Succinic Acid Market Projected to Grow at a Steady Pace During 2022-2027
Stratview Research delivers key insights on the global Succinic Acid Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Succinic Acid Market:
Bioamber
GC Innovation America
Succinity GmbH
Reverdia
Nippon Shokubai
Kawasaki Kasei Chemicals
Growth drivers and Market Value:
This report, from Stratview Research, studies the Succinic Acid Market value and growth drivers over the trend period of 2022-27. According to the report -
Succinic Acid market is likely to witness an impressive CAGR of 7.5% during the forecast period. The major driver contributing to the growth of the market for succinic acid is its increasing adoption as a substitute of adipic acid in polyurethane production and in various applications, such as industrial, personal care, and food & beverages.
Segment Analysis:
Based on Type:
Based on the type, the market is segmented as bio-based and petro-based segments. The petro-based succinic acid segment dominates the market, as it is cost-effective and offers better efficiency as compared to bio-based succinic acid. The growth of the segment is owing to it being majorly used in the food & beverage industry as a flavor enhancer and in the chemical industry such as polyester polyols for manufacturing polyurethane and polybutylene succinate (PBS).
Based on Region:
In terms of regions, Asia-Pacific is estimated to be the largest market for succinic acid during the forecast period, with China, Southeast Asia, and India, being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as industrial, food & beverage, pharmaceutical, and coating industries, which is generating huge demand for succinic acid and the presence of a large number of succinic acid manufacturers in the Asia-Pacific region. In China, succinic acid is majorly being used to produce a series of derivatives, such as dimethyl succinate (DMS) and 1,4-BDO, which are further used for soldering flux and surfactant applications in the chemical industry. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Succinic Acid Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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