The global bio-succinic acid market size was valued at USD 110.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.6% from 2022 to 2030. The demand for bio-succinic acid is anticipated to be driven by increased demand for bio-based products as they are harmless to humans and the environment. The market for bio-succinic acid is highly competitive due to the presence of a number of multinationals that are engaged in various production, research, and development activities constantly. The market has a variety of products that are in demand and their demand is expected to grow exponentially. Various competitive strategies are likely to increase the competitive rivalry in the future as well.
Succinic acid is a natural acid type, which is used in food, skincare, and pharma products. The usage of this product is not limited only to products, but also to the human body as it is used in various chemical processes. The acid is helpful to reduce joint pain and arthritis pain by applying it to the skin. It reduces the signs of aging and is very helpful in reducing any scars on the skin.
The increasing concerns over the usage of chemicals that are harmful to the human body as well as the environment in various industries have led to finding substitutes for the same. The production of succinic acid involves the application of many other chemicals. As a result, it has a negative effect on the surroundings and the environment at large. This led to the rise in demand for substitutes for the acid. One such substitute is bio-succinic acid.
The production of bio-succinic acid helps in reducing climate change. The acid which replaces the use of petrochemicals ensures a clean environment through the usage of waste streams. Bio-succinic acid is looked upon as a perfect substitute for many chemicals that may damage the environment.
The 1,4-Butanediol (BDO) segment dominated the market with a revenue share of over 30.0% in 2021. This is attributed to the high demand for the product in the market in the production of various products like polyurethane, tetrahydrofuran, and polybutylene, among many other products. The application of BDO varies from the production of various prominent polymers to its application in the production of plastics. Polyurethanes, polyethers, and polyesters are the major polymers that use BDO in their production processes.
One of the major applications of BDO is in the production of PBT and THF resins for plastic engineering. The increasing demand for BDO and its numerous derivatives such as THF is expected to have a positive impact on the product demand, resulting in the high growth of the acid market. The PBS/PBST segment held the second-largest revenue share in 2021. This can be attributed to the rise in demand for Phosphate Balanced Saline Solution (PBS) and PBST because of the increase in demand from numerous end-use industries.
The industrial segment held the largest revenue share of more than 40.0% in 2021. This is attributed to the growing demand for the products in the process of production of polyurethane, tetrahydrofuran, and polybutylene terephthalate among many other products. Bio-succinic acid is used in a wide range of industrial applications as a raw material to produce products such as adhesives, solvents, sealants, resins, elastomers, coatings, plastics, and lubricants. The application of bio-succinic acid has a wide range in the industries. The increase in its utilization in the industrial area in the production of various products is expected to drive the market in the coming years.
The pharmaceuticals segment held the second-largest revenue share in 2021. This growth can be attributed to the increasing demand for the product in the drug-making process, which is helpful in improving heart and blood flow circulations in the human body. Due to the current COVID-19 pandemic, the pharmaceutical sector gained a lot of importance, and its demand grew rapidly.
Europe dominated the market with a revenue share of over 30.0% in 2021. This is attributed to the increasing demand for environment-friendly construction in the region. The increase in carbon footprints, rising preference for using locally accessible raw materials, and the fluctuations that can be seen in the prices of fossil fuels are some of the major factors that are driving the market in Europe.
The reinforcement of the construction industry is also expected to considerably drive the market for bio-succinic acid, especially in the Eastern Europe countries like Poland, Hungary, and Slovakia. Europe is also recognized as a hub for various personal care and cosmetic products. Rising disposable income, changing lifestyles, and growing concerns over the use of harmful chemicals and awareness regarding the availability of their substitutes are expected to fuel the growth of the market.
The U.S. market is primarily driven by various factors such as the manufacturing of bioplastics as it has many government regulations and an increase in concern from private organizations. North America emerged as the second-largest regional market in terms of revenue in the year 2021. This is because of the strategic measures taken by the U.S. and Canadian governments concerning the utilization of bio-based products and their production.
The competition in the market is high due to the presence of many multinational companies that are engaged in constant production, research, and development activities. These companies offer a wide range of products that can be used in multiple industries and have various applications.
Most of these companies have integrated their business operations across the value chain to obtain maximum profit out of a minimum investment. Companies such as BioAmber, DSM, Mitsubishi Chemical Corporation have been a part of the market with their products. The competitive rivalry over the coming years is expected to rise due to the strategic decisions taken by corporations. Some prominent players in the global bio-succinic acid market include:
BASF SE
DSM
Roquette Freres
BioAmber
Myriant Corporation
Kawasaki Kasei Chemicals
Mitsui & Co., Ltd.
Mitsubishi Chemical Corporation
Report Attribute |
Details |
Market size value in 2022 |
USD 117.2 million |
Revenue forecast in 2030 |
USD 272.4 million |
Growth Rate |
CAGR of 10.6% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2018 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD thousand/million, volume in tons, and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; U.K.; Italy; France; Spain; China; India; Japan; South Korea; Thailand; Brazil; Argentina; Saudi Arabia; South Africa |
Key companies profiled |
BASF SE; DSM; Roquette Freres; BioAmber; Myriant Corporation; Kawasaki Kasei Chemicals; Mitsui & Co., Ltd.; Mitsubishi Chemical Corporation |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global bio-succinic acid market report on the basis of application, end-use, and region:
Application Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
BDO
Polyester Polyols
Plasticizers
PBS/PBST
Alkyd Resins
Others
End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
Industrial
Food and Beverages
Pharmaceuticals
Personal Care and Cosmetics
Others
Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
India
Japan
South Korea
Thailand
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
South Africa
b. The global bio-succinic acid market size was valued at USD 110.4 million in 2021 and is expected to reach USD 117.2 million in 2022.
b. The global bio-succinic acid market is anticipated to grow at a compound annual growth rate (CAGR) of 10.6% from 2022 to 2030 to reach USD 272.4 million by 2030.
b. 1,4-Butanediol (BDO) application type dominated the market with a revenue share of 34.5% in 2021. This is attributed to the high demand for the product in the market in the production of various products like polyurethane, tetrahydrofuran, and polybutylene among many such other products.
b. Some prominent players in the bio-succinic acid market include BASF SE, DSM, Roquette Freres, BioAmber, Myriant Corporation, Kawasaki Kasei Chemicals, Mitsui & Co., Ltd, Mitsubishi Chemical Corporation
b. The demand for the product is anticipated to be driven by increased demand for bio-based products as it is harmless to humans and to the environment.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.
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