- The succinic acid market is deemed to expand at a CAGR of ~7% from 2019 to 2027 owing to the wide industrial applications
- Asia Pacific is anticipated to play an important role as a prominent growth contributor for the succinic acid market due to the escalating demand for succinic acid in China, India, and Japan
ALBANY, New York, July 9, 2020 /PRNewswire/ -- The preponderance in construction and infrastructure development activities across the globe will assure magnifying growth for the succinic acid market during the forecast period. These projects require polyurethanes, coating, and resin on a large scale. Succinic acid, being one of the main components in the production of the aforementioned materials, will add the extra stars of growth. The massive demand for bio-derived succinic acid may bring sizeable growth for the succinic acid market.
According to the experts at Transparency Market Research (TMR), the global succinic acid market is projected to expand at a CAGR of ~7% across the forecast period of 2019 to 2027. The use of succinic acid in applications such as surfactants and detergents, biodegradable plastics, green solvents, biodegradable plastics, and others may invite growth for the succinic acid market.
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Major Revelations of Succinic Acid Market
- Based on application, the resins, coatings and dyes & inks segment is foreshadowed to account for good growth across the forecast period; this segment also accounted for a lion's share in 2018
- The global demand for succinic acid may experience a surge due to the escalating requirement of plasticizers for producing PVC pipes, polyvinyl butyral, and other products
- The pharmaceutical sector is likely to observe stable growth across the forecast period
- The 1-4-Butanediol (1,4-BDO) segment is prophesied to record a significant CAGR throughout the forecast period of 2019 to 2027
- Asia Pacific may bag the place of the most profitable region for the succinic acid market
Explore 95 pages of in-depth research, incisive insights, and detailed country-level projections. Analyze and discover the latest developments in the Succinic Acid Market (Application: 1,4-Butanediol, Resins, Coatings, and Dyes & Inks, Pharmaceuticals, Polyurethanes, Food, Plasticizers, Cosmetics, Solvents & Lubricants, and De-icing Solutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/pressrelease/succinic-acid.htm
Succinic Acid Market: Key Driving Factors
The escalating potential for the use of succinic acid in various applications may serve as a major growth generator for the succinic acid market.
- The increased use of bio-based succinic acid may bring good growth opportunities for the succinic acid market
- The strict environmental regulations are constantly urging the industries to use eco-friendly products; therefore, bio-based succinic acid may prove as a viable alternative and would help in accelerating growth of the succinic acid market
- The use of petro-based succinic acid is also anticipated to observe good demand from the food and beverage sector, eventually increasing the growth rate of the succinic acid market
- Polybutylene succinate (PBSS) is used on a large scale in the packaging industry, thus inviting great growth opportunities for the succinic acid market
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Succinic Acid Market: From Geographical Perspective
The succinic acid market can be geographically segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific may serve as a knight in shining armor for the growth of the succinic acid market. The immense growth can be attributed to the heightening demand for polyurethanes in India, China, and Japan. The joint benefits of industrialization surge and increased demand for polyurethane serve as growth catalyst for the succinic acid market. The demand for succinic acid derivatives from China may also prove as a positive aspect of growth on the horizon of the succinic acid market.
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Succinic Acid Market Segmentation
- Resins, Coatings, and Dyes & Inks
- Solvents & Lubricants
- De-icing Solutions
- North America
- Asia Pacific
- Rest of World
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