The global Succinic Acid Market, valued at USD 140.4 million in 2021, is expected to grow to USD 209.1 million by 2030, achieving a CAGR of 7.7%. This growth is driven by rising demand in bioplastics, pharmaceuticals, and food industries, with a shift towards sustainable materials. As industries prioritize eco-friendly options, succinic acid is becoming a critical component in sustainable production processes.
The global succinic acid market is experiencing robust growth, fueled by expanding applications in diverse industries, such as pharmaceuticals, bioplastics, and food and beverages. With its biodegradability and high functionality, succinic acid is fast becoming a preferred ingredient, especially as industries pivot towards sustainable materials and eco-friendly processes. King’s Research projects a strong CAGR for the succinic acid market over the forecast period, with substantial revenue growth expected across all major regions.
Market Growth and Trends
One of the primary drivers of the succinic acid market is the rising demand for bioplastics. As industries prioritize sustainable practices, succinic acid has emerged as a key raw material in the production of biodegradable plastics. Companies worldwide are investing in bioplastic production, which directly contributes to the increased demand for succinic acid. Additionally, the pharmaceutical sector has demonstrated a growing reliance on succinic acid due to its effective application in drug formulations, helping drive market expansion further.
Innovative production methods, such as bio-based succinic acid, have also influenced market dynamics positively. These environmentally friendly production techniques align with global sustainability goals, gaining traction and favor among regulatory authorities. Key trends in the market include increased investments in green production processes, the use of succinic acid as a chemical intermediate, and its growing presence in personal care products.
Market Dynamics and Demand Drivers
The succinic acid market dynamics are shaped by various demand drivers, including rising applications in multiple industries, technological advancements in manufacturing, and shifts toward sustainable solutions. The food and beverage industry has also shown substantial demand, with succinic acid used as a flavor enhancer and acidity regulator. With consumers increasingly valuing natural and eco-friendly ingredients, succinic acid meets these criteria, contributing to its rising popularity.
As industries adopt circular economy models, succinic acid’s role as a versatile compound strengthens. In bio-based plastics, succinic acid is utilized as an intermediate in the synthesis of polybutylene succinate (PBS), a key biodegradable polymer. This not only reduces environmental impact but also supports the market's long-term growth trajectory. Additionally, the automotive industry is beginning to explore succinic acid-based materials for lightweighting vehicles, driving demand further.
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Segmentation Analysis
The succinic acid market is segmented by type, application, and region. Based on type, the market is categorized into bio-based and petrochemical-based succinic acid. The bio-based segment is experiencing rapid growth due to rising environmental concerns and the transition to sustainable industrial practices. Bio-based succinic acid is also witnessing favorable policies, as governments worldwide encourage bio-based manufacturing.
In terms of applications, the succinic acid market serves multiple industries, including pharmaceuticals, food and beverages, plastics, and coatings. The pharmaceuticals sector holds a significant share, leveraging succinic acid’s properties in drug formulations and coatings. The bioplastics sector is also growing rapidly, as succinic acid acts as a critical ingredient in producing environmentally sustainable plastic alternatives.
KEY COMPANIES PROFILED:
- BASF SE
- Ernesto Ventos S.A.
- Gadiv Petrochemical Industries
- Linyi Lixing Chemical Co. Ltd
- GC Innovation America
- Kawasaki Kasei Chemicals Ltd.
- LCY GROUP
- Mitsubishi Chemical Corporation
- Myriant Corporation
- Parchem
- Reverdia
- Corbion
- Shandong Lixing Chemical
- THE CHEMICAL COMPANY
- Others
SEGMENTATION
By Type
- Bio-based
- Petro-based
By Application
- Food & Beverages
- Pharmaceutical
- Coatings
- Industrial
- Cosmetics
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
Regional Market Insights
The succinic acid market exhibits strong growth across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe leads the market, driven by strict environmental regulations and a strong bioplastics industry presence. Countries like Germany, France, and the United Kingdom are at the forefront of adopting bio-based succinic acid, especially in pharmaceuticals and food and beverages.
Asia-Pacific is another high-growth region, with rising demand from industrial manufacturing and pharmaceuticals in countries such as China, India, and Japan. In North America, the United States has shown a marked increase in succinic acid applications across various sectors, including automotive and personal care.
