Succinic Acid Market 2023 | Top Manufacturers, Size ($0.30 Billion) Trends, Growth Rate (6%) & Forecast Featured

According to MRFR, The global Succinic Acid market is expected to register a CAGR of 6% during the forecast period 2023- 2030 holding a value of over USD 0.30 billion by 2030.

Succinic acid is a dicarboxylic acid that is widely used as a chemical intermediate in a variety of applications, including in the production of polymers, resins, food, pharmaceuticals, and cosmetics. It is a colorless, odorless solid that is soluble in water and has a wide range of applications. The COVID-19 pandemic has had a mixed impact on the succinic acid market. While the demand for succinic acid has increased in the food and pharmaceutical sectors, the market has also been negatively impacted by supply chain disruptions and reduced demand from other end-use industries such as automotive and construction. The major factors impacting the growth of the market include increasing demand for bio-based succinic acid as a substitute for petroleum-based succinic acid, growing demand for succinic acid in the food and beverage industry as a flavoring agent and pH regulator, and increasing demand for succinic acid in the pharmaceutical industry. The major restraints of the succinic acid market include high production costs, fluctuating prices of raw materials, and limited availability of bio-based succinic acid.

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Regional Analysis

Asia Pacific is expected to be the largest market for succinic acid due to the growing demand for succinic acid in the food and beverage and pharmaceutical industries, particularly in countries such as China, India, and Japan. North America and Europe are also significant markets for succinic acid due to the increasing demand for bio-based succinic acid and the presence of major players in these regions

Market Segmentation

The succinic acid market can be segmented based on the type, grade, application, and end-use industry. Based on the Type, the market can be segmented into Bio-Based, Synthetic. Based on the grade, the market can be segmented into Food, Pharmaceutical, and Industrial. Based on application, the market is segmented as Chemical Intermediate, Food Additive, and Medicine. On the basis of end-use industry, the market is segmented as Polymer, Chemical, and Food.

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Key Players

The key players operating in the succinic acid market include Merck KGaA, Ernesto Ventos. S.A., ThyssenKrupp AG, BioAmber, Inc., Myriant Corporation, Succinity GmbH, Technip Energies, NIPPON SHOKUBAI CO., LTD., KAWASAKI KASEI CHEMICALS, Anhui Sunsing Chemicals Co., Ltd., Gadiv Petrochemical Industries Ltd., Spectrum Chemical Manufacturing Corp., FUSO CHEMICAL CO., LTD., S.S. Pharmachem, and R-Biopharm AG

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