The succinic acid market experienced remarkable growth due to the substantial demand from various application verticals such as chemical industries and automobiles over the last few years. Succinic acid is a colorless crystalline, water-soluble solid mainly used while manufacturing lacquers, dyes, and perfume. It is one of two organic acids created during the fermentation process. Supportive government policies for eco-friendly and green chemicals and availability of renewable raw materials are the critical factors fueling the growth of the market.
BDO is the major leading segment used in the manufacturing of engineering plastics and for the application of polyurethane and bio-based succinic acid in the leather industry. Over the course of the forecast period of 2018 to 2023, a recent IndustryARC report titled “Succinic Acid Market: By Type (Bio-based, Synthetic), By Grade (Food Grade, Pharmaceutical Grade, Industrial Grade), By End User (Food and Beverages, Pharmaceutical, Personal Care, Chemical Industry), By Geography - Forecast (2018-2023)” projects a profitable progression.
Succinic Acid Market: Growth Drivers
Extensive usage of succinic acid in food and beverages because of its apparent taste, it is used as an acidulant, buffer, and neutralizing agent in certain foods. It gives a much greater latitude in the formulation of powdered foods and beverages, as it has a greater solubility at room temperatures.
Succinic acid, because of its physical characteristics, is used as a chemical intermediate in the production of lacquers and to make perfume esters. Petro-based succinic acid is a leading segment of raw materials, which is extensively used in the manufacturing of personal care, home care, and cosmetics because it is available at very low cost. Owing to the increased disposable income of urban populations across emerging economies, the demand for personal care and cosmetic products is on the rise, and thereby opening new opportunities for the succinic acid market players.
The production of succinic acid by fermentation of several natural and engineered bacterial strains is the latest innovation in the market, which in turn gives a four-carbon di-carboxylic acid that is useful for many industrial applications.
Succinic acid has an incredible influence on human bodies as it has the ability to improve cellular respiration, as well as one’s glucose metabolism, which allows the body to function optimally. It also has an important effect on our minds as it is the primary factor that relieves stress and anxiety.
Succinic acid market demand is increasing rapidly in various industries including chemical industries, automobiles, and pharmaceuticals. Consequently, its usage in the medical field resulted in the treatment of stress, strain and human metabolic activities. Petro-based succinic acid is a leading segment with a wide range of applications in personal care and home care. Moreover, growing focus towards succinic acid is poised to increase the demand of the market in the near future.
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Bio-based Succinic Acid Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
Bio Plasticizers Market By Type (Epoxides, Sebacates, Succinic Acid, Citrates, Glycerol Esters, And Others) And Application (Flooring & Wall, Film & Sheet Coverings, Wires & Cables, Coated Fabrics, Consumer Goods, And Others) - Global Forecast 2019 To 2024
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