Global Succinic Acid Market By Type (Bio- Based Succinic Acid, Petro- Based Succinic Acid), End- Use (Industrial, Food & Beverages, Coatings, Pharmaceutical, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Succinic Acid Market
Global Succinic Acid Market is expected to rise from its initial estimated value of USD 130.65 million in 2018 to an estimated value of USD 223.97 million by 2026, registering a CAGR of 6.97% in the forecast period of 2019-2026. Growth in food & beverage, industrial, and pharmaceutical industries are the major factor for the growth of this market.
Market Definition: Global Succinic Acid Market
Succinic acid is a dicarboxylic acid which is used a chemical intermediate in medicine, to make perfume esters and for the manufacture of lacquers. The name is derived from the latin word succinum meaning amber and is also known as ‘spirit of amber’. They have many biological roles in living organisms as they take the form of an anion which is a component of citric acid and which are capable of donating electron to the electron transfer chain. They are also used as a flavouring agent in foods and beverages and also as a intermediates for dyes, lacquers, metal treatment chemicals etc.
- They are used in the manufacturing of sedatives, antipasmers, anrhoers, contraceptives and cancer-curing treatments.
- In food & beverage industry they are used as an acidifier.
- The R&D cost for the succinic acid is very high which the major factor restraining growth of the market.
Segmentation: Global Succinic Acid Market
- By Type
- Bio- Based Succinic Acid
- Petro- Based Succinic Acid
- By End- Use
- Food & Beverages
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In June 2017, BioAmber announced the launch of their BIO-SA pharmaceutical grade which provides a USP/NF and FCC Grade of bio- succinic acid which is manufactured under the manufactured under the United States Food and Drug Administration's (FDA) good manufacturing practices (GMP) for food and Excipients.
- In November 2016, Reverdia announced their partnership with Hangzhou Xinfu Science & Technology Co., Ltd to adopt Biosuccinium in bio- based polymer and co- polymer for the packaging industry. The main aim is to target the biodegradable packaging market.
Competitive Analysis: Global Succinic Acid Market
Global succinic acid market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of succinic acid market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Succinic Acid Market
Few of the major competitors currently working in succinic acid market are Anhui Sunsing Chemicals Co., Ltd., an qing he xing chemical corporation limited., BioAmber, GC Innovation America, Gadiv Petrochemical Industries Ltd., KAWASAKI KASEI CHEMICALS, NIPPON SHOKUBAI CO., LTD., Reverdia, Shangdong Yuhang Chemical Co.,Ltd., Shangdong Lixing Chemical Co.,Ltd, Spectrum Chemical Manufacturing Corporation., Thirumalai Chemicals Ltd., Mitsubishi Chemical Holdings Corporations.
Research Methodology: Global Succinic Acid Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved