Bio-succinic Acid Market key players insight & growth driver analysis 2022 - 2030.

The global bio-succinic acid market size is expected to reach USD 272.4 million by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.6% from 2022 to 2030. The growth is attributed to the rising demand for bio-succinic acid in several end-use industries such as food and beverages, pharmaceuticals, and personal care and cosmetics.

The growing demand in multiple industries is due to the increase in awareness regarding the availability of substitutes in the market against various harmful chemical substances. The growing utilization of bio-succinic acid in several applications such as BDO, resins, and polyurethanes is also expected to drive the product demand in the near future. Additionally, the growing population and ongoing urbanization and industrialization have led the government of emerging economies to increase their manufacturing expenses to cater to the rising demand for bio-succinic acid.

Bio-succinic Acid Market Segmentation

Grand View Research has segmented the global bio-succinic acid market on the basis of application, end-use, and region:

Based on the Application Insights, the market is segmented into BDO, Polyester Polyols, Plasticizers, PBS/PBST, Alkyd Resins and Others

  • This is attributed to the high demand for the product in the market in the production of various products like polyurethane, tetrahydrofuran, and polybutylene, among many other products.
  • The application of BDO varies from the production of various prominent polymers to its application in the production of plastics. Polyurethanes, polyethers, and polyesters are the major polymers that use BDO in their production processes.
  • The increasing demand for BDO and its numerous derivatives such as THF is expected to have a positive impact on the product demand, resulting in the high growth of the acid market.

Based on the End-use Insights, the market is segmented into Industrial, Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics and Others

  • The industrial segment held the largest revenue share of more than 40.0% in 2021. This is attributed to the growing demand for the products in the process of production of polyurethane, tetrahydrofuran, and polybutylene terephthalate among many other products.
  • Bio-succinic acid is used in a wide range of industrial applications as a raw material to produce products such as adhesives, solvents, sealants, resins, elastomers, coatings, plastics, and lubricants.
  • This growth can be attributed to the increasing demand for the product in the drug-making process, which is helpful in improving heart and blood flow circulations in the human body.

Bio-succinic Acid Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Most of these companies have integrated their business operations across the value chain to obtain maximum profit out of a minimum investment. Companies such as BioAmber, DSM, Mitsubishi Chemical Corporation have been a part of the market with their products. The competitive rivalry over the coming years is expected to rise due to the strategic decisions taken by corporations.

Some prominent players in the global bio-succinic acid market include:

  • BASF SE
  • DSM
  • Roquette Freres
  • BioAmber
  • Myriant Corporation
  • Kawasaki Kasei Chemicals
  • Mitsui & Co., Ltd.
  • Mitsubishi Chemical Corporation

Order a free sample PDF of the Bio-succinic Acid Market Intelligence Study, published by Grand View Research.

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