Organic Succinic Acid Market to Reach $235.02 Million by 2030 Growing at 6.41% CAGR

Organic Succinic Acid Market

Based on region, Asia-Pacific held the highest market share in terms of 2020 revenue, accounting for nearly two-fifths of the global bio succinic acid market.

PORTLAND, OREGON, USA, July 12, 2022 /EINPresswire.com/ — According to Allied Market Research report, Global Organic Succinic Acid Market was over $126.80 million in 2020 and is expected to exceed $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030. Fossil fuel price volatility, increasing carbon footprint and increased use of locally available raw materials growth of the global bio succinic acid market. However, the high price of biosuccinic acid and lengthy extraction processes are hampering the market growth. On the other hand, increasing its adoption in a wide range of applications, especially in bioplastics, which present new opportunities in the coming years.

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Based on region, Asia-Pacific held the highest market share in terms of 2020 revenue, accounting for nearly two-fifths of the global bio succinic acid market. Additionally, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period, due to its environment-friendly nature and increasing prevalence of allergic or adverse reactions to synthetic dyes. The research also analyzes regions such as North America, Europe and LAMEA.

Based on end-use, the industrial segment held the highest market share in 2020, accounting for more than two-fifths of the global biosuccinic acid market, and is expected to maintain its leading status throughout the period. forecast. This is due to the increase in demand in the production process of polyurethane, tetrahydrofuran, polybutylene and many other products. Additionally, the cosmetics segment is expected to show the highest CAGR of 7.5% from 2021 to 2030, due to the increase in the use of bio succinic acid for the preparation of cosmetics with an increase in the demand for organic products.

The industrial application segment dominates the global biosuccinic acid market. This segment held more than 40% of the total market revenue in 2021, owing to the growing demand for polyurethane, tetrahydrofuran and polybutylene in-process products and many other products. . Biosuccinic acid is widely used in various industrial applications as a raw material to manufacture products such as adhesives, solvents, sealants, resins, coatings, and plastics. Rapid urbanization has led to an increase in demand for bio succinic acid across a wide range of industries. The increase in its use in the industrial field in the production of various products has increased the growth of the market in the coming years.

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Covid-19 scenario

1. Outbreak of COVID-19 pandemic has negatively impacted the growth of the global bio succinic acid market, due to unavailability of raw materials, absence of labor and reduction in demand for bio succinic acid from end use industries.
2. The pandemic has led to the global lockdown, which has halted production facilities and disrupted the supply chain. This, in turn, has hampered the growth of the market.
3. However, the market will soon recover in 2022 as demand from end-use industries picks up steadily.

Main market players

1. BASF SE
2. Organic amber
3.DSM
4. Kawasaki Kasei Chemicals
5.Mitsubishi Chemical Holdings
6. Mitsui Chemicals
7. Myriant
8. Purac
9. Reverdia
10. Roquette Freres SA

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Related report:

Succinic Acid Market Opportunity Analysis and Forecast, 2022-2029

Alkyl Succinic Anhydrides (ASA) Market and Forecast, 2022-2029

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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