GVR Report cover Bio-succinic Acid Market Size, Share & Trends Report

Bio-succinic Acid Market Size, Share & Trends Analysis Report By Application (BDO, Polyester Polyols), By End Use (Industrial, Food & Beverages), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-085-9
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

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.

U.S. bio-succinic acid market size, by application, 2020 - 2030 (USD Million)

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.

Application Type Insights

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.

End-use Insights

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.

Global bio-succinic acid market share, by end use, 2021 (%)

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.

Regional Insights

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.

Key Companies & Market Share Insights

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

Bio-succinic Acid Market Report Scope

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

 

Segments Covered in the Report

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

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.