Succinic Acid Market 2020 Share, Trends, Segmentation and Forecast by 2025
The latest report pertaining to Succinic Acid Market provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.
Technological advancements in fiber optical communications and rising multiple applications are key drivers for global succinic acid market.
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Scope of Succinic Acid Reports –
Succinic acid is a dicarboxylic acid possessing the chemical formula (CH2)2(CO2H)2. It is water soluble, crystalline produced from petroleum and bio based products and organism. Basically is it produced from maleic anhydride Furthermore, It is used as intermediate in lacquer manufacturing and ester perfume in pharmaceutical products. It is also used in food and production of polymer on a large scale. So, during the study of Global Succinic Acid market, we have considered Succinic Acid source and application to analyze the market.
Key Players
Global Succinic Acid market report covers prominent players like BioAmber Inc., BASF SE, MITSUI & CO., LTD., Koninklijke DSM N.V, Anqing Hexing Chemical Co. Ltd., Myriant Corporation, New Japan Chemical Co., Ltd., TCI Chemicals (India) Pvt Ltd., Yantai Shanshui Chemical Technology Co., Ltd., Astatech (Chengdu) Biopharmaceutical Corp., Kawasaki Kasei Chemicals, Thirumalai Chemicals Ltd. and others.
The regions covered in this Succinic Acid Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Succinic Acid is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Market Dynamics
The commercialization and growth of global Succinic Acid market over the past 25 years has been highly impactful. Due to the increasing demand of 1,4 butanediol which is used in the manufacturing of polyurethanes, plasticizers and resins. It is also used in the food industry to maintain and improve quality and stability of food for a long time. Increasing demand from industry is expected to fuel the Succinic acid market. Moreover, Succinic acid is also used the manufacturing of various drugs such as arthritis, menopause and others. Government initiatives in the developed regions will also expected to drive the growth of Succinic acid market. As per Centers for Disease control and Prevention report 2018 every year in the U.S. 22.7% people are diagnosed with arthritis. So the increasing demand from food industry and healthcare industry and other will drive the growth of Succinic acid market over the forecast period.
Market Segmentation
By Source type
Bio based, Synthetic
By Application type
Chemical intermediate, Pharmaceuticals, Cosmetics, Plastics & Polymers, Food & Beverages
Regional Analysis
North America dominates the market with highest market share which is closely followed by Europe due to strict rules and regulation with regards to the use of bio-based chemicals. In the developing regions companies and government are much focused towards use of biological products to improve the quality and efficiency of the manufactured products. Asia Pacific is expected to increase significantly due to the increase in the various industries in these regions. Due to the presence of developing economies such as China, India, Japan and others due to the increased industrialization in various sectors and availability of cheap labor and raw materials will boost the demand for Succinic acid over the forecast period in these regions.
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