The global Succinic Acid Market size is expected to reach USD 512.8 million by 2030, registering a CAGR of 9.7% during the forecast period, according to a new report published by Grand View Research, Inc. The growth is attributed to a surge in demand from the end-use industries, such as food & beverages, pharmaceutical, and personal care & cosmetics. In the food & beverages industry, Succinic Acid (SA) is used as a food additive in dietary supplements and food preservation. In the pharmaceutical industry, the product finds application in the preparation of vitamin A and many anti-inflammatory products. It is also used in the formulation of cosmetics and personal care products, such as toothpaste, perfumes, nail polish, and liquid soaps.
Succinic acid is
produced from Liquefied Petroleum Gas (LPG). Petroleum gas is often expensive.
As an alternative to LPG-based production, succinic acid is generated by
different microbes and is naturally formed by undertaking the process of
anaerobic digestion. It is regarded as a common organic acid that is used in a
variety of applications. Bio-based SA is similar in structure to
petroleum-based products. However, it helps reduce carbon emission, as well as
optimize and enhance the performance of the acid. Rising customer preference
for biodegradable plastics and other greener materials is a key factor driving
the market growth.
The COVID-19 pandemic
crippled economies across the globe and severely impacted the supply chains
across industries. The supply chain of raw materials for succinic acid
production was drastically impacted, changing the production and consumption
patterns globally. The industrial end-use segment dominated succinic acid
consumption over the last decade. But a halt in the production of non-essential
chemicals, ingredients, or industrial products during the pandemic hampered the
demand for starting materials, adversely impacting the demand. However, with
the lifting of lockdowns and movement restrictions, the market is expected to
witness a steady rise in demand.
Related Press
Release@ Succinic Acid Market Report
Succinic Acid Market
Report Highlights
- The bio-based type segment is estimated to register the fastest
CAGR from 2022 to 2030 due to the increasing carbon footprint of
petro-based products, price fluctuation of fossil fuels, and growing
preference for locally-produced raw materials
- The industrial end-use segment is expected to register the fastest
CAGR from 2022 to 2030 due to a wide application scope of the product as a
raw material to produce numerous chemicals
- The product is used to develop biodegradable polyesters and
polyurethanes, which are further used in paints, plastics,
pesticides, rubber, nylon, solvents, and other industries
- Asia Pacific is projected to record the fastest CAGR from 2022 to
2030 due to the factors such as easy availability of low-cost labor and
raw materials, growing disposable income, changing consumer lifestyles,
and rapid growth of the packaging industry
- The global market is highly competitive due to the presence of many
multinational companies. These companies take strategic decisions, such as
mergers & acquisitions, joint ventures, and partnerships to gain a
competitive advantage over others
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
