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Bio Succinic Acid Market By End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030

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    Report

  • 189 Pages
  • May 2022
  • Region: Global
  • Allied Market Research
  • ID: 5640292
The global bio succinic acid market was valued at $126.80 million in 2020, and is projected to reach $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030.

Bio succinic acids is a natural green material that is used as an intermediate in a wide range of industrial applications in order to make plastics, polyurethanes, solvents, coatings, lubricants, and variety of other things. The major industrial product of succinic acid is Butanediol (BDO). BDO and its derivatives made from bio-succinic acid are the most used products in industries. It is utilized as an intermediate in engineering plastics and polyurethane systems. The plasticizers made from bio-based succinic acids are used to provide heat resistance, food packaging. In addition, the eco-friendly succinic acid is also widely used in making resins, coatings and inks that are used in various industrial processes.

The increased applications of plastics in our everyday life and harmful impact of conventional plastics products on the environment have led to the invention of bio-plastics made from bio succinic acid. The surgein awareness among the people regarding health hassled to rise in the demand for pharmaceuticals, which boost the demand for bio succinic acid market as it is used in packaging and as raw material in the production of medicine related to joint pains. The presence of disposable income and rapid change in the pace of life with demand for comfort has led to upsurge in the demand for cosmetics in the modern society, which has created opportunities for the growth of the market.

The fluctuations in raw materials prices and governmental regulations toward the petroleum related products have hampered market growth. The increase in urbanization has fueled the demand for bio succinic acid in Asia-Pacific. Moreover, the rise in overseas export activities is anticipated to surge in the demand for bio succinic acid in commercial applications. The surgein the investment of the manufacturers to develop green materials for various industrial sectors is one among the key factors that drive the expansion of the bio succinic acids industry across the world. The favorable government policies in developing countries such as China, India, Brazil, and South Korea are driving thedevelopment of the green industrial chemicals manufacturers. In addition, the increase in the demand of bio-based succinic acid in North America, Asia-Pacific and Europe, are expected to proliferate and diversify the bio succinic acid market, thus acting as a chance for growth of the bio succinic acid market.

The bio succinic acid market is segmented on the basis of end use and region.

By end use, the global bio succinic acid market is segmented into industrial, food, pharmaceuticals, cosmetics and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for the largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of eco-friendly products in the region is expected to continue to boost the bio succinic acid market, due to the presence of huge industrial infrastructure and complete low cost manufacturing conditions have created opportunities for the market growth.

The key players that operate in the global bio succinic acid market are BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi Corporation, BASF SE, RoquetteFrerse S.A, Purac, Kawasaki Kasei chemicals, and Reverdia. Other players in the value chain (not profiled in the report) include Cargill Incorporated, Nippon shokubai, The Dow Chemical Company, and others, etc., are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the bio succinic acid market in the forecast period.

COVID-19 Impact Analysis


COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The restrictions on international trade and lockdown regulations on the operations of the chemicals industry are projected to limit short term demand in the market. Due to the pandemic, the demand for bio-succinic acid reduced steeply from the end-use industries. In addition, economic slowdown and strict lockdown further hampered the growth of the bio-succinic acid market. In addition, supply chain disruptions and unavailability of raw materials altered the growth outlook of the entire bio-succinic acid industry. Thus, this global health emergency has negatively impacted the global bio-succinic acid market.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bio succinic acid market analysis from 2020 to 2030 to identify the prevailing bio succinic acid market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the bio succinic acid market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global bio succinic acid market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments


By End Use

  • Industrial
  • Food
  • Pharmaceuticals
  • Cosmetics
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest Of Asia Pacific
  • LAMEA
  • UAE
  • Brazil
  • South Africa
  • Saudi Arabia
  • Rest of LAMEA

Key Market Players

  • BASF SE
  • Bio Amber
  • DSM
  • Kawasaki Kasei chemicals
  • Mitsubishi Chemical Holdings
  • Mitsui Chemicals
  • Myriant
  • Purac
  • Reverdia
  • Roquette Freres S.A.
Frequently Asked Questions about the Global Bio Succinic Acid Market

What is the estimated value of the Global Bio Succinic Acid Market?

The Global Bio Succinic Acid Market was estimated to be valued at $126.8 million in 2020.

What is the growth rate of the Global Bio Succinic Acid Market?

