Succinic acid one of the most important industrial chemical which is derived from petroleum feedstock. They are utilized in several areas, from high-value niche applications, such as food, beverages and pharmaceuticals, to large-volume applications. However, use of petroleum-based succinic acid witnessed hindrances on the back of its carbon footprints and price volatility, which in turn led to the development of bio-based succinic acid. Bio-succinic acid is chemically equivalent to conventionally produced succinic acid and is appropriate for the same applications. Recently, a study titled “Bio-based Succinic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2026” has been publicized to the online repository of Market Research Hub (MRH), which explores the global bio-based succinic acid market in detail, enveloping key market dynamics exhaustively. A synopsis of bio-based succinic acid market at a global level has been delivered in the report, coupled with relevant market numbers including the historical (2012-2016) and the forecast (2017-2026) compound annual growth rate (CAGR).
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Forecast Analysis
This report on global bio-based succinic acid market has been categorized by the report into six key regions viz. Latin America, Japan, North America, Europe, Middle East & Africa (MEA), and Asia-Pacific excluding Japan (APEJ). On the basis of regional analysis, the research highlights market growth on the specific application, end-user, and process type. As per the key findings, the global bio-based succinic acid market estimated to increase at a wonderful CAGR through the forecast period of 2017-2026. In addition to this, revenues from sales of bio-based succinic acid across the globe are gauged to surpass US$ 900 Mn by 2026-end.
In the present time, development of cost-effective and highly efficient bio-refineries is a prerequisite for realizing the aim of a bio-based economy. Bio-based product manufacturers have so far tapped into specialty or high-value chemicals market, however, modern biotechnology is enabling improvements in economics for bio-based building blocks such as bio-based succinic acid in bulk applications.
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Major Findings from the Study
- Bio-based succinic acid is also adept of being used as a feedstock in production of biodegradable products. In addition, opportunities lie for bio-based succinic acid’s espousal for applications in detergents, pigments, surfactants, and resins.
- On the basis of geography, North America anticipated to become the largest market for bio-succinic acid by 2026-End. Several industries in the region have started commercializing the making of bio-based succinic acid via fermentation of sugars.
- On the basis of process type, revenues from electrodialysis process and direct crystallization process for manufacturing bio-based succinic acid will increase at a relatively higher CAGR.
- Personal care is expected to be the fastest expanding end-user of bio-based succinic acid, while chemical industry will remain the most profitable end-user throughout the forecast period.
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