Global Succinic Anhydride Market: Overview

Succinic anhydride is an organic, white, crystalline solid. It is soluble in chloroform, ethanol, and carbon tetrachloride and slightly soluble in water. On commercial scale, succinic anhydride is manufactured by catalytic hydrogenation of maleic anhydride. Succinic anhydride is considered a polar molecule due to proximity of three oxygen atoms at the top of the molecule of succinic anhydride. Due to this proximity, the oxygen atoms attract the electron density toward themselves, but away from carbon atoms at the base. Due to the polarity of succinic anhydride, it has been conveniently used as a chemical intermediate for downstream chemical derivatives in the production of various resins, plastics, coatings, and pharmaceutical products. The global succinic anhydride market is anticipated to witness robust growth in the next few years, due to increasing use of succinic anhydride as a cross-linking agent in ion-exchange membranes and as a curing agent for polyester resins as well as epoxy resins.

Global Succinic Anhydride Market: Drivers & Restraints

Succinic anhydride is commonly used in the manufacture of polymeric materials including alkyd, molding, casting, laminating resins; adhesives; specialty elastomers, cross-linking agents; and curing agents. Succinic anhydride is also used in applications in the pharmaceuticals industry; for instance, it is used in the formulation of chemotherapeutic agents, anti-hemorrhagic drugs, vitamins A and B6, anticonvulsants, steroids, and muscle relaxants. Succinic anhydride is employed in the production of herbicides, insecticides, and plant growth regulators. Succinic anhydride is also used as an intermediate in the manufacture of starch modifiers and as a chemical intermediate in the production of dyestuffs. Succinic anhydride is expected to witness substantial demand in end-use industries including pharmaceutical, agriculture, and industrial manufacturing between 2019 and 2027.

Succinic anhydride serves as a building block for a few bio-based, thermosetting polyester coatings. Rise in the demand for bio-based plastics is likely to drive the global succinic anhydride market during the forecast period. Succinic anhydride is likely to witness significant demand for use in the manufacture of organic flame-retardant materials; esters, flavors, and fragrances; photographic chemicals, dyes, lubricant additives, and surface-active agents during the forecast period. However, stringent regulatory framework associated with the toxicity of succinic anhydride may affect the market negatively in the near future. Fluctuations in prices of raw materials are projected to hamper the global succinic anhydride market in the next few years. For instance, in May 2018, Ashland announced a price rise to US$ 0.06/lb. for maleic anhydride, a key raw material used in the production of succinic anhydride, in the North America market. Increasing demand for and limited supplies of maleic anhydride may restrict the market during the forecast period. Based on application, the global succinic anhydride market can be classified into pharmaceuticals, food, medical, agricultural, industrial, and others.

Global Succinic Anhydride Market: Regional Outlook

In terms of region, the global succinic anhydride market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to be a significant market for succinic anhydride during the forecast period. Asia Pacific is also expected to hold a large share of the global market in the near future. Upward trends in the manufacturing sector in Asia Pacific is likely to have a positive impact on the succinic anhydride market in the region during the forecast period.

Global Succinic Anhydride Market: Key Players

Key manufacturers operating in the global succinic anhydride market are Tokyo Chemical Industry Co., Ltd., Novomer Inc., ESIM Chemicals, Triveni Chemicals, Polynt, Hefei TNJ Chemical Industry Co., Ltd., and Parchem Fine & Specialty Chemicals.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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