Global Bio-based Succinic Acid Market: Snapshot
Bio-based succinic acid has risen in popularity as a potential substitute for petroleum-based methods of producing numerous useful derivatives cost-effectively. In emerging and developed countries, rising shift of industry players toward green chemicals is a key underpinning in the evolution of the bio-based succinic acid market. The acid has gained currency as a platform chemical in various countries across the world. Bio-based succinic acid is also finding widespread usage as a feedstock in the production of several biodegradable products. Thus, growing shift of countries toward low-carbon economy is a notable trend boosting the market. In the near future, several exciting applications of succinic acid will emerge, notably in making polyesters polyols. This will keep the global bio-based succinic acid market lucrative. Bio-based succinic acid has replaced butane-based maleic anhydride and has been occupied crucial role in bio-refining process.
The global bio-based succinic acid market is expected to clock a robust CAGR of approximately 20.0% during 2017–2026. The global market is anticipated to collect a revenue of more than US$900 Million by the end of the forecast period.
Based on process type, the global bio-based succinic acid market is segmented into ammonium sulphate process, direct crystallization process, and electrodialysis process. Of these, ammonium sulphate process holds a major share, and is trailed by direct crystallization. However, the other segment is expected to rise at a higher, vis-à-vis revenue, during 2017–2026, generating higher chunks of revenue by the end of this period.
Bio-Based Succinic Acid gaining Currency as Environmentally-friendly Platform Chemical
On the basis of end users, the report segments the global bio-based succinic acid market into chemical industry, food, pharmaceutical, personal care, and agriculture. Of these, the chemical industry is likely to serve the major share of global demand for bio-based succinic acid as high value and commodity chemicals. This is attributed to a slew of recent applications of the chemical. Moreover, the focus toward environmentally-friendly chemicals in the sector is expected to bolster the demand. Moreover, the rapid strides being made in bio-refining process is also fueling the end-use application of bio-based succinic acid in the chemical sector.
The various application segments of bio-based succinic acid are 1,4 butanediol, polybutylene succinate, plasticizers, polyester polyols, polymer and esters, and solvents and coatings. The acid is witnessing a prominent demand in producing 1,4 butanediol in recent years.
Rise in Commercial Production Facilities to contribute to Europe’s Dominance
The various regional markets for bio-based succinic acid are North America, Latin America, Europe, Japan, the Middle East and Africa (MEA), and APEJ. Of these, Europe held the sway by acquiring a major share in 2017. However, constantly increasing numbers of prominent players renders North America as a potentially lucrative market. The two regional markets combined are likely to contribute about two-third of the total global revenue share during the forecast period of 2017–2026. The growth in these regions is bolstered by rising numbers of commercial production facilities and expanding research and development centers of top players. The unveiling of new products has also kept these regional markets increasingly promising.
Some of the prominent companies in the global bio-based succinic acid market are Koninklijke DSM N.V, Roquette Frères S.A., Myriant Corporation, Corbion N.V, BioAmber Inc., and BASF SE.