Succinic acid Market Size And Forecast
The Global Succinic acid Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Succinic acid Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Succinic acid Market was valued at USD 140 Million in 2019 and is projected to reach USD 231.56 Million by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
What is Succinic acid?
Succinic acid is odorless, colorless, and water-soluble solid produced using synthetic and natural processes. A natural process to produce succinic acid involves microbial fermentation of glucose from raw materials like sugarcane, maize, tapioca, and wheat. Succinic acid is produced synthetically using maleic anhydride. It is crystalline and four carbon di-carboxylic acid. Succinic acid is largely used as an acidifier to enhance the taste of beverages, sausages, and relishes. It is also used as a chemical intermediate to manufacture lacquers, to make perfume esters, and in medicine. Succinic acid can act as a neutralizing agent, a buffer. It is a non-hygroscopic acid having greater solubility in water which gives greater latitude in the formulation of beverages, and powdered foods.
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Global Succinic acid Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Growing adoption of succinic acid as a replacement for adipic acid in the production of polyurethane is likely to drive the market during the forecasted period. Characteristics of succinic acid such as non-toxic nature, better heat resistance & processability, and being biodegradable are expected to fuel the market in the coming years. Rising demand for bio-based chemicals, increasing per capita income across the globe, changing dietary patterns, and growing demand from the beverage and food industry expects a boost to the market over the predicted years.
However, the higher cost of production and raw materials can hamper the growth of the succinic acid market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Succinic acid Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Succinic acid Market Competitive Landscape
The “Global Succinic acid Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Merck KGaA, Ernesto Ventos. S.A., ThyssenKrupp AG, BioAmber, Inc., Myriant Corporation, Succinity GmbH, Reverdia, NIPPON SHOKUBAI CO., LTD., KAWASAKI KASEI CHEMICALS, and Anhui Sunsing Chemicals Co., Ltd. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Succinic acid Market, By Type
Succinic acid Market, By End-User
• Food & Beverage
Succinic acid Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the World