Global Bio-based Succinic Acid Market: Adoption of Sustainable Methods of Production Replacing Petrochemical Feedstock Stoking Demand
A growing number of players in the global
bio-based succinic acid market are taking active interest in
bio-based methods of producing succinic acid as is evident in its
rapidly rising production volumes, notes Transparency Market Research
(TMR). Several players are focused on finding novel approaches for
large-scale industrial production to capitalize on emerging
opportunities. They are increasingly adopting better technologies
that have low ecological footprint for the cost-effective production
of bio-based succinic acid. A number of companies in the market are
experimenting with a variety of inorganic and organic expansion
strategies, in order to get a firm foothold in the market, TMR
observes. In addition, top players constantly seek to expand their
product portfolio and are setting up research and development centers
at strategically important regions, in a move to consolidate their
positions in the market.
Some of the leading players operating in the global bio-based
succinic acid market include Koninklijke DSM N.V, Roquette Frères
S.A., Myriant Corporation, Corbion N.V, BioAmber Inc., and BASF SE.
The global bio-based succinic acid market is projected to rise
magnificently at a CAGR of 20% from 2017 to 2026. The market is
anticipated to collect a revenue of more than US$900 Million by the
end of the forecast period.
Broadly, the various end users are chemical industry, food,
pharmaceutical, personal care, and agriculture. Of these, the
chemical industry leads the pack and will continue to remain the most
attractive segment in the global bio-based succinic acid market. The
widespread application of the acid to produce a large number of
industrially useful chemicals using sustainable methods world over is
fueling the growth.
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On a geographic footprint, Europe led the global market in 2017.
However, by the end of 2026, North America is projected to become the
most attractive region, offering substantially lucrative prospects to
market players. The two regions are anticipated to collect more than
two-third market revenue share over the assessment period.
Bio-based succinic acid has generated surging interest among
producers looking for sustainable methods to replace petroleum-based
resources in the production of the acid. The popularity of bio-based
production methods is stoked by advantages such as low ecological
footprint and cost-effectiveness.
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Demand for
Bio-Based Succinic Acid to Pick Up Pace as Platform and Commodity
Chemical
The robustly rising focus of manufacturers on green chemicals in
numerous emerging and developed economies is a notable factor
catalyzing the growth of the market. In addition, a marked shortage
of crude oil supply and the steep fluctuations in oil prices in
various regions are noteworthy factors aiding in the rapid expansion
of the market.
In recent years, the demand for bio-based succinic acid has gathered
momentum as a platform chemical to produce a number of useful
derivatives at a competitive cost. The market is also expected to
substantially benefit from the use of succinic acid as commodity
chemicals. The significantly rising use of bio-based succinic acid as
feedstock in the production of several biodegradable products is also
accentuating the growth of the market.
Capital Intensive
Nature Glaring Constraint
However, considerable capital required to set up production plants
for bio-based succinic acid, along with the elevated cost of raw
materials, is a critical concern expected to serve as bottlenecks to
the growth of the market. Furthermore, the intense competition
amongst regional players doesn’t bode well for the market.
Nevertheless, with low-carbon economy gathering momentum in various
parts of the world, the demand for bio-based succinic acid is
expected to soar over the years. A variety of emerging applications
of succinic acid will provide a shot in the arm for the growth of the
market. For instance, the rising use of bio-succinic in making
polyesters polyols and 1,4 Butanediol (BDO) is likely to catalyze the
growth of the market during the assessment period.
Furthermore, the opening of several commercial production facilities
in developed regions in recent years is a notable factor expected to
unlock lucrative prospects in the bio-based succinic acid market.
Key Takeaways
The demand for bio-based succinic acid is driven by its popularity as
potential substitute for petroleum-based methods of production
The promising prospect of bio-based succinic acid to be used as
platform chemical market is likely to create lucrative avenues
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