Industry News

Global Succinic Acid Market to Grow at a CAGR of 19.4% from 2012-18: Transparency Market Research

Published on 2014-08-15. Author : SpecialChem

According to the report, the global succinic acid market is estimated to grow from a value of USD 240.3 million in 2011 to 836.2 million in 2018, observing growth at a CAGR of 19.4% between 2012 and 2018, the forecast period of the report.

The major factor that has triggered the growth of the global acid market is the overall rise in construction and infrastructure development activities around the globe, which has consecutively led to an increased demand for products such as polyurethanes, coatings and resins.

The constant changes in the price of its conventional feedstock – petroleum derived maleic anhydride – are a major restraining factor for acid manufacturers. Concerns for the industry are also on rise due to rising environmental concerns amongst the end-user which has led to the rising adoption and demand for green products. To overcome these hindrances, manufacturers from throughout the globe are gradually making their shift from conventional manufacturing methods to biobased manufacturing methods.

The global succinic acid market is huge. In 2011, its estimated market value was USD 240.3 million. Market analysts estimate that the growing demands for products such as 1,4-butanediol, plasticizers, polyurethane, coats and paints, dyes and inks, pharmaceutical applications and resins could trigger the demand for succinic acid on a global front in the coming years.

Currently, demand for succinic acid is high for the production of coatings, resins, inks and dyes. Together, these application areas accounted for a 20.8% share of the total global demands of succinic acid in 2011. The second highest market shares of succinic acid consumption, nearly 13%, were held by the pharmaceutical industry in the same year. Volume-wise, the polyurethane industry accounted for nearly 12% shares in 2011.

Globally, Europe stands as the lead consumer of succinic acid. In 2011, an estimated 33.6% of the global demands for succinic acid were accounted to Europe. This was followed by Asia Pacific in the same year with an estimated 29.6% shares of the overall market. North America also closely followed, with an estimated 29.2% shares of the market, in the same year.

In the coming years, demands from this region are estimated to surpass any other geographic region in the world, owing to the rise in construction and infrastructure development activities in this region, which subsequently could result in a substantial rise in demands for products such as coatings, dyes, resins, etc – products that use succinic acid as their core feedstock.

About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Its exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. It is privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information. Its data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Source: Transparency Market Research

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