• John Watson

Global Succinic Acid Market Size to grow by US$ 209.1 Million in 2030

The succinic acid market is projected to reach US$ 209.1 Million by 2030, at a CAGR of 7.7%.

Succinic Acid Market

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The oxidation of the butane methyl groups to the corresponding carboxyl groups produces petroleum-based SA, which is an alpha, omega-dicarboxylic acid. The fermentation of sugars is the method used to create the bio-based version. Many wealthy countries' regulatory bodies are quite concerned about the massive amount of CO2 emissions. Consumer attention is now more focused on organic and bio-derived products as a result of this. Because bio-succinic acid is environmentally friendly, this is anticipated to help this industry expand in the years to come.

The existence of numerous multinational corporations working to gain a competitive advantage through a strong product portfolio, diversification, distribution network, and business strategies like partnerships, joint ventures, and capacity expansions has resulted in a highly competitive global market. For instance, Myriant Corporation increased its capacity to 5000 metric tonnes in 2017 by opening a new succinic acid production facility in Leuna, Germany.

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In compared to bio-based succinic acid, petroleum-based succinic acid is more efficient and more cost-effective. Additionally, it has a wide range of applications in the chemical sector for the production of PBS as well as the food and beverage business as a taste enhancer. Because of its use in industrial applications, succinic acid is in high demand. Because PBS/PBST are non-toxic, biodegradable, and have superior heat resistance and processability than other biopolymers, succinic acid is employed in them for food packaging. The market for succinic acid is primarily driven by rising disposable income, shifting consumer preferences, rising plastics use, and expanding packaging sectors.

The price instability of fossil fuels, the increase in carbon footprints, and the increased use of locally accessible raw resources are all contributing factors to the surge in demand for bio succinic acid. Additionally, it is anticipated that growing worldwide demand for green chemicals will lead to its acceptance in a variety of applications, particularly in bioplastics, making it a potent platform chemical. In addition, it is projected that rising crude oil prices, rising investments in green chemicals, rising demand for renewable chemicals, and increased government assistance will all contribute to the market's expansion. However, the market expansion is constrained by the higher cost of bio succinic acid and the drawn-out extraction procedures.

Numerous additional compounds are used in the manufacture of succinic acid. It consequently has a negative impact on the immediate area as well as the environment as a whole. The demand for acid replacements increased as a result. Bio-succinic acid is one such replacement. Climate change is lessened by bio-succinic acid synthesis. By using waste streams and being perfectly decomposable, bio succinic acid ensures a clean environment and replaces the use of petrochemicals in the manufacture of many commercial and industrial products. Many substances that have the potential to harm the environment are thought to be suitable replacements for bio-succinic acid.

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February 2020- LCY GROUP acquired BioAmber to strnghthen the product portfolio and customer base across North America region.

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