The global bio-succinic acid market size was around USD 188.62 million in 2020 and reach USD 962.47 million in 2027, at a CAGR of 31.12% during the forecast period, 2021-2027. The rising volatility in fossil fuel prices, an increase in carbon footprint, and soaring preference for using locally available raw materials are majorly driving the bio succinic acid market growth. Accelerating demand for green chemicals will also bolster the adoption of bio succinic acid for its wide range of applications, particularly in bioplastics.
Bio Succinic Acid Market Dynamics
Increasing demand for BDO and its derivatives, including Tetrahydrofuran (THF), Gamma-Butyrolactone (GBL), and Polybutylene Terephthalate (PBT), is projected to propel the growth of the bio succinic acid market over the forecast period. Strict environmental regulations and a rising inclination towards bio-based products are projected to boost the growth of the bio succinic acid market.
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Bio Succinic acid boosts the consistency and functionality of powder coating resins by increasing the bio-based content and minimizing the reactive resin content such as urethane, alkyd, and polyester. This facilitates its use in the preparation of liquid polyester resins from solvents. This factor is expected to propel the bio succinic acid market growth.
The broadening range of application areas, including lubricants, pigments, personal care goods, and food colorants, further boosts the market’s growth. Moreover, the rising awareness about the benefits of using bio-based chemicals in the food and packaging industries will further boost the demand for bio succinic acid in the global market.
Impact of COVID-19 on Bio Succinic Acid Market:
The COVID-19 crisis has significantly affected the bio succinic acid market resulting in a decrease in overall demand. The economic slowdown, strict lockdown, and the following recession resulted in a major decrease in demand for products of the end-use applications, which in turn has negatively impacted the bio succinic acid market. The massive disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers who have been compelled to operate at zero or partial capacities, resulting in reduced bio succinic acid demand.
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Scope of the Report
The global bio succinic acid market has been segmented based on the application segment.
Based on the application, the bio succinic acid market has been segmented into –
- 4-Butanediol (BDO)
- Polyester Polyols
- Solvents & lubricants
- Alkyd Resins
- De-Icer Solutions
Bio Succinic Acid Market: Regional Outlook
Geographically, the bio succinic acid market has been segmented into the Asia Pacific, Europe, North America, South America, the Middle East, and Africa. In 2020, Europe dominated the market for bio succinic acid. It was expected to maintain its dominance over the forecast period because of the presence of large producers on the market for bio succinic acid. Furthermore, stringent carbon footprint regulations in Europe have allowed the substantial application of bio succinic acid in various chemical production units, thereby accounting for the swelling market size of bio succinic acid. The Asia Pacific is expected to witness the highest growth during the forecast period due to the rapid economic growth and increased customer awareness.
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Key Global Bio Succinic Acid Market Competitors Includes –
The global bio succinic acid market is highly fragmented, with the presence of a large number of players across the globe. The bio succinic acid manufacturers operating in the global market are –
- Mitsui & Co
- Roquette Frerse S.A
The key players in the bio succinic acid market are focusing on growth strategies such as expansion, acquisitions, joint ventures, new product lines, and advanced technology adaption globally to enhance their market share. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country.
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