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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summary of this report @ http://www.grandviewresearch.com/industry-analysis/succinic-acid-market
Further key findings from the report 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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this category @ http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented
the global succinic acid market on the basis of application and region:
Succinic Acid Application Outlook
(Volume, Kilo Tons, Revenue, USD Million, 2012 - 2022)
- 1,4 BDO
- Resins, Coatings, Dying, and Inks
- Pharmaceuticals
- Polyurethanes
- Food
- Plasticizers
- Cosmetics
- Solvent and Lubricants
- De-icing Solutions
- Others
Succinic Acid Regional Outlook
(Volume, Kilo Tons, Revenue, USD Million, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- RoW
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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