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Growing Fame of Succinic Acid Drives the Market; to Reach 104.3K Tons by 2018: GIA

Published on 2013-10-09. Author : SpecialChem

GIA announces the release of a comprehensive global report on Succinic Acid markets. Global market for Succinic Acid is projected to reach 104.3 thousand tons by 2018, driven by increasing applications in high-value, high-volume chemicals and growing popularity of bio-based Succinic Acid.

Succinic acid is a key building block for a wide range of secondary chemicals used in chemical, pharmaceutical, food, and agricultural industries. Produced primarily from petroleum feedstock, production costs for succinic acid is high given the volatile and high prices of oil. Fermentation process is emerging as a replacement for fossil fuel-based production of succinic acid owing to its ability to reduce greenhouse gas emissions by up to 50%. Renewable or bio-based succinic acid finds use in the manufacture of butanediol (BDO), which acts as an intermediate in the manufacture of polytetramethylene ether glycol (PTMEG), polybutylene terephthalate (PBT), and tetrahydrofuran (THF). Bio-succinic acid holds huge potential as a platform chemical and is likely to replace butane-based maleic anhydride, which is widely used in the manufacture of other chemicals such as succinic anhydride, fumaric acid, diethylmaleate, and glyoxylic acid. Increasing need for green chemicals as substitutes for chemicals that are presently in use for producing polymers and other complex derivatives is driving demand for bio-succinic acid. Efforts to expand capacity of bio-succinic acid and its favorable impact on the environment are expected to foster market growth.

As stated by the new market research report on Succinic Acid, Europe represents the largest market worldwide. Adoption of stringent energy policies and continuous advancements in technology are driving focus on bio-chemicals including bio-succinic acid, derived from renewable feedstocks. Asia-Pacific is forecast to emerge as the fastest growing regional market with growth driven by robust demand in emerging markets such as China and India. By end-use, BDO presents the maximum growth opportunities for succinic acid, and is likely to grow driven by its increasing use as a replacement for maleic anhydride. BDO finds use in a variety of applications including manufacture of Lycra fibers, engineering plastics and solvents. Demand for succinic acid in PBS, PBST category will be driven by surging demand from packaging applications, particularly for bio-degradable and bio-based products. Polyurethanes segment is likely to witness increasing substitution of adipic acid by succinic acid.

Major players covered in the report include Anhui Sunsing Chemicals Co., Ltd, BASF SE, BioAmber S.A.S, Gadiv Petrochemical Industries Ltd., Mitsui & Co. Ltd., Myriant Technologies LLC, and Nippon Shokubai Co. Ltd among others.

The research report titled "Succinic Acid: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. End-use application markets analyzed include BDO, Food, Pharmaceuticals, PBS/PBST, Polyester Polyols, and Others.

About Global Industry Analysts, Inc. (GIA)

Global Industry Analysts, Inc. (GIA) is a reputed publisher of off-the-shelf market research. Recognized as one of the most consistently accurate forecasting company in the world, GIA currently serves more than 8,500 companies from 36 countries worldwide. The company was founded in 1987, initially recognized globally as a research boutique specializing in the medical industry. Over the past 25 years, the company expanded its coverage and now publishes extensively upon more than 180 major industries.

Source: Global Industry Analysts, Inc.


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