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Chemical Supply Disruptions in China Reflect Market Growth During Coronavirus Crisis

Global chemical supply chains have been undergoing stress during 2020 and 2021 due to the ongoing trade wars, coronavirus crisis, and global protectionism. This trend has been prominent in China, which dictates a significant share of the world’s supply for active pharmaceutical ingredients (APIs) and their chemical raw materials. As a result, it caused ripple effects in the succinic acid market, since this chemical is used for the production of antibiotics and other curative agents.

Companies in the succinic acid market are witnessing an oversupply of chemicals since the demand is still low in key sectors such as automotive, consumer products, and transport. Nevertheless, manufacturers are focusing on mission-critical applications in pharmaceuticals, food & beverage, and personal care products to keep economies running.

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Manufacturers to Increase Availability of FDA-approved Succinic Acid to Prevent Side Effects

The succinic acid market is expected to reach the revenue of US$ 290.72 Mn by 2031. Succinic acid, also known as butanedioic acid is a naturally occurring dicarboxylic acid that can be used as an acidulant and flavoring agent in food with the European food additive number E363. However, possible side effects of succinic acid involve genotoxicity, oral toxicity, and carcinogenicity. Hence, manufacturers such as BioAmber Inc. - a Delaware registered Canadian sustainable chemicals company, is investing in R&D to increase the availability of food grade and FDA-approved succinic acid that causes little to no side effects and is safe under intended uses.

The growing trend of veganism is bolstering the demand for chemical derived and bio-based succinic acid.

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Succinic Acid Creates Stir in Cosmetics & Personal Care Products Industry

Antimicrobial and anti-inflammatory properties of succinic acid are being preferred in cosmetics & personal care products. Its powerful acne-fighting capabilities with few chances of skin irritation is grabbing the attention of stakeholders in the succinic acid market. This explains why the market is slated to clock a favorable CAGR of 6.8% during the forecast period.

Succinic acid is emerging as the hot new ingredient in skincare products. Companies in the succinic acid market are boosting their production capabilities to offer dermatologist-approved skincare products. They are producing hydrating serums with lightweight formulas that allows the succinic acid to better penetrate and combine with hyaluronic acid to amp-up the hydrating effects.

Bio-based Succinic Acid Gains Popularity in Biodegradable Plastic Production

Apart from pharmaceuticals and cosmetics, companies in the succinic acid market are tapping revenue opportunities in biodegradable plastics. Bio-based succinic acid is being known as an alternative for several chemicals such as adipic acid for the production of biodegradable plastics. Prominent strategies for the development of bio-based succinic acid involves the use of bacterial strains isolated from rumen. These strains are excellent natural succinic acid producers and their yields can be improved through metabolic engineering.

Companies in the succinic acid market are increasing research in the use of well-known industrial microorganisms such as Escherichia coli or Saccharomyces cervisiae for development of bio-based chemicals.

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Analysts’ Viewpoint

The coronavirus outbreak is prompting stakeholders in the succinic acid market to rethink their global supply chains for situations where Europe is trying to reduce dependency on third countries i.e. those outside the European Union for critical raw materials. Succinic acid’s little to no side effects in cosmetics products is proving beneficial for market stakeholders. Skincare brands are increasing awareness about dermatologist approved products and conducting a patch test on the inner forearm to prevent any adverse events among consumers after using succinic acid-induced skincare products. Bio-based succinic acid is being preferred for the production of biodegradable plastics. Succinic acid can be produced through fermentation of sugars from different biomass such as starch or sugar crops.

Succinic Acid Market: Overview

  • According to Transparency Market Research’s latest research report on the global succinic acid market for the forecast period of 2021 to 2031, increase in usage of succinic acid in plastic, coating, lubricants & solvents, and pharmaceutical industries is expected to boost the global succinic acid market during the forecast period
  • Succinic acid is a common organic acid, which can be used in food, chemical, and pharmaceutical industries as a precursor to generate many chemicals such as solvents, perfumes, lacquers, plasticizer, dyes, and photographic chemicals. Furthermore, succinic acid is used as an antibiotic and curative agent.
  • In terms of revenue, the global succinic acid market is expected to exceed US$ 290.72 Mn by 2031, expanding at a CAGR of 6.8% during the forecast period

Rise in Demand for Food and Beverages: Key Driver of Succinic Acid Market

  • The food & beverages industry plays a major role in economic growth. The global food & beverages industry has been expanding significantly since the last decade. Rise in demand for food additives for taste and flavor enhancement in developed as well as developing countries is a key driver of the global food & beverages industry.
  • Growth in urbanization, rise in disposable income of consumers, and increase in preference for diverse culinary styles are also contributing to the rise in demand for food additives. This is expected to fuel the food industry during the forecast period.
  • Increase in demand for food preservatives in the food industry in emerging economies such as China, India, Russia, Brazil, and South Africa is anticipated to augment the global food & beverages industry in the near future
  • Succinic acid is widely used as a food additive. Succinic acid has the ability to enhance flavor by providing fruity taste to food. It also acts as a preservative.
  • Flavor enhancers and preservatives are used extensively in the food industry. Increase in usage of succinic acid as flavor enhancer and preservative is boosting the demand for succinic acid in the food & beverages industry.
  • Thus, rise in demand for food additives in the food & beverages industry is expected to propel the global succinic acid market during the forecast period

Growth of Plasticizers Industry

  • The plasticizers industry has been expanding significantly across the globe since the last few years due to increase in demand for plasticizer as an additive in the production of polymers such as polyvinyl chloride (PVC). Plasticizers offer flexibility and elasticity to PVC that is needed for many applications, particularly in construction (sheathing for electric cables, roofing membranes, flooring, and wall coverings), automobile (trim, cables, and underbody sealants), furniture, and artificial leather goods. Furthermore, plasticizers increase plasticity and reduce viscosity of polymers. These properties are driving the adoption of plasticizers as additives in the PVC industry.
  • According to the European Plasticisers, a sector group of the European Chemical Industry Council, approximately 7.5 million tons of plasticizers are consumed annually across the globe. Europe is one of the major consumers of plasticizers. Around 1.35 million tons of plasticizers are consumed annually in Europe. PVC applications accounted for more than 85% of the plasticizers market in Europe in 2020.
  • Succinic acid is used as a feedstock in the production of plasticizers. Thus, rise in development of the plasticizers industry is anticipated to drive the succinic acid market during the forecast period.

