Succinic Acid Market is Estimated to Rake in Revenue Worth US$ 301.4 Million by 2032: Fact.MR

succinic-acid-market-forecast-2022-2032

Currently valued at US$ 160.8 million, the global succinic acid market is expected to reach US$ 301.4 million by the end of 2032. From 2022 to 2032, succinic acid consumption is expected to grow at a 6.5% CAGR.

Sales of succinic acid in the industrial sector are anticipated to increase since polyurethane and tetrahydrofuran are being used more often. According to this latest succinic acid market report by Fact.MR, the market will be primarily driven by rising succinic acid demand in the pharmaceutical and personal care sectors.

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Key players

  • Thyssenkrupp AG
  • BASF SE
  • Roquette Frères
  • Kawasaki Kasei Chemicals
  • NIPPON SHOKUBAI CO. LTD
  • Ernesto Ventós S.A.
  • Spectrum Chemical Manufacturing Corp
  • FUSO CHEMICAL CO. LTD.
  • R-Biopharm AG
  • ESIM Chemicals
  • Anhui Sunsing Chemicals Co. Ltd.
  • Novomer Inc.

Key Statistics Supporting the Surge

  • In 2022, the global succinic acid market stands at US$ 160.8 million.
  • From 2022 to 2032, demand for succinic acid is expected to increase at a CAGR of 6.5%.
  • Rising use of succinic acid in food additives, increasing use for acne treatment, rising popularity of antimicrobial properties, and increasing use in industries for solvents and raw materials are expected to drive market growth.
  • Currently, the North America succinic acid market accounts for a valuation of US$ 52.4 million and holds a dominant market share of 32.6% in the global industry landscape
  • The China succinic acid market is expected to account for a valuation of US$ 42.4 million by 2032.
  • Petro-based succinic acid is expected to account for higher sales revenue of US$ 190.6 million by 2032 while progressing at a CAGR of 5.8%

Rising consumption of food across the world has driven the demand for food additives and preservatives, which is also expected to positively influence succinic acid market growth throughout the forecast period. However, high costs associated with succinic acid production are expected to have a hampering effect on market growth to some extent.

Succinic acid manufacturers are investing in the expansion of their production capacities to meet increasing demand from several industry verticals. Rising demand for bio-based succinic acid from the personal care and cosmetics sector is what market players will be focusing on.

Competitive Landscape

Key succinic acid manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope across the world.

Succinic acid suppliers are also investing in the expansion of their production plants to increase capacity to meet high demand from several industry verticals.

  • In August 2021, LCY Biosciences, a leading name in succinic acid production, announced that it is producing 18 KT of bio-based succinic acid at a plant in Sarnia, Ontario, Canada. The plant was previously owned by BioAmber and produced 8 KT at the time.

Industry Survey

  •  by Type :
    • Petro-based Succinic Acid
    • Bio-based Succinic Acid
  • by End Use :
    • Sales of Succinic Acid in Industrial Sector
    • Coatings
    • Food & Beverages
    • Demand for Succinic Acid in Cosmetics
    • Other End Uses
  •  by Region :
    • North America Succinic Acid Market
    • Latin America Succinic Acid Market
    • Europe Succinic Acid Market
    • APAC Succinic Acid Market
    • MEA Succinic Acid Market

The report will improve the revenue impact of businesses in various industries by:

  • Providing a framework tailored toward understanding the attractiveness quotient of various products/solutions/technologies in the market
  • Guiding stakeholders to identify key problem areas pertaining to their consolidation strategies in the global market and offers solutions
  • Assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
  • Provides understanding of disruptive technology trends to help businesses make their transitions smoothly
  • Helping leading companies make strategy recalibrations ahead of their competitors and peers
  • Offers insights into promising synergies for top players aiming to retain their leadership position in the market.

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