succinic acid market by type
The global succinic acid market is poised for significant growth, with its market size expected to reach around USD 359.8 billion by 2033, up from USD 181 billion in 2023, marking a CAGR of 7.3% during the forecast period from 2023 to 2032. This growth is largely driven by increasing demand for bio-based chemicals due to heightened environmental awareness. The use of renewable resources like sugarcane, corn, and cassava to produce succinic acid is becoming more common, responding to the need for sustainable production methods.
Key growth factors include the rising application of succinic acid in various industries. In the food and beverage sector, it is widely used as a flavor enhancer and preservative, while in the industrial sector, it serves as a crucial raw material for manufacturing chemicals like 1,4-butanediol (BDO), which is essential for producing spandex and polyurethanes. The industrial segment held the largest market share of over 39% in 2021, attributed to its extensive use in multiple industrial applications.
Challenges facing the market include the high cost of production and technological investments required for bio-based succinic acid. This variant is more expensive to produce compared to its petrochemical counterpart, which may affect its competitiveness. Additionally, fluctuations in the availability of raw materials like corn and sugarcane can lead to price volatility and supply chain disruptions.
Recent developments in the succinic acid market highlight significant activities by major companies. BASF SE, for instance, continues to innovate in the sector, focusing on expanding its production capabilities and sustainable practices. Mitsubishi Chemical Holdings has also been active, emphasizing bio-based succinic acid production methods to meet the increasing demand for eco-friendly products.
In August 2022, DSM sold its Biosuccinium technology to Technip Energies, marking a strategic shift towards sustainable chemical solutions. This technology is known for producing bio-based succinic acid, which is essential for creating biodegradable polymers like polybutylene succinate. Another notable development is the acquisition of BioAmber’s biobased succinic acid plant in Sarnia, Canada, by LCY Biosciences in August 2021. This facility now produces 18 kilotons of succinic acid annually, with plans to increase output to 30 kilotons by the end of 2023.
BioAmber Inc., despite filing for bankruptcy in 2018, saw its assets acquired by LCY Biosciences, which has revitalized the production of bio-based succinic acid. This acquisition underscores the ongoing consolidation in the market, aiming to enhance production capacities and meet growing market demands.
DSM’s collaboration with other industry players and its divestment from certain non-core assets illustrates a strategic focus on innovation and sustainable growth within the succinic acid market. These moves are in line with the broader industry trend towards bio-based and eco-friendly chemicals, driven by increasing regulatory pressures and consumer demand for sustainable products.
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BASF SE is a major player in the succinic acid market, leveraging its extensive experience in the chemical industry to develop bio-based succinic acid through its joint venture with Purac. This venture, named Succinity GmbH, focuses on producing sustainable succinic acid from renewable resources, aiming to reduce carbon footprint and enhance eco-friendly production. BASF’s advancements in this sector contribute significantly to its sustainability goals and the global push towards green chemicals.
Mitsubishi Chemical Holdings is actively involved in the succinic acid market, emphasizing the production of bio-based variants through innovative processes. The company’s focus is on enhancing the efficiency and sustainability of its chemical production, aligning with global trends towards environmentally friendly practices. Mitsubishi’s advancements in this field are part of its broader strategy to integrate sustainable solutions across its product portfolio, thereby addressing increasing market demand for green chemicals .
Bioamber Inc. is a notable player in the succinic acid sector, leveraging its patented technology to produce bio-based succinic acid from renewable resources. The company focuses on sustainable and cost-effective production methods, which has positioned it as a leader in the bio-based chemicals market. Despite facing competition and market fluctuations, Bioamber’s emphasis on innovation and environmental benefits continues to drive its growth.
DSM is a significant contributor to the succinic acid market through its subsidiary, DSM Bio-based Products & Services. The company uses advanced fermentation technology to produce high-purity, sustainable succinic acid from renewable sources. DSM’s commitment to innovation and sustainability has strengthened its market position, aligning with global trends toward greener chemical production.
Kawasaki Kasei Chemicals Ltd. is a notable player in the succinic acid sector, focusing on the production of high-quality bio-based succinic acid. The company leverages advanced fermentation technologies to produce succinic acid, which is used in various applications including polymers and pharmaceuticals. Kawasaki Kasei Chemicals aims to meet the growing demand for sustainable and eco-friendly chemicals by enhancing production efficiency and sustainability in its processes.
Purac, a leading company in the succinic acid market, is renowned for its focus on sustainable chemical solutions. As part of its commitment to green chemistry, Purac produces high-purity succinic acid derived from renewable resources using its proprietary fermentation technology. This eco-friendly approach caters to diverse applications such as biodegradable plastics and specialty chemicals. Purac continues to innovate to support the growing demand for sustainable products.
Reverdia is a key player in the succinic acid market, known for its focus on sustainable bio-based solutions. The company utilizes a proprietary yeast-based technology to produce succinic acid from renewable resources, reducing reliance on fossil fuels. Reverdia’s commitment to innovation and sustainability has positioned it well in the growing economy. The market for succinic acid is expanding due to increasing demand for biodegradable plastics and green chemicals, which benefits Reverdia’s bio-based offerings.
The succinic acid market is experiencing robust growth driven by the increasing demand for sustainable and bio-based chemicals. As industries seek greener alternatives, succinic acid, derived from renewable resources, is gaining traction in applications such as biodegradable plastics, pharmaceuticals, and food additives. Innovations in production technologies, such as those by companies like Reverdia and Purac, are enhancing the efficiency and sustainability of succinic acid manufacturing. Challenges include fluctuating raw material costs and the need for significant capital investment.
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