Reports > Chemicals And Materials > Succinic Acid Market Report
Succinic Acid Market Size, Share, Industry Trends and Forecast to 2033
This report provides comprehensive insights into the Succinic Acid market, covering market size, growth analysis, industry trends, regional assessments, and forecasts from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $1.50 Billion |
| CAGR (2023-2033) | 6.0% |
| 2033 Market Size | $2.72 Billion |
| Top Companies | Mitsubishi Chemical Corporation, BioAmber Inc., Huaqiang Chemical, Myriant Corporation |
| Last Modified Date | 15 Nov 2024 |
Succinic Acid Market Report (2023 - 2033)
Succinic Acid Market Overview
What is the Market Size & CAGR of Succinic Acid market in 2023?
Succinic Acid Industry Analysis
Succinic Acid Market Segmentation and Scope
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Succinic Acid Market Analysis Report by Region
Europe Succinic Acid Market Report:
Europe's Succinic Acid market is projected to grow from 0.37 million USD in 2023 to 0.68 million USD by 2033, fueled by stringent environmental regulations driving companies towards adopting sustainable practices.Asia Pacific Succinic Acid Market Report:
In 2023, the Asia Pacific market for Succinic Acid is valued at 0.29 million USD, expected to reach 0.52 million USD by 2033, driven by increasing industrial applications and growing awareness of eco-friendly alternatives.North America Succinic Acid Market Report:
North America exhibits a robust market for Succinic Acid, valued at 0.56 million USD in 2023 and anticipated to grow to 1.02 million USD by 2033, primarily due to the automotive sector's demand and innovations in production technology.South America Succinic Acid Market Report:
The South American market is relatively smaller, starting at 0.14 million USD in 2023 and projected to grow to 0.25 million USD by 2033, supported by a gradual increase in demand from agrochemical and food industries.Middle East & Africa Succinic Acid Market Report:
The Middle East and Africa region, while starting at a market size of 0.14 million USD in 2023, is expected to see steady growth reaching 0.26 million USD by 2033, bolstered by the region's focus on diversifying its economy and pathways to sustainable product offerings.Request a custom research report for industry.
Succinic Acid Market Analysis By Production Process
Global Succinic Acid Market, By Production Process Market Analysis (2023 - 2033)
The Succinic Acid market is predominantly driven by biomass-based production, accounting for approximately 85% of the total market share. This segment is growing due to increasing environmental awareness and the push for sustainable production methods. Petrochemical-based production, although at a smaller scale, remains significant, contributing around 14.93% to the overall market, yet it faces pressure as the industry shifts towards greener alternatives.
Succinic Acid Market Analysis By Application
Global Succinic Acid Market, By Application Market Analysis (2023 - 2033)
The primary applications for Succinic Acid include automotive (50.3% market share), where it is used in chemical intermediate production, and food additives (24.77% market share), utilized for its preservative and flavor-enhancing properties. Other notable segments include pharmaceuticals (14.86% share) and personal care products (10.07% share), indicating the chemical's versatility across industries.
Succinic Acid Market Analysis By End User
Global Succinic Acid Market, By End-User Industry Market Analysis (2023 - 2033)
The largest end-user industries for Succinic Acid include automotive, industrial applications, and packaging. The automotive sector is projected to expand significantly by 2033, driven by innovations in sustainable manufacturing practices and the rise of electric vehicles, which contribute to increased demand for eco-friendly materials like Succinic Acid.
Succinic Acid Market Analysis By Geography
Global Succinic Acid Market, By Geography Market Analysis (2023 - 2033)
Geographically, North America holds the largest market share due to technological advancements and a high number of manufacturers focusing on sustainability. Europe follows, propelled by regulatory measures encouraging eco-friendly products. The Asia Pacific region is rapidly catching up, thanks to burgeoning end-use industries and manufacturing activities.
Succinic Acid Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Succinic Acid Industry
Mitsubishi Chemical Corporation:
Mitsubishi Chemical is a leader in chemical production, focusing on innovative processes to produce Succinic Acid sustainably, heavily investing in R&D.BioAmber Inc.:
BioAmber focuses on renewable succinic acid production, utilizing proprietary fermentation technology to produce bio-based chemicals.Huaqiang Chemical:
Huaqiang is recognized for its significant contributions to the Succinic Acid market in China, emphasizing high-quality production from biological resources.Myriant Corporation:
Myriant is an emerging player in the Succinic Acid industry, specializing in the biobased production process and offering a sustainable alternative to petrochemical-derived acids.We're grateful to work with incredible clients.
