The global succinic acid market is expected to reach USD 237.8
million by 2022, according to a new report by Grand View Research, Inc. Rising
need in various application segments including 1,4 butanediol, pharmaceuticals,
and polyurethanes is expected to result in considerable share for the product
over the next seven years. Healthcare sector growth on account of rising health
awareness among consumers in emerging economies of Asia Pacific is expected to
have a positive impact on the industry over the forecast period.
Fluctuation of raw material prices, fuel, and energy
costs are expected to hamper overall cost of the product, which in turn is
expected to challenge demand. In addition, major companies are focusing on the
manufacturing of the product through bio-based routes. This is expected to
restrain growth over the forecast period.
Growing political and regulatory pressures on chemical
companies to reduce carbon emissions coupled with growing concerns over
depleting fossil fuel reserves have led to bio-based succinic acid development,
which will act as a drop in replacement for the product, thus restricting
growth.
Browse
full research report for succinic
acid market: http://www.grandviewresearch.com/industry-analysis/succinic-acid-market
Further key findings from the report suggest:
- 1,4 BDO is expected to be the fastest growing
segment in terms of volume and revenue. It is expected to grow at a CAGR
of 12.0% from 2015 to 2022. Rising BDO consumption in the manufacturing of
tetrahydrofuran (THF), which is used as a solvent in pharmaceutical
sector, is expected to have a positive impact on the industry.
- Resins, coatings, dyes, and inks were the
largest application segment valued at USD 23.0 million in 2014. Aerospace
and electronics sector development in Asia Pacific countries including
India and China is expected to promote demand.
- Asia Pacific is expected to be the fastest
growing market at a CAGR of above 10.5% from 2015 to 2022. Lack of
stringent regulations in the region is expected to be a key driving factor
for the market. Cosmetic industry growth in China, India, and Japan is expected
to further augment succinic acid demand over the forecast period.
- Global industry is fragmented on account of
presence of numerous companies; however, most of these companies have
switched to the production of succinic acid through the bio-based route.
They invest highly in R&D to introduce the bio-based form that
exhibits similar properties as that of the synthetic products. In October
2012, Reverdia and Helm AG signed an agreement to sell and distribute
bio-succinic acid in Europe.
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report:
http://www.grandviewresearch.com/industry-analysis/succinic-acid-market/request
Grand View Research has segmented the global succinic acid
market on the basis of application and region:
Succinic Acid Application Outlook (Volume,
Kilo Tons, Revenue, USD Million, 2012 - 2022)
- 1,4
BDO
- Resins,
Coatings, Dying, and Inks
- Pharmaceuticals
- Polyurethanes
- Food
- Plasticizers
- Cosmetics
- Solvent
and Lubricants
- De-icing
Solutions
- Others
Succinic Acid Regional Outlook (Volume, Kilo
Tons, Revenue, USD Million, 2012 - 2022)
- North
America
- Europe
- Asia
Pacific
- RoW
Browse more reports of this category by Grand
View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
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