The biobased succinic acid market is witnessing significant growth as industries shift towards sustainable and eco-friendly products. Succinic acid serves as a versatile platform chemical and finds applications in various sectors, including bioplastics, pharmaceuticals, and food additives. This report delves into the market size, trends, and forecasts for the period of 2024 to 2029.
Companies are innovating to improve the production processes of biobased succinic acid. For instance, Reverdia announced a partnership with various agricultural producers to enhance the supply chain and sustainability of its biobased succinic acid production.
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Market Overview
Biobased succinic acid is produced from renewable resources and serves as a key ingredient in the production of numerous chemicals. With increasing emphasis on sustainability and biodegradability, manufacturers are looking to replace petroleum-based chemicals with biobased alternatives. The global biobased succinic acid market is expected to grow at a CAGR of approximately 5%-10% during the forecast period.Market Size and Share Analysis
The global biobased succinic acid market was valued at around USD 400 million in 2023 and is projected to reach approximately USD 650 million by 2029. The increasing adoption of succinic acid in various applications will be a vital driver of market growth.Trends Analysis Report by Product Type
Biobased succinic acid is categorized primarily into two types: solvent-grade succinic acid and food-grade succinic acid. Due to its increasing applications in the production of biodegradable polymers and food additives, the food-grade segment is expected to witness the highest growth rate during the forecast period.Key Players in the Biobased Succinic Acid Market
The following companies hold significant shares in the biobased succinic acid market:- Reverdia
- Succinity
- BioAmber
- GC Innovation America
- Shandong Land
- Chung Hwa Chemical Industrial Works Ltd.
Market Segmentation by Process
The production of biobased succinic acid involves various processes, including:- Fermentation of C5 and C6 sugars
- Chemical synthesis
Market Segmentation by Application
Biobased succinic acid has various applications, with the primary end uses being:- BDO (Butanediol)
- Biodegradable Polymer
- Surfactant
- Food & Beverages
- Plasticizer
- Others
Market Segmentation by End-Use
The end-use industries for biobased succinic acid primarily include:- Food and Beverage
- Pharmaceuticals
- Plastics
- Cosmetics
- Agriculture
Regional Insights
The market for biobased succinic acid varies across different regions:- North America: Dominates the market due to a robust industrial base and increasing investments in biobased products.
- Europe: Expected to witness substantial growth due to stringent regulations concerning fossil fuels and support for sustainable practices.
- Asia-Pacific: Rapid industrialization and growing consumer awareness about eco-friendly products will drive market growth here.
Market News on Policy and Companies
In recent years, numerous policies have been introduced worldwide to promote the use of biobased chemicals. The European Unions Green Deal and the U.S. Renewable Fuel Standard are among the significant initiatives encouraging the adoption of sustainable products like biobased succinic acid.Companies are innovating to improve the production processes of biobased succinic acid. For instance, Reverdia announced a partnership with various agricultural producers to enhance the supply chain and sustainability of its biobased succinic acid production.
Segment Forecasts (2024 - 2029)
Based on current trends and market analysis, the biobased succinic acid market is expected to grow as follows:- BDO applications: Expected to grow at a CAGR of 6-8%.
- Biodegradable polymer applications: Projected CAGR is around 7-10% due to rising demand for sustainable materials.
- Food and beverage applications: Anticipated growth at 5-7% as consumer preferences shift towards natural ingredients.
- Surfactants and plasticizers: Expected to have moderate growth, around 4-6% CAGR.
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Table of Contents
Chapter 1 Executive SummaryChapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
Chapter 7 Latest Market Dynamics
Chapter 8 Trading Analysis
Chapter 9 Historical and Forecast Biobased Succinic Acid Market in North America (2020-2030)
Chapter 10 Historical and Forecast Biobased Succinic Acid Market in South America (2020-2030)
Chapter 11 Historical and Forecast Biobased Succinic Acid Market in Asia & Pacific (2020-2030)
Chapter 12 Historical and Forecast Biobased Succinic Acid Market in Europe (2020-2030)
Chapter 13 Historical and Forecast Biobased Succinic Acid Market in MEA (2020-2030)
Chapter 14 Summary For Global Biobased Succinic Acid Market (2020-2025)
Chapter 15 Global Biobased Succinic Acid Market Forecast (2025-2030)
Chapter 16 Analysis of Global Key Vendors
List of Tables and Figures
Companies Mentioned
- Reverdia
- Succinity
- BioAmber
- GC Innovation America
- Shandong Land
- Chung Hwa Chemical Industrial Works Ltd.
