Global Succinic Acid Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

"Global Succinic Acid Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global succinic acid market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global succinic acid market report has been segmented on the basis of product type, application, and region.

Introduction: 

Succinic acid, also known as 1,4-Butanedioic acid, is a dicarboxylic acid produced as a white, odorless crystal, and is water-soluble. The chemical formula of succinic acid is (CH₂)₂(CO₂H)₂. Succinic acid is produced by hydrogenation of maleic acid, maleic anhydride, or fumaric acid. Succinic acid is used as corrosion inhibitors, anti-scaling agents, in various applications such as plasticizers, adhesives, sealants, and water treatment.

Market Dynamics:  

Increasing demand for succinic acid in food & beverages industry as a sequestrant, buffer, and a neutralizing agent coupled with favourable government regulations, is a major factor expected to drive growth of the global succinic acid market over the forecast period. In addition, rising demand for environmental friendly product is another factor anticipated to fuel growth of the target market in the next coming years. Moreover, increasing adoption of succinic acid as a substitute of adipic acid, are among some factors estimated to drive growth of the potential market over the forecast period.

However, high and fluctuating prices of raw material, is a key factor which may hamper demand for succinic acid and restrain growth of the target market over the forecast period. In addition, possible side effects due to regular consumption of succinic acid such as nausea, vomiting, and diarrhoea is another factor expected to hinder growth of the target market over the forecast period.

Increasing research and development activities for cost-effective solutions, are among some factors expected to create a lucrative opportunity for growth of the global succinic acid market over the forecast period.

Segment Insights:

On the basis of product type, the petro-based succinic acid segment is expected to register for major revenue share in the target market in the next coming years, owing to cost effective and better efficiency. Among application, the plastics & polymers segment is anticipated to account for significant share in terms of revenue in the target market over the forecast period.

Regional Insights:

The succinic acid market in the North America contributed major revenue share in the target market and is expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing production facilities in countries in the region. In addition, rising demand for the product in various applications such as industrial, pharmaceutical, food & beverage, cosmetics, and coating, is expected drive revenue growth of North America succinic acid market over the forecast period. Asia Pacific succinic acid market is anticipated to account for significant share in terms of revenue in the target market in coming years. The succinic acid market in Europe expected to register a significant growth rate in terms of revenue in the global succinic acid market followed by markets in North America.

Market Segmentation and Key Players Operating in the Global Succinic Acid Market:

Segmentation on the Basis of Product Type:

• Petro-Based Succinic Acid
• Bio-Based Succinic Acid

Segmentation on the Basis of Application:

• Food & Beverages
• Plastics & Polymers
• Pharmaceuticals
• Cosmetics
• Others (Industrial, Solvents & Lubricants, and Coatings & Pigments)

Segmentation on the Basis of Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa