Bio-succinic Acid Market Size Worth $272.4 Million By 2030: Grand View Research, Inc.

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Apr 11, 2022, 06:00 ET

SAN FRANCISCO, April 11, 2022 /PRNewswire/ -- The global bio-succinic acid market size is expected to reach USD 272.4 million by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.6% from 2022 to 2030. The growth is attributed to the rising demand for bio-succinic acid in several end-use industries such as food and beverages, pharmaceuticals, and personal care and cosmetics.

Key Insights & Findings from the report:

The polyester polyols application segment is expected to register the highest revenue-based CAGR of 11.1% over the forecast period owing to the wide application of the product in the process of manufacturing polyurethanes and its growing demand from the downstream application industries.
The food and beverages end-use segment is expected to register the highest growth rate of 11.1% in terms of revenue over the forecast period because of the increasing consumer awareness regarding the benefits of bio-based chemicals in the industry.
The use of bio-succinic acid was viewed as an alternative to the usage of succinic acid, which required many chemicals that were harmful. Bio-succinic acid helps to reduce climate change as it replaces petrochemicals, which ensures a clean environment.
The Asia Pacific region is expected to register the highest growth rate of 11.3% in terms of revenue over the forecast period. This is attributed to the rising demand from the pharmaceutical industry in the region and increased awareness regarding a bio-based economy.
Companies such as BASF SE, BioAmber, Myriant Technologies, and DSM have been a part of this industry. These companies take many strategic decisions such as mergers, partnerships, and acquisitions to expand their reach of products.

Read 100-page market research report, "Bio-succinic Acid Market Size, Share & Trends Analysis Report By Application (BDO, Polyester Polyols), By End Use (Industrial, Food & Beverages), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Bio-succinic Acid Market Growth & Trends

The growing demand in multiple industries is due to the increase in awareness regarding the availability of substitutes in the market against various harmful chemical substances. The growing utilization of bio-succinic acid in several applications such as BDO, resins, and polyurethanes is also expected to drive the product demand in the near future. Additionally, the growing population and ongoing urbanization and industrialization have led the government of emerging economies to increase their manufacturing expenses to cater to the rising demand for bio-succinic acid.

The product is majorly utilized in the formulation of various plastics, fibers, solvents, and polymers. The demand pattern for various end-use applications is highly dependent on the regional regulations imposed by the government. The increase in construction and infrastructure projects in emerging economies is also expected to trigger the demand.

The global demand for bio-succinic acid was less impacted by the COVID-19 crisis, considering its usage in essential pharmaceutical products along with its application in food and beverages, personal and skincare, and cosmetic products as an anti-biotic agent, which is viewed as a substitute for the previously used harmful chemicals. The global market is expected to witness tremendous growth because of its inclusion in the research and development process related to its use in the pharmaceutical industry.

Bio-succinic Acid Market Segmentation

Grand View Research has segmented the global bio-succinic acid market on the basis of application, end-use, and region:

Bio-succinic Acid Application Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

BDO
Polyester Polyols
Plasticizers
PBS/PBST
Alkyd Resins
Others

Bio-succinic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

Industrial
Food and Beverages
Pharmaceuticals
Personal Care and Cosmetics
Others

Bio-succinic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

China
India
Japan
South Korea
Thailand

Central and South America

Brazil
Argentina

Middle East and Africa

South Africa
Saudi Arabia

List of Key Players of Bio-succinic Acid Market

BASF SE
DSM
Roquette Freres
BioAmber
Myriant Corporation
Kawasaki Kasei Chemicals
Mitsui & Co., Ltd.
Mitsubishi Chemical Corporation

Check out more related studies published by Grand View Research:

Maleic Anhydride Market - The global maleic anhydride market size is projected to reach USD 4.38 billion by 2025 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Maleic anhydride is used to manufacture 1,4-Butanediol (BDO), which has a high demand from the textile industry and the manufacturers of Tetrahydrofuran (THF) and Polyurethane (PU). 1,4-BDO is an organic compound used as an industrial solvent & cleaner and glue remover.
Succinic Acid Market - The global succinic acid market size is expected to reach USD 512.8 million by 2030, registering a CAGR of 9.7% during the forecast period, according to a new report published by Grand View Research, Inc. The growth is attributed to a surge in demand from the end-use industries, such as food & beverages, pharmaceutical, and personal care & cosmetics. In the food & beverages industry, Succinic Acid (SA) is used as a food additive in dietary supplements and food preservation.
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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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