The global succinic acid market is expected
to reach USD 237.8 million by 2022, according to a new report by Grand View
Research, Inc. Rising need in various application segments including 1,4
butanediol, pharmaceuticals, and polyurethanes is expected to result in
considerable share for the product over the next seven years. Healthcare sector
growth on account of rising health awareness among consumers in emerging
economies of Asia Pacific is expected to have a positive impact on the industry
over the forecast period.
Fluctuation
of raw material prices, fuel, and energy costs are expected to hamper overall
cost of the product, which in turn is expected to challenge demand. In
addition, major companies are focusing on the manufacturing of the product
through bio-based routes. This is expected to restrain growth over the forecast
period.
Growing
political and regulatory pressures on chemical companies to reduce carbon
emissions coupled with growing concerns over depleting fossil fuel reserves
have led to bio-based succinic acid development, which will act as a drop in
replacement for the product, thus restricting growth.
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Further key findings from the study suggest:
- 1,4 BDO is expected to be the fastest growing segment in terms of volume and revenue. It is expected to grow at a CAGR of 12.0% from 2015 to 2022. Rising BDO consumption in the manufacturing of tetrahydrofuran (THF), which is used as a solvent in pharmaceutical sector, is expected to have a positive impact on the industry.
- Resins, coatings, dyes, and inks were the largest application segment valued at USD 23.0 million in 2014. Aerospace and electronics sector development in Asia Pacific countries including India and China is expected to promote demand.
- Asia Pacific is expected to be the fastest growing market at a CAGR of above 10.5% from 2015 to 2022. Lack of stringent regulations in the region is expected to be a key driving factor for the market. Cosmetic industry growth in China, India, and Japan is expected to further augment succinic acid demand over the forecast period.
- Global industry is fragmented on account of presence of numerous companies; however, most of these companies have switched to the production of succinic acid through the bio-based route. They invest highly in R&D to introduce the bio-based form that exhibits similar properties as that of the synthetic products. In October 2012, Reverdia and Helm AG signed an agreement to sell and distribute bio-succinic acid in Europe.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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