BANGALORE, India, Oct. 13, 2021 /PRNewswire/ -- The Succinic Acid Market is Segmented by Type (Bio-Based, Petro-Based), by Application (Resins, Coatings and Pigments, PBS or PBST, Food and Beverage, Pharmaceuticals, Polyester Polyols). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Pharmaceuticals & Biotech Category.
In 2020, the global Succinic Acid market size was USD 141 Million and it is expected to reach USD 205.4 Million by the end of 2027, with a CAGR of 5.5% during 2021-2027.
Major factors driving the growth of the succinic acid market are:
The succinic acid market is predicted to develop due to strong growth in bio-succinic acid production as a result of the growing popularity of green products among chemical producers.
Furthermore, the succinic acid market is predicted to develop due to the increasing number of end-user applications. Polyurethanes, resins, polybutylene succinate (PBS), and plasticizers are all made with this product as a building block.
Succinic aid is a flavor enhancer that can be found in a wide range of packaged goods. As a result, the succinic acid market is predicted to increase in tandem with the food industry. Furthermore, the increased use of succinic acid as a substitute for adipic acid in polyurethane manufacturing is driving the succinic acid market.
TRENDS INFLUENCING THE GROWTH OF THE SUCCINIC ACID MARKET:
Modern coatings meet the customer's basic aesthetic requirements while also improving resistance to external forces. However, as the availability of fossil fuels decreases, the coatings business must look to the future. The coatings industry has had a rough time in recent years due to rising raw material prices, limited availability, and a reduction in consumer spending. Furthermore, as a result of government and industry standards, volatile organic compounds (VOCs) in resins are gradually being reduced. These same regulators are pushing for new ecologically friendly polymers to be developed. Bio-succinic acid can increase the bio-based content of resins including polyester, alkyd, and urethanes, while using bio-succinic acid-based solvents or coalesce agents can further reduce VOC levels. Thus the increasing application of bio-succinic acid in the Resins, Coatings, and Pigments sectors are expected to drive the growth of the succinic acid market.
Succinic acid's increasing utilization in the pharmaceutical industry is projected to propel the succinic acid market. Succinic acid is used as a starting material for active pharmaceutical ingredients (APIs), as a formulation additive, as an insulinotropic agent (succinic acid monoethyl ester), and as a crosslinking agent in the pharmaceutical industry.
Furthermore, in the food and beverage business, succinic acid is largely utilized as an acidity regulator as a food additive and dietary supplement. It can also be used as a flavoring agent, adding a sour and astringent element to the umami flavor. This in turn is expected to further increase the growth of the succinic acid market.
Based on type, the bio-based segment is expected to be the most lucrative. This is attributed to the strict environmental regulations which mandate sustainable alternatives.
Based on application, the largest segment is Resins, Coatings, and Pigments, followed by PBS or PBST, Food, and Beverage, Pharmaceuticals, Polyester Polyols, etc.
The Asia Pacific is the largest market, with a share of over 40%, followed by Europe, and North America, both have a share of about 55 percent. This is attributed to the growing demand for succinic acid derivatives from China.
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