The growth rate of the Global Bio Succinic Acid Market is 6.4%, with an estimated value of $235.02 million by 2030.

What is the forecasted size of the Global Bio Succinic Acid Market?

The Global Bio Succinic Acid Market is estimated to be worth $235.02 million by 2030.

Who are the key companies in the Global Bio Succinic Acid Market?

Key companies in the Global Bio Succinic Acid Market include BASF SE, Bio Amber, DSM, Kawasaki Kasei chemicals, Mitsubishi Chemical Holdings, Mitsui Chemicals, Myriant, Purac, Reverdia and Roquette Freres S.A..

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Pricing Analysis
3.8. Value Chain Analysis
3.9. Key Regulation Analysis
CHAPTER 4: BIO SUCCINIC ACID MARKET, BY END USE
4.1 Overview
4.1.1 Market size and forecast
4.2 Industrial
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Food
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Pharmaceuticals
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Cosmetics
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
4.6 Others
4.6.1 Key market trends, growth factors and opportunities
4.6.2 Market size and forecast, by region
4.6.3 Market analysis by country
CHAPTER 5: BIO SUCCINIC ACID MARKET, BY REGION
5.1 Overview
5.1.1 Market size and forecast
5.2 North America
5.2.1 Key trends and opportunities
5.2.2 North America Market size and forecast, by End Use
5.2.3 North America Market size and forecast, by country
5.2.3.1 U.S.
5.2.3.1.1 Market size and forecast, by End Use
5.2.3.2 Canada
5.2.3.2.1 Market size and forecast, by End Use
5.2.3.3 Mexico
5.2.3.3.1 Market size and forecast, by End Use
5.3 Europe
5.3.1 Key trends and opportunities
5.3.2 Europe Market size and forecast, by End Use
5.3.3 Europe Market size and forecast, by country
5.3.3.1 U.K.
5.3.3.1.1 Market size and forecast, by End Use
5.3.3.2 Germany
5.3.3.2.1 Market size and forecast, by End Use
5.3.3.3 France
5.3.3.3.1 Market size and forecast, by End Use
5.3.3.4 Italy
5.3.3.4.1 Market size and forecast, by End Use
5.3.3.5 Spain
5.3.3.5.1 Market size and forecast, by End Use
5.3.3.6 Rest of Europe
5.3.3.6.1 Market size and forecast, by End Use
5.4 Asia-Pacific
5.4.1 Key trends and opportunities
5.4.2 Asia-Pacific Market size and forecast, by End Use
5.4.3 Asia-Pacific Market size and forecast, by country
5.4.3.1 China
5.4.3.1.1 Market size and forecast, by End Use
5.4.3.2 Japan
5.4.3.2.1 Market size and forecast, by End Use
5.4.3.3 India
5.4.3.3.1 Market size and forecast, by End Use
5.4.3.4 South Korea
5.4.3.4.1 Market size and forecast, by End Use
5.4.3.5 Australia
5.4.3.5.1 Market size and forecast, by End Use
5.4.3.6 Rest Of Asia Pacific
5.4.3.6.1 Market size and forecast, by End Use
5.5 LAMEA
5.5.1 Key trends and opportunities
5.5.2 LAMEA Market size and forecast, by End Use
5.5.3 LAMEA Market size and forecast, by country
5.5.3.1 UAE
5.5.3.1.1 Market size and forecast, by End Use
5.5.3.2 Brazil
5.5.3.2.1 Market size and forecast, by End Use
5.5.3.3 South Africa
5.5.3.3.1 Market size and forecast, by End Use
5.5.3.4 Saudi Arabia
5.5.3.4.1 Market size and forecast, by End Use
5.5.3.5 Rest of LAMEA
5.5.3.5.1 Market size and forecast, by End Use
CHAPTER 6: COMPANY LANDSCAPE
6.1. Introduction
6.2. Top winning strategies
6.3. Product Mapping of Top 10 Player
6.4. Competitive Dashboard
6.5. Competitive Heatmap
6.6. Key developments
CHAPTER 7: COMPANY PROFILES
7.1 BASF SE
7.1.1 Company overview
7.1.2 Company snapshot
7.1.3 Operating business segments
7.1.4 Product portfolio
7.1.5 Business performance
7.1.6 Key strategic moves and developments
7.2 Bio Amber
7.2.1 Company overview
7.2.2 Company snapshot
7.2.3 Operating business segments
7.2.4 Product portfolio
7.2.5 Business performance
7.2.6 Key strategic moves and developments
7.3 DSM
7.3.1 Company overview
7.3.2 Company snapshot
7.3.3 Operating business segments
7.3.4 Product portfolio
7.3.5 Business performance
7.3.6 Key strategic moves and developments
7.4 Kawasaki Kasei chemicals
7.4.1 Company overview
7.4.2 Company snapshot
7.4.3 Operating business segments
7.4.4 Product portfolio
7.4.5 Business performance
7.4.6 Key strategic moves and developments
7.5 Mitsubishi Chemical Holdings
7.5.1 Company overview
7.5.2 Company snapshot
7.5.3 Operating business segments
7.5.4 Product portfolio
7.5.5 Business performance
7.5.6 Key strategic moves and developments
7.6 Mitsui Chemicals
7.6.1 Company overview
7.6.2 Company snapshot
