Succinic Acid Market - Global Share Analysis (2024–2032)

Succinic Acid Market Synopsis:

Succinic Acid Market Size Was Valued at USD 182.94 Million in 2023, and is Projected to Reach USD 333.51 Million by 2032, Growing at a CAGR of 6.9% From 2024-2032.

Succinic acid is a useful dicarboxylic acid used in the synthesis of a number of chemical products and has been derived from petrochemical feed stocks or from bio renewables feedstocks. It is used as a raw material in the chemicals industry especially in the manufacture of detergents and soaps, the pharmaceutical industry, food processing and manufacture of personal products. More demand for eco-friendly succinic acid is attributed to sustainability considerations and the market for this material is realized based on its roles in manufacturing biodegradable plastics, solvents and other high-quality chemical substances.

•  The global demand for succinic acid is steadily increasing because of the multiple end uses of succinic acid across numerous markets for instance chemical, pharma, food and beverages, agriculture and personal care among others. Although succinic acid has been synthesized conventionally using petrodervatives, current concerns for the environment and need for renewable feed stocks have promoted production from biomass. This bio-based succinic acid not only provides the route for replacing the petrochemical based production but also fulfils the increasing consumer concern towards sustainability in diverse applications.
• Succinic acid is applied in the industrial segment mainly as a raw material for biodegradable plastics, polyether polyols for polyurethanes and solvents. Considering the current world trend towards minimizing emissions and thus environmental impacts, industries are using bio-based succinic acid to meet the requirements of legal measures against the use of fossil fuels. It is expected to push the market even more, given that new fermentation techniques enable higher production and lower costs. Also, the demand for succinic acid as a precursor for numerous pharmaceutical intermediates shall Increase because the pharmaceutical industry is significantly focusing on the health and wellness products.
• There is a great demand of succinic acid in the foods and beverages industry as well due to various use. Succinic acid has been approved for use as an acidifier/flavour because it is commonly used in the preparation of anti-caking agents, emulsifiers and stabilizers for use in foodstuffs and beverages. Bio-based succinic acid is likely to see higher adoption due to its clean label, as the world over consumers shift towards products that are produced using sustainable resources. For the same reason, the personal care and cosmetics industry also uses succinic acid, which is acting as a pH adjuster and skin conditioning agent thus influencing the growth of the market.

Succinic Acid Market Trend Analysis:

Shift Toward Bio-Based Succinic Acid Production

• One can say that one of the remarkable trends within the current market of succinic acid is a transition from petrochemical based succinic acid to bio-based succinic acid. This change is mainly due to the environmental responsibility aspect because the bio-based Succinic Acid comes from renewable raw materials such as corn or sugar cane, hence it provides a much lower emission rate. Bio-based production methods are considered to be more sustainable, and for a good reason, as the green and sustainable chemical imperative grows stronger.
• This transition towards bio-based production is also underpinned by improvements in molecular farming through the optimisation of fermentation processes, and availability of lower cost feed stock. These are not only driving the cost of bio-based succinic acid lower, but also adding to the attractiveness of bio-based products to industries looking for a more sustainable solution. Therefore bio-based succinic acid is likely grow at a fast pace in the future as compared to the traditional succinic acid, as the future need will be more for green products like biodegradable plastics etc.

Growing Demand for Biodegradable Plastics

• The potential that is most valuable for the succinic acid market is that the demand for biodegradable plastics is continuously increasing. Looking at the effects of plastic pollution in the environment and on the ecosystems, various industries have considered finding environmentally compatible materials to the plastics. The above product can be used to synthesize biodegradable plastics that are deployed in packaging, agricultural and consumer products. In the course of time, the government of various countries are implementing chemical policies restricting the use of plastic products thereby driving the opportunity of bio-based biodegradable plastic which is one of the prime drivers of the succinic acid market.
• Another opportunity accruing from this factor is the growing concern by consumers in the environmental questions. This has made the consumers to develop a preference for environment friendly products hence putting pressure to the manufactures to develop biodegradable plastics that are derived from renewable sources. In this case, succinic acid as on of the key components of the biodegradable materials will experience an upward trend as a result of this trend. That is why manufacturers of succinic acid are seeking growth in production capacities, as well as new applications in the production of biodegradable plastics, taking advantage of this demand.

Succinic Acid Market Segment Analysis:

Succinic Acid Market Segmented on The Basis of Type, Application, End User, and Region.

By Type, Petro-Based Succinic Acid segment is expected to dominate the market during the forecast period

• The succinic acid market is divided into two main types: Petro-based succinic acid and bio based succinic acid. Petro-based succinic acid is synthesised using fossil feedstocks using conventional chemical synthesis methods; petro-based succinic acid has been the most widely used succinic acid for a long time. But because of the current emphasis on the use of biod derived materials, bio based succinic acid, which is fermented from biomass such as corn or sugarcane is being used.
• Bio-based succinic acid presents the improved characteristics in terms of its environmental friendliness as compared to conventional products that have a major reliance on fossil fuels. Even though, the production cost of bio-based succinic acid is high, it is experiencing technology entrants which have improve the fermentation leading to a reduction of the cost of bio-based succinic acid . Rising popularity for green and sustainable chemicals should continue to drive bio-based succinic acid’s market position in biodegradable plastics, food and beverages, and personal care.

By Application, Industrial segment expected to held the largest share

• Succinic acid is widely used in industrial applications and uses, coatings, pharmaceuticals food and beverages, personal care and agriculture among others. Its application in the industry includes being used as a raw material in biodegradable plastics, solvents and other chemicals in industries that belong to the industrial sector. The coatings industry applies succinic acid to amend the function of paint and coatings, as a dispersant, and increasing steadiness on the paint.
• Succinic acid finds application in the synthesis of different pharmaceutical products in the pharmaceutical industry; the use in the food and beverages industry is that it acts as an acidulent and flavoring agent. Succinic acid find application in personal care industry in its action as a pH controller and in conditioning skin, and in agriculture as conditioning the soil and as a plant growth stimulant. Due to the high demand for environment-friendly and bio-derived products, this chemical has indeed picked interest across all these industries especially due to its application in the production of green chemicals.

Succinic Acid Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America is expected to hold the largest share of the market because of the well-established industries and customer focus on sustainable solutions and chemical policies related to green chemistry. The use of bio-based chemicals has gained much attention in developed countries; however, the United States of America stands out as one of the countries with several strategies and policies seeking to advance renewable material technologies and phase out the use of hydrocarbons. Newer applications in biodegradable plastics, pharmaceuticals and food and beverages etc because of the expanding sustainable or green products market in the region has led to growth in the succinic acid market in this region.
• Additional contributors towards the progress of the market in this region include large chemical industries, Biotech industries and favorable governmental policies towards the use of renewable energy as well as environmentally friendly production methods. Superiority in the infrastructure, high investment in R&D and improving awareness level of consumer about the environmental polluting effects of chemicals are some of plausible explanations for the high growth of the global succinic acid market in North America. Since sustainability is a significant concern, there is no doubt that North America will remain at a vanguard in the market.

Active Key Players in the Succinic Acid Market

• BioAmber (Canada)
• DSM (Netherlands)
• Emery Oleochemicals (USA)
• Kraton Polymers (USA)
• BASF SE (Germany)
• Mitsubishi Chemical Corporation (Japan)
• LyondellBasell (Netherlands)
• Myriant Corporation (USA)
• Succinity GmbH (Germany)
• Renmatix (USA)
• Cargill (USA)
• Roquette Frères (France), and Other Active Players