SuccinicAcid Market: Introduction
Interms of value, the global succinic acid market is anticipated to expand at a CAGR of ~7% from 2019 to 2027. Succinic acidis widely used in various industries such as pharmaceuticals, chemical, andfood. Currently, major proportion of succinic acid is derived from petroleumfeedstock Increase in construction and infrastructure development activity isexpected to trigger the demand for resin, coating, and polyurethanes, which inturn is expected to drive the growth of the market. High cost of productionassociated with the petroleum-based process is the major challenge facing thesuccinic acid market. However, the cost of production is expected to declinewith the advent of bio-derived succinic acid. This is expected to propel thedemand for succinic acid across the globe. Bio-based succinic acid is gainingpopularity due to high degree of government intervention to reduce industrialwaste and air pollutants
Applicationin Plasticizers and Polyurethanes Drives Succinic Acid Market
Basedon application, resins, coatings, and dyes & inks segment accounted formajor share of the global succinic acid market in 2018. This can beascribed to the application of these in industries such as infrastructure andautomotive, which are expanding significantly in Asia Pacific. However,plasticizers and polyurethanes expected to exhibit significant growth rateduring the forecast period. Elastomers, sealants, coatings, and adhesives aremajor applications driving the demand for polyurethanes, whereas, Plasticizersare primarily employed as additives in the production of polyvinyl chloride(PVC) making plasticizer highly attractive application segment
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1008
Volatilityin Prices of Raw Materials Followed by Stringent Regulations May HamperOverall Demand
Petroleumderived maleic anhydride is the conventional feedstock material used in themanufacture of succinic acid. Price of the conventionally derived succinic acidis vulnerable to any ups and down in petroleum prices. Raw material price hasremained a major concern for succinic acid manufacturers. Moreover, growingenvironmental concern among the end users has resulted in increasing demand forgreen products. To overcome these restraints, succinic acid manufacturers aregradually shifting towards development and commercialization of bio-basedsuccinic acid.
More Trending Reports
AsiaPacific Expected to be Highly Lucrative Region of Succinic acid Market
Interms of volume, Asia Pacific constituted prominent share of the globalsuccinic acid market in 2018.It is estimated to be the fastest growing market for succinic acid owing to theincreasing demand in China, India, and Japan. China has dominated the succinicacid market in Asia Pacific. Key share of the market can be ascribed tothe rise in demand for polyurethanes-based products and growth in constructionand automotive industries which are estimated to boost the lucrativeness of themarket in Asia Pacific
Request Covid19 analysis on thismarket
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1008
SuccinicAcid Market – Key Industry Developments
In2019, Royal DSM and Roquette dissolved their joint venture company Reverdia,which had been producing bio-succinic acid with trademark name Biosuccinium.Thus, Reverdia was dissolved in April 2019 and its rights were transferred toFrance-based Roquette. Companies has shifted their focus on production ofbio-succinic acid owing to environmental constraints and awareness towards useof natural based products
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=1008<ype=S
CompetitionLandscape
Themarket is moderately concentrated, and the top three companies accounted forover 45% shareof the global succinic acid market in 2018.Prominent players operating in the global succinic acid market are BASF SE, Anging Hexing ChemicalCo.Ltd., Gadiv Petrochemical Industries Limited, BioAmber, Royal DSM, KawasakiKasei Chemicals, Mitsubishi Chemical Corporation, Mitsui & Co.Ltd., MyriantTechnologies, Nippon Shokubai Co.Ltd, PTT Global Chemical Public Co. Ltd., andPurac Biochem.
The succinic acid market has beenundergoing some remarkable growth dynamics, shaped increasingly by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in thesuccinic acid market has undergone overhaul, increasingly rendering someaspiring players with greater control over the forces and demand. Thepenetration of Industry 4.0 in in the market has stirred game-changing trendsfor range of stakeholders in the overall chemicals and materials sector.Manufacturing and production environments of businesses in the succinic acidmarket are keen on formulating and implementing strategic frameworks that willturn them into digital enterprises.
Companies in the succinic acid market haveincreasingly shifted gears with wide application of digital technology acrossthe continuum, from raw material sourcing to manufacturing to generation offinal output, to warehousing to final distribution operations. Among thevarious affects, the market is witnessing new growth economics due to thinningof line between specialty and commodity businesses that are associated with thelarger ecosystem. At the same time, new growth parameters are being vigorouslybeing debated as industry stakeholders put greater emphasis on the circulareconomy processes.
AboutUs
TransparencyMarket Research is a global market intelligence company, providing globalbusiness information reports and services. Our exclusive blend of quantitativeforecasting and trends analysis provides forward-looking insight for thousandsof decision makers. Our experienced team of Analysts, Researchers, andConsultants, use proprietary data sources and various tools and techniques togather, and analyze information.
Ourdata repository is continuously updated and revised by a team of researchexperts, so that it always reflects the latest trends and information. With abroad research and analysis capability, Transparency Market Research employsrigorous primary and secondary research techniques in developing distinctivedata sets and research material for business reports.
Contact
90State Street, Suite 700
Albany,NY 12207
Tel:+1-518-618-1030
USA- Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
