., Anhui Sunsing Chemicals Co. Ltd., BASF SE, Kawasaki Kasei Chemicals Ltd., Roquette Frères, and ESIM Chemicals GmbH.

The global succinic acid market exhibits the prominent presence of key giants that are exerting their stronghold owing to the advanced technology for manufacturing of succinic acid, stringent quality control procedures in place, strong reliability factor and well-established suppliers & clientele bases. The threat of new entrants is thus moderately high for global succinic acid market.

Segmentation

On the basis of type, the petro-based succinic acid is dominating because of its well-established manufacturing operations and strong demand in various industrial applications. Nonetheless, the bio-based succinic acid is expected to witness rapid growth owing to the increased emphasis on renewable sources and rapidly depleting stocks of petroleum.

On the basis of application, the global succinic acid market has been segmented into food & beverage, industrial chemicals, pharmaceuticals and others. The other major applications of succinic acid are detergents, pigments, toners, photographic chemicals, alkyd resins, plasticizers, cement additives, soldering fluxes, metal treatment chemicals, and coatings.

Regional Analysis

Asia Pacific succinic acid market is fastest growing region during the forecast years (2019-2026), owing to strong encouragement for the manufacturing sector, labour availability and increasing interests of western companies to tap the potential of countries such as China and India. The cost-competitive nature of succinic acid makes it an ideal alternative to conventionally produced chemicals.

The succinic acid market in U.S. and Europe is also witnessing decent growth trajectories - The U.S. Department of Energy has also classified succinic acid (SA) as one of most promising bio-based building blocks for the future due to its versatility and wide application spectrum. The developed markets of the west are expected to witness high-value niche applications of succinic acid in personal care and food additives sector.

Key Industry Developments

In April 2019, Royal DSM and Roquette, have dissolved their joint venture Reverdia and the rights and obligations related to Reverdia’s Biosuccinium plant in Cassano, Italy has been transferred to Roquette.