A new report has been published by Transparency Market Research, titled “Succinic Acid Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018”. TMR, a market intelligence company based in the U.S., states in its report that the value of the global succinic acid market was estimated at US$240.3 million in 2011 and is expected to be growing at a remarkable CAGR of 19.4% between 2012 and 2018. The succinic acid market is predicted to be worth US$836.2 million by 2018
The TMR report states that maleic anhydride, which is derived from petroleum, is the conventional feedstock material utilized in the manufacture of succinic acid. As a result, the cost of conventionally derived succinic acid is vulnerable to any fluctuations in the price of petroleum. The expanding demand in applications such as polyurethane, 1,4-butanediol, plasticizers, coatings, resins, and dyes and inks has raised demand from the global succinic acid market. In 2011, coatings, resins, dyes, and inks as a whole dominated the market and accounted for 20.8% of the overall consumption of succinic acid worldwide.
The study states that rise in infrastructure and construction development activities is predicted to boost the demand for coating, resin, and polyurethanes, which in turn is likely to aid the growth of the global succinic acid market. The pharmaceutical industry was the second largest application of succinic acid in the global perspective and held a 13.0% share in overall consumption in 2012. In 2011, polyurethane was the third largest application of succinic acid, with a share of more than 12% in overall consumption, and is predicted to expand at a CAGR of 28.0% between 2012 and 2018.
The price of raw materials has been a primary concern for succinic acid manufacturers. Additionally, increasing environmental concern amongst end users has resulted in rising demand for green products. To counter these restraints, succinic acid manufacturers are progressively shifting towards commercialization and development of biobased succinic acid. Numerous companies are investing heavily in the production and advancement of biobased succinic acid. Commercialization and development of biobased succinic acid is anticipated to open up fresh avenues for industry players in the coming years. However, strict environmental regulations are predicted to impede demand for petroleum-derived succinic acid in the forthcoming years.
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As per this TMR research report, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe accounted for the biggest share of the global succinic acid market in 2011, holding 33% of the market. The second biggest market for succinic acid, with a 29.6% share in the global market in 2011, was Asia Pacific. It is projected to be the most swiftly growing market for succinic acid, due to rising demand from India, China, and Japan. North America held 29.2% of the total market in 2011 owing largely to rising demand for coatings, resins, inks, and dyes.
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Major manufacturers of succinic acid profiled in the report include Reverdia, BioAmber, DSM, BASF, Myriant Corporation, Mitsubishi Chemicals, Anqing Hexing Chemical Co. Ltd, Purac Biochem, Nippon Shokubai Co., Ltd, and Showa Denko K.K.