CHICAGO, December 17, 2018 /PRNewswire/ --
According to the new research report "Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based Succinic Acid), End-Use Industry (Industrial, Food & Beverage, Coatings, Pharmaceutical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Forecast to 2023", published by MarketsandMarkets™, the Succinic Acid Market is expected to grow from USD 132 million in 2018 and is projected to reach USD 183 million by 2023, at a CAGR of 6.8%. The growth of the Succinic Acid Market is attributed to the growing chemical, food & beverage, and pharmaceutical industries.
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The petro-based Succinic Acid Market is projected to account for the largest share during the forecast period.
Based on type, the Succinic Acid Market has been segmented into petro-based succinic acid and bio-based succinic acid. Petro-based succinic acid is projected to be the largest segment of the market during the forecast period. The demand for petro-based succinic acid is high due to its cost-effectiveness and efficiency in various applications in the chemical industry, such as polyester polyols for manufacturing polyurethane, PBS, and personal care.
APAC is projected to register the highest CAGR, in terms of value, in the Succinic Acid Market during the forecast period.
APAC is the fastest-growing market for succinic acid, in terms of both value and volume. High economic growth, growing manufacturing sector, cheap labor, increasing foreign investments, agreements/collaborations, and expansions, growing consumption of plastics, and a global shift in the production capacity from the developed markets to the emerging markets are the major factors leading to the growth of the Succinic Acid Market in this region. China leads the Succinic Acid Market in APAC. The consumption of succinic acid in the country has grown significantly and is expected to witness further growth during the forecast period.
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BioAmber (Canada), GC Innovation America (US), Succinity GmbH (Germany), Reverdia (Netherlands), Nippon Shokubai (Japan), Shandong Lixing Chemical (China), Kawasaki Kasei Chemicals (Japan), Anqing Hexing Chemical (China), Anhui Sunsing Chemicals (China), and Gadiv Petrochemical Industries (Israel) are the key players operating in the Succinic Acid Market.
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