The global bio-succinic acid market size was US$ 126.8 million in 2021. The global bio-succinic acid market size is estimated to reach US$ 221.6 million by 2030, growing at a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2022 to 2030.
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Succinic acid is a chemical utilized instantly in different industrial applications as a negotiator for the manufacturing of many resins and polymers. Also, it was made from natural gas and crude oil; however, due to the reduction in fossil fuel resources and its adverse influence on the atmosphere during the removal has led to strict limitations of government.
Factors Influencing Market Growth
• The increase in the need for bio-succinic acid is because of the volatility in fossil fuel costs, increase in carbon footprints, and better use of locally available raw materials drive the overall market growth.
• The higher cost of bio-succinic acid and lengthy extraction procedures hinder the overall market growth.
• The higher price of crude oil, the rise in acquisitions for green chemicals, the need for renewable chemicals, and the increase in government support are expected to drive the overall market growth.
Effect of the COVID-19 Pandemic
COVID-19 had adversely affected the global economy with severe effects on overall trade, which has concerned businesses, households, financial institutions, industrial facilities, and infrastructure companies. The regulations on global trade and lockdown restrictions on the functions of the chemicals sector also caused the need for bio-succinic acid which was reduced steeply from the end-use sectors expected to hinder the overall market growth.
Regional Insights
Asia-Pacific dominated the highest market revenue share of the overall market. This is attributed to a huge requirement for inks and dyes due to the existence of textile sectors. The essential elements increasing the need for bio-succinic acid are because of its eco-friendly behavior, and the increasing majority of adverse or allergic responses to synthetic dyes. The existence of low fossil fuel resources is another significant element for using organic resources to produce bio-succinic acid for different industrial and commercial manufacturing goals in the region.
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Leading Competitors
The prominent players in the global bio-succinic acid market are:
• Roquette Freres S.A.
• Reverdia
• Myriant
• Purac
• Mitsubishi Chemical Holdings
• Kawasaki Kasei chemicals
• Mitsui Chemicals
• Bio Amber
• BASF SE
• DSM
• Others
Segmentation Analysis
The global bio-succinic acid market segmentation focuses on End Use and Region.
Segmentation on the basis of End Use
• Cosmetics
• Industrial
• Food
• Pharmaceuticals
• Others
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Segmentation on the basis of Region
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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