Succinic Acid Market: Competition Landscape

  • Detailed profiles of manufacturers of succinic acid have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • The global succinic acid market is fragmented, with the presence of many national and multinational players
  • Key players operating in the global succinic acid market are
    • thyssenkrupp AG
    • BASF SE
    • Roquette Frères
    • Kawasaki Kasei Chemicals
    • NIPPON SHOKUBAI CO., LTD
    • Ernesto Ventós, S.A.
    • Spectrum Chemical Manufacturing Corp
    • FUSO CHEMICAL CO., LTD.
    • R-Biopharm AG
    • ESIM Chemicals
    • Anhui Sunsing Chemicals Co.,Ltd.
    • Novomer Inc.

Succinic Acid Market: Key Developments

  • Key providers of succinic acid such as thyssenkrupp AG, BASF SE, and NIPPON SHOKUBAI CO., LTD are focusing on geographical expansion to capture untapped markets. Major developments in the global succinic acid market are highlighted below:
    • In December 2019, Nippon Shokubai Co., Ltd and Sanyo Chemical Industries, Ltd merged to form a company called Synfomix Co., Ltd. Synfomix Co., Ltd. aims to become a chemical manufacturer with significant global presence as well as multiple businesses by combining Nippon Shokubai Co., Ltd’s value chain of competitive materials and Sanyo Chemical’s solutions business that addresses customers’ challenges.
  • In the global succinic acid market report, we have discussed individual strategies, followed by company profiles of manufacturers of succinic acid. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global succinic acid market.

Succinic Acid Market Snapshot

Attribute

Detail

Market Size Value in 2020

US$ 143.19 Mn

Market Forecast Value in 2031

US$ 290.72 Mn

Growth Rate (CAGR)

6.8%

Forecast Period

2021-2031

Quantitative Units

US$ Mn for Value & Tons for Volume

Market Analysis

It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, value chain analysis, key trend analysis, etc.

Competition Landscape

  • Market Share Analysis by Company (2020)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Market Segmentation

  • Type
    • Bio-based
    • Petrol-based
  • Application
    • 1,4-Butanediol (BDO)
    • Polybutylene Succinate (PBS)
    • Resins, Coatings, and Dyes & Inks
    • Polyurethanes
    • Plasticizers
    • Solvents & Lubricants
    • De-icing Solutions
    • Food
    • Pharmacy
    • Cosmetics
    • Others (including Dyes and Photographic Chemicals)
  • End-use Industry
    • Pharmaceutical
    • Food & Beverages
    • Cosmetics & Personal Care
    • Others (including Footwear, Automotive, and Plastic)

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia & CIS
  • Japan
  • China
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC Countries
  • South Africa

Key Companies Profiled

  • thyssenkrupp AG
  • BASF SE
  • Roquette Frères
  • NIPPON SHOKUBAI CO., LTD
  • Anhui Sunsing Chemicals Co.,Ltd
  • Kawasaki Kasei Chemicals

Customization Scope

Available upon Request

Pricing

Available upon Request

Succinic Acid Market – Scope of Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global succinic acid market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the succinic acid market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the succinic acid market will progress during the forecast period of 2021 to 2031.

The report offers intricate dynamics about the different aspects of the succinic acid market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the succinic acid market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the succinic acid market. The report estimates statistics related to the market progress in terms of volume (tons) and value (US$ Mn).

This study covers a detailed segmentation of the succinic acid market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the succinic acid market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Succinic Acid Market

The report provides detailed information about the global succinic acid market on the basis of comprehensive research on various factors that are playing a key role in accelerating the market growth. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global succinic acid market so as to help them design successful strategies and make target-driven decisions.

  • Which type segment would emerge as a revenue generator for the global succinic acid market during the forecast period?
  • How are key market players successfully earning revenues in the competitive global succinic acid market?
  • What would be the Y-o-Y growth trend of the global succinic acid market between 2021 and 2031?
  • What are the winning imperatives of leading players operating in the global succinic acid market?
  • Which end-use industry segment is expected to offer maximum potential in the global succinic acid market during the forecast period?

Research Methodology – Succinic Acid Market

The research methodology adopted by analysts for compiling the report on the global succinic acid market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the global succinic acid market.

During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on the data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global succinic acid market.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global succinic acid market.

Succinic Acid Market – Segmentation

TMR’s research study assesses the global succinic acid market on the basis of type, application, end-use industry, and region. This report presents extensive market dynamics and growth trends associated with different segments and how they are influencing growth prospects for the global succinic acid market.

Type
  • Bio-based
  • Petrol-based
Application
  • 1,4-Butanediol (BDO)
  • Polybutylene Succinate (PBS)
  • Resins, Coatings, and Dyes & Inks
  • Polyurethanes
  • Plasticizers
  • Solvents & Lubricants
  • De-icing Solutions
  • Food
  • Pharmacy
  • Cosmetics
  • Others (Including Dyes And Photographic Chemicals)
End-use Industry
  • Pharmaceutical
  • Food & Beverages
  • Cosmetics & Personal Care
  • Others (including Footwear, Automotive, and Plastic)
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Succinic Acid