Succinic Acid Market Size, Share, Industry Trends and Forecast to 2030

Succinic Acid Market Size & CAGR

The global succinic acid market size was valued at USD 192.5 million in 2023. It is expected to reach USD 321.8 million by 2030, growing at a CAGR of 6.8% during the forecast period. The forecast growth rate from 2023 to 2030 is indicative of the increasing demand for succinic acid across various industries, including pharmaceuticals, food & beverage, and agriculture. This growth can be attributed to the versatility and eco-friendly nature of succinic acid, making it a preferred choice for sustainable solutions in different applications.

The market expansion is driven by factors such as the growing awareness about sustainable chemical alternatives, the rising demand for bio-based products, and the increasing investments in research and development activities to enhance the production of succinic acid. With its potential to replace conventional petroleum-based chemicals, succinic acid is gaining traction as a key ingredient in various end-use industries, contributing to the overall market growth.

The CAGR of 6.8% reflects the steady growth trajectory of the succinic acid market, indicating a positive outlook for the industry in the coming years. As more industries adopt sustainable practices and focus on reducing their environmental footprint, the demand for succinic acid is expected to further increase, driving market expansion and innovation in the sector.

COVID-19 Impact on the Succinic Acid Market

The COVID-19 pandemic has had a mixed impact on the succinic acid market. While the initial phase of the pandemic led to disruptions in the supply chain and a decline in demand from several end-use industries, the market has shown resilience and adaptability in the face of challenges. The pharmaceutical sector witnessed a surge in demand for succinic acid, primarily due to its applications in drug formulations and medical research.

On the other hand, the food & beverage industry faced temporary setbacks in the production and distribution of products containing succinic acid, as consumer preferences shifted towards essential goods. However, as the market stabilized and adapted to the new normal, the demand for succinic acid in food preservatives and additives rebounded, indicating a gradual recovery in the industry.

Overall, the impact of COVID-19 on the succinic acid market has been a catalyst for innovation and strategic partnerships within the industry. Companies have focused on optimizing production processes, enhancing product performance, and exploring new application areas to meet changing market dynamics and consumer preferences. As the global economy continues to recover from the pandemic, the succinic acid market is poised for growth and transformation in the post-COVID era.

Succinic Acid Market Dynamics

The succinic acid market is driven by a combination of factors that influence its growth and evolution in the global marketplace. Key dynamics shaping the market include:

Driver: Growing Demand for Sustainable Chemical Solutions

As environmental concerns and regulatory pressures mount, industries are increasingly turning towards sustainable chemical alternatives to reduce their carbon footprint and promote eco-friendly practices. Succinic acid, being a bio-based compound with versatile applications, has emerged as a viable solution for various chemical needs in industries such as pharmaceuticals, food & beverage, and agriculture. The growing demand for sustainable chemicals is a significant driver propelling the succinic acid market forward.

Restraint: Price Volatility and Raw Material Sourcing Challenges

The succinic acid market faces challenges related to price volatility and the sourcing of raw materials. Fluctuations in raw material prices, such as corn or sugarcane used in bio-based succinic acid production, can impact the overall cost of production and pricing of succinic acid. Additionally, sourcing sustainable and high-quality raw materials for succinic acid manufacturing can be a barrier for market players, affecting supply chain efficiency and production costs.

Opportunity: Technological Advancements and Innovation

Technological advancements in succinic acid production processes, such as fermentation-based methods and bioengineering techniques, present significant opportunities for market growth. Innovations in manufacturing technologies, product formulations, and application development can unlock new possibilities for succinic acid usage across different industries. Companies investing in R&D and collaborating with technology partners to enhance their product offerings stand to benefit from the expanding market opportunities.

Challenge: Competitive Landscape and Market Consolidation

The succinic acid market is characterized by intense competition among key players vying for market share and differentiation. Market consolidation through mergers, acquisitions, and strategic partnerships can pose challenges for smaller companies looking to establish themselves in the industry. Navigating the competitive landscape and achieving sustainable growth amidst market dynamics and changing consumer preferences present ongoing challenges for succinic acid manufacturers and suppliers.

