In its report, titled “Succinic Acid Market Size, Share & Industry Analysis, By Type (Bio-Based, Petro-Based), By Application (Food & Beverage, Industrial Chemicals, Pharmaceuticals, Others) and Regional Forecast, 2019-2026”, Fortune Business Insights shares a comprehensive analysis of the global succinic acid market. The analysis is based on a thorough assessment of the trends, factors, and competitive and regional dynamics that are likely to influence the market during the forecast period.
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Rising importance of succinic acid for industrial purposes will be the key driver in the global succinic acid market growth during the forecast period. Succinic acid, also known as butanedioic acid, occurs naturally in animal and plant tissues. It is a dicarboxylic acid and is a pivotal building block in the production of a variety of secondary chemicals. The acid is finding increasing application in the pharmaceutical, agricultural, chemical, and food and beverage industries, mainly because it can be derived using biological processes such as fermentation of sugar and corn residue.
List of prominent companies that are operating in the global Succinic Acid Market are:
- The Mitsubishi Chemical Holdings Corporation Group
- Nippon Shokubai Co. Ltd.
- ESIM Chemicals GmbH
- Succinity GmbH
- Novomer Inc.
- Kawasaki Kesai Chemicals Ltd.
- Global Chemical Public Company Limited
- Roquette Freres
- BASF SE
As succinic acid has been deemed as safe and eco-friendly by the US FDA, it is becoming popular in the food industry owing to its ability to regulate acidity in foodstuffs. It is also utilized as a flavouring agent, providing sourness and astringency to foods and beverages.
Environmental Benefits of Succinic Acid to Fuel the Market
Succinic acid is emerging as a crucial clean energy source and is increasingly employed in the chemical industry, which traditionally has relied on fossil fuel-based energy production. According to a report by the European Commission, bio-based succinic acid can effectively replace fossil fuel-derived chemicals in the long run as the acid can be converted into various chemicals and other products. This is raising the global succinic acid market potential as the importance of achieving development through sustainable means is gathering momentum in government and industry circles.
Government support and private sector investment is expected to make eco-friendly production of succinic acid commercially viable, propelling the global succinic acid market revenue. Furthermore, the US Food and Drug Administration (FDA) has identified succinic acid as a high-value chemical that can be derived through fermentation of biomass, given the fact that this acid is produced naturally in living cells.
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Major Segmentation includes:
- Food & Beverage
- Industrial Chemicals
Asia-Pacific to Exhibit Staggering Growth; Europe and North America to Grow Satisfactorily
Among regions, Asia-Pacific is projected to register the highest growth rate in the forecast period. Rapid developments in the manufacturing sector, large resource availability, and abundant labor in India and China will contribute to the expansion of the global succinic acid market size till 2026. In North America and Europe, huge public and private sector investments in renewable energy and massive advancements in food and beverage manufacturing process will drive the market in these two continents during the forecast period.
Increasing Number of Innovations to Intensify Competition
Key players are steadily ramping up their investments in R&D to come out with new and unique products so as to entrench their presence in the global succinic acid market. For example, in January 2018, BioAmber, a prominent company dealing in renewable materials, conducted a study on its Bio-Succinic Acid, BIO-SA, which is to be used as a component in animal feed in nursery pigs.
The study showed that the company’s product helped nursery pigs sustain their gut health and performance even in conditions of environmental and dietary challenges. Similarly, Novomer is developing its COEth platform wherein the company will produce succinic anhydride in an environmentally sustainable manner. This will be achieved by converting plant-based ethylene oxide and carbon monoxide to a chemical intermediate.
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