Bio Succinic Acid Market to Garner $235.02 Million, Globally, By 2030 at 6.41% CAGR, Says Allied Market Research
Volatility in fossil fuel prices, rise in carbon footprints, and more usage of locally available raw materials drive the growth of the global bio succinic acid market.
PORTLAND, Ore., May 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global Bio Succinic Acid industry generated $126.80 million in 2020, and is anticipated to generate $235.02 million by 2030, witnessing a CAGR of 6.41% from 2021 to 2030.
Prime determinants of growth
Volatility in fossil fuel prices, rise in carbon footprints, and increase in usage of locally available raw materials drive the growth of the global bio succinic acid market. However, high price of bio succinic acid and lengthy extraction processes hinder the market growth. On the other hand, increase in its adoption in wide range of applications, especially, in bio-plastics, which presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global bio succinic acid market, owing to unavailability of raw materials, absence of labor force, and reduction in demand for bio-succinic acid from the end use industries.
- The pandemic led to the global lockdown, which halted the production facilities and disrupted the supply chain. This, in turn, hampered the market growth.
- However, the market is going to recover soon in 2022, as the demand from end use industries regains steadily.
The industrial segment to maintain its leadership status throughout the forecast period
Based on end use, the industrial segment held the highest market share in 2020, accounting for more than two-fifths of the global bio succinic acid market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in demand in the production process of polyurethane, tetrahydrofuran, Polybutylene, and many other products. Moreover, the cosmetics segment is projected to manifest the highest CAGR of 7.5% from 2021 to 2030, due to surge in usage of bio succinic acid for preparing cosmetics with rise in demand for organic products.
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Asia-Pacific to maintain its dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global bio succinic acid market. Moreover, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period, owing to its eco-friendly nature and increase in prevalence of allergic or adverse reactions to synthetic dyes. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players
- BASF SE
- Bio Amber
- DSM
- Kawasaki Kasei chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- RoquetteFreres S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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