Succinic acid has emerged as one of the most competitive bio-based chemicals. The US department of energy has included succinic acid among the top 12 value added bio-based chemicals. Succinic Acid is an intermediate in several chemical processes and is used in the production of various products in a fragmented industry that has multiple players in this production process. The global succinic acid market is expected to grow at a CAGR of 24% by 2020. The major drivers for the growth of this market are the growing applications and the movement of chemical industry towards the bio-based sustainable chemicals. However, the high processing cost and intensive competition in the market are the major challenges.
The global succinic acid market is segmented on the basis of applications. Succinic acid has a wide variety of applications which include industrial applications (57.1%), pharmaceuticals (15.91%), food & beverages (13.07%), and others (13.92%). All these applications have a huge growth potential which are ultimately driving the growth of succinic acid market. Among the industrial applications 1,4- butanediol (BDO) has the largest market share. The increasing demand for green chemicals is the major driver for the growth in demand of succinic acid in the chemical industry.
Geographically, the market is divided into four major regions– North America, Asia Pacific (APAC), Europe, and RoW (Brazil). The potential growth in APAC is driven by the significant development in application markets. Moreover, availability of low cost labor is driving the establishment of production plants in this region. China has the highest production capacity among all the geographies.
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