7.6.3 Operating business segments
7.6.4 Product portfolio
7.6.5 Business performance
7.6.6 Key strategic moves and developments
7.7 Myriant
7.7.1 Company overview
7.7.2 Company snapshot
7.7.3 Operating business segments
7.7.4 Product portfolio
7.7.5 Business performance
7.7.6 Key strategic moves and developments
7.8 Purac
7.8.1 Company overview
7.8.2 Company snapshot
7.8.3 Operating business segments
7.8.4 Product portfolio
7.8.5 Business performance
7.8.6 Key strategic moves and developments
7.9 Reverdia
7.9.1 Company overview
7.9.2 Company snapshot
7.9.3 Operating business segments
7.9.4 Product portfolio
7.9.5 Business performance
7.9.6 Key strategic moves and developments
7.10 Roquette Freres S.A.
7.10.1 Company overview
7.10.2 Company snapshot
7.10.3 Operating business segments
7.10.4 Product portfolio
7.10.5 Business performance
7.10.6 Key strategic moves and developments
LIST OF TABLES
Table 1. Global Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 2. Bio Succinic Acid Market Size, for Industrial, by Region, 2020-2030 ($Million)
Table 3. Bio Succinic Acid Market for Industrial by Country, 2020-2030 ($Million)
Table 4. Bio Succinic Acid Market Size, for Food, by Region, 2020-2030 ($Million)
Table 5. Bio Succinic Acid Market for Food by Country, 2020-2030 ($Million)
Table 6. Bio Succinic Acid Market Size, for Pharmaceuticals, by Region, 2020-2030 ($Million)
Table 7. Bio Succinic Acid Market for Pharmaceuticals by Country, 2020-2030 ($Million)
Table 8. Bio Succinic Acid Market Size, for Cosmetics, by Region, 2020-2030 ($Million)
Table 9. Bio Succinic Acid Market for Cosmetics by Country, 2020-2030 ($Million)
Table 10. Bio Succinic Acid Market Size, for Others, by Region, 2020-2030 ($Million)
Table 11. Bio Succinic Acid Market for Others by Country, 2020-2030 ($Million)
Table 12. Bio Succinic Acid Market, by Region, 2020-2030 ($Million)
Table 13. North America Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 14. North America Bio Succinic Acid Market, by Country, 2020-2030 ($Million)
Table 15. U.S. Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 16. Canada Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 17. Mexico Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 18. Europe Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 19. Europe Bio Succinic Acid Market, by Country, 2020-2030 ($Million)
Table 20. U.K. Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 21. Germany Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 22. France Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 23. Italy Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 24. Spain Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 25. Rest of Europe Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 26. Asia-Pacific Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 27. Asia-Pacific Bio Succinic Acid Market, by Country, 2020-2030 ($Million)
Table 28. China Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 29. Japan Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 30. India Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 31. South Korea Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 32. Australia Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 33. Rest of Asia-Pacific Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 34. LAMEA Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 35. LAMEA Bio Succinic Acid Market, by Country, 2020-2030 ($Million)
Table 36. UAE Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 37. Brazil Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 38. South Africa Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 39. Saudi Arabia Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 40. Rest of LAMEA Bio Succinic Acid Market, by End Use, 2020-2030 ($Million)
Table 41. Basf Se: Company Snapshot
Table 42. Basf Se: Operating Segments
Table 43. Basf Se: Product Portfolio
Table 44. Basf Se: Net Sales
Table 45. Basf Se: Key Stratergies
Table 46. Bio Amber: Company Snapshot
Table 47. Bio Amber: Operating Segments
Table 48. Bio Amber: Product Portfolio
Table 49. Bio Amber: Net Sales
Table 50. Bio Amber: Key Stratergies
Table 51. Dsm: Company Snapshot
Table 52. Dsm: Operating Segments
Table 53. Dsm: Product Portfolio
Table 54. Dsm: Net Sales
Table 55. Dsm: Key Stratergies
Table 56. Kawasaki Kasei Chemicals: Company Snapshot
Table 57. Kawasaki Kasei Chemicals: Operating Segments
