Fior Markets launched a study titled “Global Succinic Acid Market by Type (Petro-Based, Bio-Based), End-Use Industry (Industrial, Coatings, Food & Beverage, Pharmaceutical, Others), Region” and Global Forecast 2018-2025.
The global succinic acid market is expected to grow from USD 138.61 million in 2017 to USD 218.14 million by 2025 at a CAGR of 5.41% during the forecast period from 2018-2025. The key contributing factor for the market growth are growing demand from Asia Pacific, used as a sequestration in food industry, and demand for renewable chemicals.Currently petro-based succinic acid used is the frequently used globally as they have better heat resistance and processability than other biopolymers.
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Petro-based segment held the largest share of 52.02% in 2017
Type segment covers petro-based and bio-based. The petro-based segment held the largest share of 52.02% in 2017due to the cost-effectiveness and high efficiency compared to bio-based succinic acid. Petro-basedsuccinic acid used in the production of polymers, plasticizers, coating, and urethanes.
Food & beverage segment held highest market share of 37.16% over the forecast period
End-use industry segment is categorized into industrial, coatings, food & beverage, pharmaceutical, and others. Food & beverage segment held highest market share of 37.16% over the forecast period owing to demand for a bio-based chemical and growing per-capita income. In food packaging, succinic acid market used in PBS/PBST, increasing medical tourism, and increased government spending for food & beverage has increased the market size of the food & beverage segment.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacificregion valued around USD 50.47 million in 2017.Asia Pacific is fastest growing region due to the increasing growth of the pharmaceutical, industrial, food & beverage, and coating industries, growing per capita expenditure, and increasing urbanization are creating opportunity for the growth of the market.
The major players ofmarketinclude Nippon Shokubai, Gadiv Petrochemical Industries Limited, Succinity, Gc Innovation America, Nippon Shokubai, Mitsubishi Chemical Holdings, LinyiLixing Chemical Co., Ltd., Anhui Sunsing Chemicals, Kawasaki Kasei Chemicals, Reverdia, Shandong Lixing Chemical, Anqing Hexing Chemical, Purac, BioAmber, BASF SA, Myriant, Novomer, and others. For instance, in 2016, Reverdia entered into an agreement with DezhouXinhuarun Technology to develop and promote Biosuccinium-based microcellular polyurethane foams. These foams can be used in soles for footwear and other applications.
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