Segments and Related Analysis of the Succinic Acid Market

The succinic acid market can be segmented based on various factors, including technology, product type, application, and end-user industries. Each segment contributes to the overall market dynamics and growth opportunities within the succinic acid industry:

Technology

1. Bio-based Production Methods 2. Petrochemical-based Synthesis

Product

1. Food Grade Succinic Acid 2. Pharmaceutical Grade Succinic Acid 3. Industrial Grade Succinic Acid

Application

1. Pharmaceuticals 2. Food & Beverage 3. Agriculture 4. Cosmetics 5. Plastics & Polymers

End-User

1. Pharmaceutical Companies 2. Food Processing Industry 3. Agricultural Sector 4. Cosmetic Manufacturers 5. Polymer Manufacturers

Succinic Acid Market Analysis Report by Region

Asia Pacific Succinic Acid Market Report

The Asia Pacific region is a key market for succinic acid, driven by the growing demand for sustainable chemicals and bio-based products in countries such as China, Japan, and India. The pharmaceutical and food industries in the region are significant consumers of succinic acid, contributing to market growth and innovation. With increasing investments in research and development, Asia Pacific holds promising opportunities for succinic acid manufacturers and suppliers looking to expand their presence in the region.

South America Succinic Acid Market Report

South America presents a growing market for succinic acid, with its applications in various industries such as agriculture, cosmetics, and pharmaceuticals. Countries like Brazil and Argentina have shown increasing interest in sustainable chemicals and bio-based solutions, driving the demand for succinic acid in the region. Market players focusing on product development and market penetration strategies can capitalize on the emerging opportunities in the South American succinic acid market.

North America Succinic Acid Market Report

North America is a mature market for succinic acid, with established pharmaceutical, food & beverage, and chemical industries driving the demand for sustainable chemical solutions. The region's focus on environmental sustainability and regulatory compliance has propelled the adoption of succinic acid in various applications. Companies in North America benefit from a strong research infrastructure, technological expertise, and consumer awareness, creating a conducive environment for succinic acid market growth and innovation.

Europe Succinic Acid Market Report

Europe is a key market for succinic acid, with leading pharmaceutical companies, food manufacturers, and chemical producers driving the demand for sustainable chemicals. The region's stringent regulations and sustainability goals have accelerated the adoption of succinic acid in various industries, fostering innovation and market growth. European market players focus on product quality, environmental impact, and market expansion to maintain a competitive edge in the dynamic succinic acid market.

Middle East and Africa Succinic Acid Market Report

The Middle East and Africa region offer opportunities for succinic acid market players, with a growing emphasis on sustainable practices and eco-friendly solutions in industries like pharmaceuticals, agriculture, and cosmetics. Countries in the region are exploring bio-based alternatives to traditional chemicals, creating a demand for succinic acid as a versatile and sustainable compound. Market entrants can leverage strategic partnerships and market insights to establish a foothold in the Middle East and Africa succinic acid market.

Succinic Acid Market Analysis Report by Technology

The succinic acid market can be analyzed based on the technology employed in its production process. Key technologies contributing to the market dynamics include:

Bio-based Production Methods

Bio-based production methods involve the fermentation of renewable feedstocks such as glucose, corn, or sugarcane to produce succinic acid. This eco-friendly approach offers a sustainable alternative to petrochemical-based synthesis, aligning with the growing demand for green chemicals and bio-based products in various industries.

Petrochemical-based Synthesis

Petrochemical-based synthesis of succinic acid involves traditional chemical processes using fossil fuel-derived raw materials. While this method is widely used in the industry, the shift towards bio-based production methods is driving innovation and market differentiation, as companies strive to meet sustainability goals and consumer preferences for eco-friendly solutions.

Succinic Acid Market Analysis Report by Product

The succinic acid market offers different product grades tailored to specific industry requirements and applications. Key product segments within the succinic acid market include:

Food Grade Succinic Acid

Food grade succinic acid is used as a natural preservative, flavor enhancer, and acidity regulator in the food and beverage industry. Its non-toxic and eco-friendly properties make it a preferred choice for food manufacturers looking to enhance product quality and safety while meeting regulatory standards.

Pharmaceutical Grade Succinic Acid

Pharmaceutical grade succinic acid is utilized in various drug formulations, medical research, and healthcare applications. Its medicinal properties, stability, and bioavailability make it a valuable ingredient in pharmaceutical products, contributing to the growth of the pharmaceutical industry and the demand for succinic acid as a key chemical compound.

Industrial Grade Succinic Acid

Industrial grade succinic acid serves multiple applications in industries such as agriculture, cosmetics, plastics, and polymers. Its versatile nature, compatibility with other chemicals, and sustainable characteristics position it as a valuable ingredient in industrial processes, driving market demand and innovation in various end-use sectors.

Succinic Acid Market Analysis Report by Application

The succinic acid market encompasses diverse applications across different industries, highlighting the versatile nature of this chemical compound. Key application areas driving market growth and innovation include:

Pharmaceuticals

In the pharmaceutical industry, succinic acid plays a vital role in drug formulations, medical research, and healthcare applications. Its therapeutic properties, stability, and bioavailability make it a preferred ingredient in various medications, contributing to the growth of the pharmaceutical market and the demand for succinic acid as a crucial chemical compound.

Food & Beverage

The food and beverage industry utilizes succinic acid as a natural preservative, flavor enhancer, and acidity regulator in food products. Its safe and eco-friendly characteristics make it a popular choice for food manufacturers looking to enhance product quality, extend shelf life, and meet regulatory requirements, driving the demand for succinic acid in the food and beverage sector.

Agriculture

In agriculture, succinic acid is used as a plant growth regulator, soil conditioner, and crop protection agent. Its bio-based and sustainable properties make it an environmentally friendly solution for enhancing agricultural productivity, improving soil health, and promoting sustainable farming practices, contributing to the growth of the agricultural sector and the demand for succinic acid products.

Cosmetics

The cosmetic industry incorporates succinic acid in skincare products, hair care formulations, and personal care items. Its skin-friendly properties, anti-inflammatory effects, and pH-balancing characteristics make it a valuable ingredient in cosmetic formulations, driving market demand and innovation in the beauty and personal care sector.

Plastics & Polymers

Succinic acid is utilized in the production of biodegradable plastics, polymers, and resins as a sustainable alternative to conventional petrochemical-based materials. Its eco-friendly and renewable attributes make it a preferred choice for companies seeking to reduce their environmental impact, promote circular economy practices, and meet consumer demands for green packaging solutions, driving the demand for succinic acid in the plastics and polymers industry.

Succinic Acid Market Analysis Report by End-User

The succinic acid market serves diverse end-user industries with specific requirements and applications for this versatile chemical compound. Key end-user segments contributing to market demand and growth include:

Pharmaceutical Companies

Pharmaceutical companies utilize succinic acid in drug formulations, medication development, and healthcare applications. Its medicinal properties, stability, and therapeutic benefits make it a valuable ingredient in pharmaceutical products, driving market demand and innovation in the pharmaceutical sector.

Food Processing Industry

The food processing industry incorporates succinic acid in food products as a natural preservative, flavor enhancer, and acidity regulator. Its non-toxic properties, eco-friendly characteristics, and regulatory compliance make it a preferred ingredient in food manufacturing, contributing to product quality, safety, and consumer satisfaction in the food and beverage sector.

Agricultural Sector

In the agricultural sector, succinic acid is used as a crop protection agent, soil conditioner, and plant growth regulator. Its bio-based nature, sustainable attributes, and agricultural benefits make it a valuable solution for enhancing crop yield, soil health, and sustainable farming practices, driving market demand and innovation in the agricultural industry.

Cosmetic Manufacturers

Cosmetic manufacturers incorporate succinic acid in skincare products, hair care formulations, and personal care items. Its skin-friendly properties, anti-inflammatory effects, and cosmetic benefits make it a valuable ingredient in beauty products, driving market demand and innovation in the cosmetic industry.

Polymer Manufacturers

Polymer manufacturers utilize succinic acid in the production of biodegradable plastics, polymers, and resins. Its eco-friendly characteristics, renewable attributes, and compatibility with other materials make it a preferred choice for companies seeking sustainable packaging solutions, driving market demand and innovation in the plastics and polymers sector.

Key Growth Drivers and Key Market Players of Succinic Acid Market and Competitive Landscape

The succinic acid market is propelled by key growth drivers and supported by prominent market players contributing to market dynamics and competition. Key growth drivers and market players include:

Key Growth Drivers

1. Increasing Demand for Sustainable Chemical Solutions 2. Technological Advancements in Production Processes 3. Growing Applications in Pharmaceuticals, Food & Beverage, and Agriculture 4. Regulatory Emphasis on Environmental Sustainability 5. Consumer Preferences for Eco-Friendly Products

Key Market Players

1. BioAmber Inc. 2. Myriant Corporation 3. Succinity GmbH 4. Reverdia 5. Nippon Shokubai Co., Ltd. 6. Kawasaki Kasei Chemicals 7. Anhui Sunsing Chemicals Co., Ltd. 8. Gadiv Petrochemical Industries Ltd. 9. Roquette Frères 10. Mitsubishi Chemical Corporation

These key market players are actively involved