According to a market report by Lucintel, the future of the succinic acid market looks promising with opportunities in the industrial, food & beverage, coating, and pharmaceutical industries. The succinic acid market is expected to grow with a CAGR of 28% from 2019 to 2024. The major growth drivers for this market are growing awareness of bio-based renewable substitutes, stringent government regulations, and increasing use of succinic acid as a substitute of adipic acid in polyurethane production.
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In this market, bio-based succinic acid and petro-based succinic acid are the major product type of the succinic acid market. Petro-based is the largest product type.
Within the succinic acid market, industrial, food & beverage, coatings, and pharmaceutical are the major end use industries. Industrial is the largest end use segment for succinic acid.
Polyurethane, resins, coatings & pigments, pharmaceuticals, plasticizers, food & beverages, PBS/PBST, solvents & lubricants, de-icer solutions, personal care, and others are the major application segments of the succinic acid market.
APAC will remain the largest market over the forecast period due to high economic growth, growing manufacturing sector, cheap labor, increasing foreign investments, agreements/collaborations and expansion, growing consumption of plastics, and a global shift in the production capacity from the developed markets to the emerging markets.
Bioamber, Myriant Corporation, Kawasaki Kasei Chemicals Ltd., Linyi Lixing Chemical Co., Ltd., Anhui Sunsing Chemicals Co., Ltd., Mitsubishi Chemical Holdings Corporation, Succinity, Nippon Shokubai Co. Ltd, Gadiv Petrochemical Industries Ltd., and Reverdia are among the major manufacturers of succinic acid.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the succinic acid market by product type, application, end use industry, and region. Lucintel has prepared a comprehensive research report entitled "Succinic Acid Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the succinic acid market by product type, application, end use industry, and region as follows:
By Product Type [$M shipment analysis for 2013 – 2024]:
By Application [$M shipment analysis for 2013 – 2024]:
Polyurethane
Resins
Coatings & Pigments
Pharmaceuticals
Plasticizers
Food & Beverage
PBS/PBST
Solvents & Lubricants
De-Icer Solutions
Personal Care
Others
By End Use Industry [$M shipment analysis for 2013 – 2024]:
Industrial
Food & Beverages
Coatings
Pharmaceutical
By Region [$M shipment analysis for 2013 – 2024]:
North America
United States
Canada
Mexico
Europe
Asia Pacific
The Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/global-succinic-acid-market.aspx or helpdesk@lucintel.com.
About Lucintel
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