Jan 3, 2019   SOURCE: BusinessWire

Succinic Acid Market by Type, End-Use Industry, and Region - Forecast to 2023 - ResearchAndMarkets.com

The "Succinic Acid Market by Type, End-Use Industry, and Region - Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global succinic acid market is estimated to be USD 132 million in 2018 and is projected to reach USD 183 million by 2023, at a CAGR of 6.8%.

The increasing demand from the industrial, personal care and food & beverage industries fuels the succinic acid market. The increasing demand from the APAC region, and the increasing adoption of succinic acid as a substitute of adipic acid in polyurethane production are the factors driving the succinic acid market. However, the high R&D cost for manufacturing bio-succinic acid is majorly restraining the growth of the succinic acid market.

The demand for succinic acid is driven by its use for applications in the industrial applications. Succinic acid is used in PBS/PBST for food packaging, as these are non-toxic, biodegradable, and also have better heat resistance and processability in comparison to other biopolymers.

The key drivers for the succinic acid market are the increasing disposable income, changing consumer lifestyle, increased use of plastics, and the growing packaging industry. These factors have fueled the demand for non-toxic, bio-degradable PET bottles, food containers, disposable syringes, blood bags, and other consumer goods in countries such as China, India, Japan, US, and Germany that have led to the growth of the succinic acid market in the PBS/PBST segment.

Market Dynamics

Drivers

  • Increasing Demand From APAC

Restraints

  • High Production Costs

Opportunities

  • Increasing Potential Applications of Succinic Acid

Challenges

  • Issues in Commercialization of Bio-Based Succinic Acid
  • Slow Growth of the Bio-Based Succinic Acid Market

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Succinic Acid Market, By Type

7 Succinic Acid Market, By End-Use Industry

8 Succinic Acid Market, By Region

9 Competitive Landscape

10 Company Profiles

  • Anhui Sunsing Chemicals
  • Anqing Hexing Chemical
  • Bioamber
  • GC Innovation America
  • Gadiv Petrochemical Industries Limited
  • Kawasaki Kasei Chemicals
  • Nippon Shokubai
  • Reverdia
  • Shandong Chemical
  • Shandong Lixing Chemical
  • Spectrum Chemical
  • Succinity
  • Thirumalai Chemicals Limited

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