Succinic Acid Market: Introduction
In terms of
value, the global succinic acid
market is anticipated to expand at a CAGR of ~7% from 2019 to 2027.
Succinic acid is widely used in various industries such as pharmaceuticals,
chemical, and food. Currently, major proportion of succinic acid is derived
from petroleum feedstock Increase in construction and infrastructure development
activity is expected to trigger the demand for resin, coating, and
polyurethanes, which in turn is expected to drive the growth of the market.
High cost of production associated with the petroleum-based process is the
major challenge facing the succinic acid market. However, the cost of
production is expected to decline with the advent of bio-derived succinic acid.
This is expected to propel the demand for succinic acid across the globe.
Bio-based succinic acid is gaining popularity due to high degree of government
intervention to reduce industrial waste and air pollutants
Application
in Plasticizers and Polyurethanes Drives Succinic Acid Market
Based on
application, resins, coatings, and dyes & inks segment accounted for major
share of the global succinic acid market in 2018. This can be
ascribed to the application of these in industries such as infrastructure and
automotive, which are expanding significantly in Asia Pacific. However,
plasticizers and polyurethanes expected to exhibit significant growth rate
during the forecast period. Elastomers, sealants, coatings, and adhesives are
major applications driving the demand for polyurethanes, whereas, Plasticizers
are primarily employed as additives in the production of polyvinyl chloride
(PVC) making plasticizer highly attractive application segment
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Volatility in Prices of Raw
Materials Followed by Stringent Regulations May Hamper Overall Demand
Petroleum
derived maleic anhydride is the conventional feedstock material used in the
manufacture of succinic acid. Price of the conventionally derived succinic acid
is vulnerable to any ups and down in petroleum prices. Raw material price has
remained a major concern for succinic acid manufacturers. Moreover, growing
environmental concern among the end users has resulted in increasing demand for
green products. To overcome these restraints, succinic acid manufacturers are
gradually shifting towards development and commercialization of bio-based
succinic acid.
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Asia Pacific Expected to be Highly
Lucrative Region of Succinic acid Market
In terms of
volume, Asia Pacific constituted prominent share of the global succinic acid
market in 2018.
It is estimated to be the fastest growing market for succinic acid owing to the
increasing demand in China, India, and Japan. China has dominated the succinic
acid market in Asia Pacific. Key share of the market can be ascribed to
the rise in demand for polyurethanes-based products and growth in construction
and automotive industries which are estimated to boost the lucrativeness of the
market in Asia Pacific
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Succinic Acid Market – Key Industry
Developments
In 2019,
Royal DSM and Roquette dissolved their joint venture company Reverdia, which
had been producing bio-succinic acid with trademark name Biosuccinium. Thus,
Reverdia was dissolved in April 2019 and its rights were transferred to
France-based Roquette. Companies has shifted their focus on production of
bio-succinic acid owing to environmental constraints and awareness towards use
of natural based products
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Competition Landscape
The market
is moderately concentrated, and the top three companies accounted for over 45% share
of the global succinic acid market in 2018.
Prominent players operating in the global succinic acid market are BASF SE, Anging Hexing Chemical
Co.Ltd., Gadiv Petrochemical Industries Limited, BioAmber, Royal DSM, Kawasaki
Kasei Chemicals, Mitsubishi Chemical Corporation, Mitsui & Co.Ltd., Myriant
Technologies, Nippon Shokubai Co.Ltd, PTT Global Chemical Public Co. Ltd., and
Purac Biochem.
The succinic acid market has been
undergoing some remarkable growth dynamics, shaped increasingly by digital
technologies and environmental sustainability concerns of product development.
Over the decades, the feedstock variability and the onslaught of cheaper
substitutes have squeezed in profit margins of the chemical and materials
sector. On the other hand, the value chain of several businesses in the succinic
acid market has undergone overhaul, increasingly rendering some aspiring
players with greater control over the forces and demand. The penetration of
Industry 4.0 in in the market has stirred game-changing trends for range of
stakeholders in the overall chemicals and materials sector. Manufacturing and
production environments of businesses in the succinic acid market are keen on
formulating and implementing strategic frameworks that will turn them into digital
enterprises.
Companies in the succinic acid market have
increasingly shifted gears with wide application of digital technology across
the continuum, from raw material sourcing to manufacturing to generation of
final output, to warehousing to final distribution operations. Among the
various affects, the market is witnessing new growth economics due to thinning
of line between specialty and commodity businesses that are associated with the
larger ecosystem. At the same time, new growth parameters are being vigorously
being debated as industry stakeholders put greater emphasis on the circular
economy processes.
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