Witha large and constantly increasing manufacturer pool, the global bio-basedsuccinic acid market is demonstrating a highly competitivebusiness landscape. According to a new report by Transparency Market Research(TMR), the leading players in this market, including Koninklijke DSM N.V,Myriant Corp., Roquette Frères S.A., Corbion N.V, BASF SE, and BioAmber Inc.,are focusing on finding new approaches to increase their production scale. Fromadopting advanced technologies with low ecological footprints to activelypursuing bio-based methods succinic acid production, manufacturers are leavingno stones unturned to remain in the competition. Moreover, they are also takingup various organic and inorganic marketing strategies to enhance their visibilityin the global market, states the report.
The reportevaluates the opportunity in the global bio-based succinic acid market to riseat an exceptional CAGR of 20.00% during the period from 2017 to 2026. By theend of the forecast period, the overall valuation of this market is likely toreach US$900 mn. The increasing popularity of bio-based succinic acid as acost-efficient alternative of petroleum-based production methods used for themanufacturing of various derivatives is boosting the growth of this market,significantly.
NorthAmerica to Overtake Europe
The reportconsiders Asia Pacific, North America, Europe, Latin America, and the MiddleEast and Africa as the main regional bio-based succinic acid markets. Amongthese, Europe occupied the leading position in 2017. However, this regionalmarket is likely to lose ground TO North America in the near future. Theincreasing concentration of key producers of bio-based succinic acid in NorthAmerica, especially the U.S., will drive the North America market to dominanceover the forthcoming years. Both the regions, together will hold two third of theworldwide market over the period of the forecast. The increasing researchactivities and the augmenting number of commercial manufacturing units anddevelopment centers will support the growth of these regional markets.
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Amongothers, Asia Pacific will display considerable growth potential in the years tocome. The easy availability of raw material and the presence of low-cost laborare attracting many of the leading players towards Asia Pacific, especiallyIndia and China. The rise in the number of production units will propel theAsia Pacific bio-based succinic acid market in the long run, reports the marketstudy.
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Increasing Trend of Green Chemicalsto Boost Market’s Growth
“Theincreasing demand for green chemicals from manufacturers has propelled theglobal bio-based succinic acid market, significantly,” said an analyst at TMR.The augmenting concerns over the negative environmental impact of chemicalsused in the manufacturing process are prompting manufacturers to look for greenalternatives to be used for the production of derivatives, such as globalbio-based succinic acid. The cost-efficiency offered by bio-based succinic acidin the manufacturing of derivatives has established it as a platform chemical.This, in turn, will benefit the market in the long run.
Furthermore,the slowdown in the supply of crude oil and the constantly fluctuating oilprices are creating new growth opportunities for this market. It will also gainsubstantially from the increasing usage of this acid in feedstock for theproduction of various biodegradable products. However, the need for highcapital to set up production facilities for the manufacturing of bio-basedsuccinic acid and the increasing cost of raw materials may limit the growth ofthis market in the years to come, notes the market study.
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