Table 58. Kawasaki Kasei Chemicals: Product Portfolio
Table 59. Kawasaki Kasei Chemicals: Net Sales
Table 60. Kawasaki Kasei Chemicals: Key Stratergies
Table 61. Mitsubishi Chemical Holdings: Company Snapshot
Table 62. Mitsubishi Chemical Holdings: Operating Segments
Table 63. Mitsubishi Chemical Holdings: Product Portfolio
Table 64. Mitsubishi Chemical Holdings: Net Sales
Table 65. Mitsubishi Chemical Holdings: Key Stratergies
Table 66. Mitsui Chemicals: Company Snapshot
Table 67. Mitsui Chemicals: Operating Segments
Table 68. Mitsui Chemicals: Product Portfolio
Table 69. Mitsui Chemicals: Net Sales
Table 70. Mitsui Chemicals: Key Stratergies
Table 71. Myriant: Company Snapshot
Table 72. Myriant: Operating Segments
Table 73. Myriant: Product Portfolio
Table 74. Myriant: Net Sales
Table 75. Myriant: Key Stratergies
Table 76. Purac: Company Snapshot
Table 77. Purac: Operating Segments
Table 78. Purac: Product Portfolio
Table 79. Purac: Net Sales
Table 80. Purac: Key Stratergies
Table 81. Reverdia: Company Snapshot
Table 82. Reverdia: Operating Segments
Table 83. Reverdia: Product Portfolio
Table 84. Reverdia: Net Sales
Table 85. Reverdia: Key Stratergies
Table 86. Roquette Freres S.A.: Company Snapshot
Table 87. Roquette Freres S.A.: Operating Segments
Table 88. Roquette Freres S.A.: Product Portfolio
Table 89. Roquette Freres S.A.: Net Sales
Table 90. Roquette Freres S.A.: Key Stratergies
LIST OF FIGURES
Figure 1. Bio Succinic Acid Market Segmentation
Figure 2. Bio Succinic Acid Market, 2020-2030
Figure 3. Bio Succinic Acid Market, 2020-2030
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Bio Succinic Acid Market:Drivers, Restraints and Opportunities
Figure 12. Pricing Analysis
Figure 13. Value Chain Analysis
Figure 14. Key Regulation Analysis
Figure 15. Bio Succinic Acid Market, by End Use, 2020 (%)
Figure 16. Comparative Share Analysis of Industrial Bio Succinic Acid Market, 2020-2030 (%)
Figure 17. Comparative Share Analysis of Food Bio Succinic Acid Market, 2020-2030 (%)
Figure 18. Comparative Share Analysis of Pharmaceuticals Bio Succinic Acid Market, 2020-2030 (%)
Figure 19. Comparative Share Analysis of Cosmetics Bio Succinic Acid Market, 2020-2030 (%)
Figure 20. Comparative Share Analysis of Others Bio Succinic Acid Market, 2020-2030 (%)
Figure 21. Bio Succinic Acid Market by Region, 2020
Figure 22. U.S. Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 23. Canada Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 24. Mexico Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 25. U.K. Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 26. Germany Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 27. France Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 28. Italy Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 29. Spain Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 30. Rest of Europe Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 31. China Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 32. Japan Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 33. India Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 34. South Korea Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 35. Australia Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 36. Rest of Asia-Pacific Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 37. Uae Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 38. Brazil Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 39. South Africa Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 40. Saudi Arabia Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 41. Rest of LAMEA Bio Succinic Acid Market, 2020-2030 ($Million)
Figure 42. Top Winning Strategies, by Year
Figure 43. Top Winning Strategies, by Development
Figure 44. Top Winning Strategies, by Company
Figure 45. Product Mapping of Top 10 Players
Figure 46. Competitive Dashboard
Figure 47. Competitive Heatmap of Top 10 Key Players
Figure 48. BASF SE.: Net Sales, ($Million)
Figure 49. Bio Amber.: Net Sales, ($Million)
Figure 50. DSM.: Net Sales, ($Million)
Figure 51. Kawasaki Kasei Chemicals.: Net Sales, ($Million)
Figure 52. Mitsubishi Chemical Holdings.: Net Sales, ($Million)
Figure 53. Mitsui Chemicals.: Net Sales, ($Million)
Figure 54. Myriant.: Net Sales, ($Million)
Figure 55. Purac.: Net Sales, ($Million)
Figure 56. Reverdia.: Net Sales, ($Million)
Figure 57. Roquette Freres SA.: Net Sales, ($Million)

