The global petro-based succinic acid market was valued at USD 78.6 million in 2019 and is expected to reach USD 84.5 million by 2026, expanding at a CAGR of 6.2% during the forecast period, 2020–2026. Petro-based succinic acid is a key structure block for a varied range of secondary chemicals and is used in chemical, pharmaceutical, food, and agricultural industries. Succinic acid also called C4-dicarboxylic acid is produced chiefly from petroleum feedstock.
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Petro-based succinic acid has continued to be a large underexploited market, regardless of its potential as a platform molecule owing primarily of high manufacturing cost related with the petroleum-derived procedure. These complex compounds can be transformed via hydrogenation or reduction to butanediol, tetrahydrofuran and gamma-butyrolactone.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing scope of applications in personal care products, food colorants, lubricants, and pigment in turn, is driving the growth for the global petro-based succinic acid
- Increase in number of cosmetics demands, succinic acid manufacturers globally specially in developing countries, is fueling the growth of the market.
- Increase in population suffering cancer diseases, has fueled the need for petro-based succinic acid globally as it aids to kill the growth of cancerous cells in patients.
- Stringent government regulations and high initial cost of production, are the key restraint to the global petro-based succinic acid
- Rising interests in the field of dermatology, succinic acid acts as an anti-inflammatory and antioxidants to skincare problems, which poses as a growth to the global market.
- Cost-effective technological advancements in petro-based succinic acid, manufacturers are focusing on fast growing segments and is anticipated to offer growth opportunities in forecast period.
Major companies in the global petro-based succinic acid market are moderately fragmented due to large and small players in the market. The market is highly competitive and is dominated by large and medium companies. Major companies include Віоаmbеr, Succinity, Myriant, Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals Ltd., Lіnуі Lіхіng Сhеmісаl, Mitsubishi Chemical Holdings, Nippon Shokubai, Аnhuі Ѕunѕіng Сhеmісаlѕ, Reverdia, Purac, Аѕtаtесh, R-Віорhаrm, Anhui Sunsing Chemicals, Еvоnіk, Тhуѕѕеnkruрр and Linyi Lixing Chemical Co., Ltd., and BASF. The market players are engaged in product differentiation and cost-effective pricing strategy to strengthen their market share and gain traction in global marketplace. The companies are engaging in strategic acquisitions such as product launches, R&D, agreements, and collaborations to gain market share.
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The global petro-based succinic acid market has been segmented on the basis of
- Industrial Grade
- Pharmaceutical Grade
- Food Grade
- Food & Beverages
- Pharmaceuticals Industry
- Chemical Industry
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Petro-Based Succinic Acid Market Overview
- Global Petro-Based Succinic Acid Market Analysis and Forecast by Type
- Global Petro-Based Succinic Acid Market Analysis and Forecast by Application
- Global Petro-Based Succinic Acid Market Analysis and Forecast by Sales Channel
- Global Petro-Based Succinic Acid Market Analysis and Forecast by Region
- North America Petro-Based Succinic Acid Market Analysis and Forecast
- Latin America Petro-Based Succinic Acid Market Analysis and Forecast
- Europe Petro-Based Succinic Acid Market Analysis and Forecast
- Asia Pacific Petro-Based Succinic Acid Market Analysis and Forecast
- Middle East & Africa Petro-Based Succinic Acid Market Analysis and Forecast
- Competition Landscape
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