According to the report, global succinic acid market was valued at USD 240.3 million in 2011 and is expected to reach USD 836.2 million by 2018, growing at a CAGR of 19.4%
from 2012 to 2018. Global succinic acid production is expected to cross 250
kilo tons by 2018.
Increased demand for 1, 4 butanediol, plasticizers,
polyurethane, and resins, coatings, dyes and inks has remained the major
driving factor for this market. However, high prices of raw material and
increasing environmental concerns are the major constraints for the market
growth. Growing consumer demand for bio-based succinic acid and low production
cost has positively impacted the growth of bio-based succinic acid resulting
into strong investment in new projects. This is expected to result into
increase in production capacity to fulfill the growing demand for succinic acid
in near future. Emergence of bio-based succinic acid market is expected to
offset impact of restraining factors such as environmental regulations,
volatility in raw materials prices.
Resins, coatings, dyes and inks dominated the market
and accounted for 20.8% of the total succinic acid consumption in 2011. With
13.0% share of total volume consumed in 2011, pharmaceutical industry was the
second largest application segment for succinic acid. Succinic acid demand is
primarily a function of growth in application industries such as paints &
coatings, infrastructure, food, footwear, medical, cosmetics, and automotive.
Bio-based succinic acid, which has significant potential as a platform
chemical, particularly substituting maleic anhydride, is expected to provide
huge market opportunity for the players in the market, with a number of
companies already in pilot and demo-scale projects for bio-succinic acid
production.
Europe
dominated the global succinic acid market with a share of 33.6% in 2011
followed by North America
and Asia-Pacific
which together accounted for 58.8% of the total market. Asia
Pacific is estimated to be the fastest growing
market for succinic acid due to the rising demand from the most emerging
economies such as China,
India
and Japan.
Rapid growth of downstream industries in these countries is expected to drive
succinic acid demand in Asia-Pacific.
Succinic Acid Market: Application
Analysis
- 1,4-butanediol
- Polyurethane
- Plasticizers
- Resins, coatings, dyes & inks
- Pharmaceutical
- Food
- Cosmetics
- Solvents and lubricants
- De-icing solutions
- Others
Succinic Acid Market: Regional
Analysis
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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Email: sales@transparencymarketresearch.com
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