Executive Summary

According to this report titled, 'Bio Succinic Acid Market,' the bio succinic acid market was valued at $126.80 million in 2020, and is estimated to reach $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030.

Bio succinic acid is a natural acid that can be used in food, skincare, and pharma products. It helps to reduce joint pain and arthritis pain when applied to the skin. It reduces the aging and scars on the skin. It is primarily being used as a replacement for petrol succinic acid in few applications such as solvents &lubricants, de-icer solutions, cosmetics, food, and pharma. In addition to the above mentioned applications, it is also utilized in the production of plasticizers, polyester polyols, 1, 4-Butanediol, and other chemical compounds that have wide range of application in commercial and industrial applications. The presence of the above mentioned applications will accelerate the future growth of the market. 1, 4-Butanediol (BDO) can be synthesized using succinic acid as a precursor. The automotive and electronics industries heavily rely on BDO to produce connectors, insulators, wheel cover, gearshift knobs, and reinforcing beams. In addition to this, it is used as a food additive and dietary supplement, succinic acid is generally recognized as safe by the U.S. Food and Drug Administration. It is mainly used as an acidity regulator in the food and beverage industry. It is also utilized as a flavouring agent, primarily used for sour and astringent component to umami taste.

The demand for bio succinic acid is primarily driven by increased demand for bio-based products as they are harmless to humans and environment. Furthermore, the market is driven mostly due to the volatility in fossil fuels, rise in carbon footprints and an interest in using renewable raw materials that are available locally. In addition, increased global demand for green chemicals is anticipated to trigger the adoption in wide range of applications, especially in bio plastics. The presence of above mentioned concerns has led to the discovery of biological manufacturing of succinic acid.

Higher prices of bio succinic acid and lengthy extraction processes are major factors that hamper the market growth. Research and development of bio succinic acid technology are expected to make profitable growth opportunities. The presence of wide range of application and surge in awareness among the consumers regarding the advantages of the green chemicals compared to conventional chemicals are expected to spur the expansion of bio succinic acid market by providing many growth opportunities.

The bio succinic acid market is segmented on the basis of end use and region.

By end use, the global bio succinic acid market is segmented into industrial, food, pharmaceuticals, cosmetics and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for the largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of eco-friendly products in the region is anticipated to continue to boost the bio succinic acid market, due to the presence of huge industrial manufacturing process with complete low cost manufacturing conditions in North America region have created opportunities for the market growth.

The key players that operate in the global bio succinic acid market are BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi Corporation, BASF SE, RoquetteFrerse S.A, Purac, Kawasaki Kasei chemicals, and Reverdia. Other players in the value chain (not profiled in the report) include Cargill Incorporated, Nippon shokubai, The Dow Chemical Company, and others, etc., are competing for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the future demand for the bio succinic acid market during the forecast period.

Key findings of the Study

  • By region, Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
  • By end use, industrial application segment held the largest market share in 2020.

IMPACT OF COVID-19 ON THE GLOBAL BIO SUCCINIC ACID MARKET

  • Emergence of COVID-19 had less impact on growth of the global bio succinic acid market during the pandemic outbreak period.
  • This impact is mostly attributed to significant disruptions in the raw material transportation, unavailability of labor, shutdown of many manufacturing industries.
  • The decrease in demand for many non-essential products and shut down of manufacturing industries created a negative impact on the development of global bio succinic acid market.

Companies Mentioned

  • BASF SE
  • Bio Amber
  • DSM
  • Kawasaki Kasei chemicals
  • Mitsubishi Chemical Holdings
  • Mitsui Chemicals
  • Myriant
  • Purac
  • Reverdia
  • Roquette Freres S.A.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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