BANGALORE, India, Aug. 21, 2020 /PRNewswire/ -- Bio-succinic acid is mainly used in applications such as solvents and lubricants, de-icer solutions, cosmetics, food, and pharma. It is also used as a substitute for petrol-based succinic acid.
The Global bio succinic acid market size was valued at USD 185.6 Million in 2019 and is expected to grow at a CAGR of 15.7% over the forecast period 2020-2026.
The main factors driving the bio-succinic acid market size are volatility in fossil fuel prices, an increase in carbon footprints, and an increase in preference for using raw materials available locally. Also, growing global demand for green chemicals will trigger the adoption of Bio-succinic acid for its wide range of applications, particularly in bioplastics.
TRENDS INFLUENCING THE BIO-SUCCINIC ACID MARKET SIZE
Increasing demand for BDO and its derivatives, including Tetrahydrofuran ( THF), Gamma-Butyrolactone (GBL), and Polybutylene Terephthalate (PBT), is expected to fuel the growth of bio-succinic acid market size.
Strict environmental regulations support the product market, and because the development of every economy depends largely on manufacturing, this offers a huge prospect of growth for bio-based succinic acid.
End-users use bio-succinic acid to boost the consistency and functionality of powder coating resins. They use bio-succinic acid to increase the bio-based content and minimize the reactive resin content such as urethane, alkyd, and polyester. This facilitates its use in the preparation of liquid polyester resins made from solvents. This feature is expected to increase the bio-succinic acid market size.
It is anticipated that the awareness about the depletion of crude oil supplies and the dangers of excessive CO2 in the air would boost the growth of bio-succinic acid market size. Furthermore, comprehensive R&D in the manufacturing sector by various businesses is projected to deliver new growth prospects over the forecast timeframe
The increasing scope of application in lubricants, pigments, personal care goods, and food colorants will further drive the growth of bio succinic acid market size. It is also anticipated that increasing awareness of the benefits of using bio-based chemicals in the packaging and food industry would boost demand.
BIO-SUCCINIC ACID MARKET SHARE
In 2013, Europe held the largest bio-succinic acid market share and is expected to continue its dominance during the forecast period. This dominance of the European region is attributed to the presence of large producers on the market for bio-succinic acid. Furthermore, stringent carbon footprint regulations in Europe have allowed the substantial application of bio-succinic acid in various chemical production units, thereby increasing the bio-succinic market size.
APAC is expected to witness the highest growth during the forecast period due to the rapid economic growth and increased customer awareness.
BIO-SUCCINIC ACID MARKET SEGMENTATION
Segment By Region
- North America
- Middle East & Africa (MEA)
- South America.
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Segment by Applications
- Fuel additives
- BASF-Purac JV
- BioAmber Inc.,
- BioAmber-Mitsui & Co. Ltd.,
- Myriant Corporation,
- Myriant-China National Bluestar (Group) Co., Ltd.,
- Myriant-ThyssenKrupp Uhde, Reverdia (DSM-Roquette),
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