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Demand for Succinic Acid to Grow at a CAGR of 30.5% between 2014 -19 in China: M&M

Published on 2015-01-06. Author :

The report “Succinic Acid Market by Source (Petroleum and Bio-based), Application (1,4 BDO, Polyurethane, Food, Resins, Coatings, Pigments, Plasticizers, Pharmacy, De-Icer solutions, PBS, PBST, Solvents & Lubricants, Cosmetics, Others) - Global Trends & Forecast to 2019”, defines and segments the global succinic acid market with an analysis and forecast of its market size, in terms of volume and value.

The report segments the succinic acid market by source, application, and region. It also focuses on the industry trends and market dynamics, such as drivers, restraints, and opportunities and capacities of various upcoming plants exclusively for bio-based substitutes. The market size forecast is provided by key regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. Top players in the market have been identified and profiled.

”Europe: The Biggest Market of Succinic Acid”

Europe was one of the largest markets globally for succinic acid in 2013 in terms of value. Germany is the key consumer of succinic acid in Europe. Rising environmental concerns coupled with presence of domestic bio-based succinic acid manufacturers have shifted consumer focus towards sustainable and environment-friendly chemicals. Pharmaceuticals & Personal Care application is the fastest growing segment for succinic acid in Europe. The largest manufacturers of bio-based succinic acid in this region are Succinity GmbH (Germany), Reverdia (The Netherlands).

”Succinic Acid demand in APAC remains strong”

The demand for conventional succinic acid in the region is strong due to high usage in the growing end-use applications; APAC is estimated to grow at a CAGR of 27.4% between 2014 and 2019. However, the North American region is also experiencing a shift from conventional succinic acid to bio-based succinic acid consumption. China is the largest consumer of succinic acid in APAC region and is expected to grow at a CAGR of 30.5% between 2014 and 2019. The flourishing pharmaceuticals & Personal Care industry is resulting in the higher succinic acid demand from the country.

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Source: MarketsandMarkets 

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