Succinic Acid Market Analysis
Succinic Acid Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Succinic acid, also known as succinate is present in the tissues of animals and plants, where it plays a key role in the metabolic process. The name succinic acid is derived from the Latin ‘succinum’, meaning amber, and earlier it was also known as "spirit of amber." Succinic acid is either extracted from amber, manufactured synthetically or prepared through a fermentation process. Succinic acid is used as a supplement to treat arthritis and other pain as well as the hot flashes and irritability associated with menopause. Succinic is also used to some extent in the textile industry for shrink proofing wool and as a modifier for various processes such as improving dyeing ability of polyester resin, improving fire resistance, viscosity and stability of caprolactum.
Succinic acid is used to make lacquers, resins, and other coatings as its use advances the hardness and flexibility of these materials and reduces drying times compared to similar products that use petrochemicals. It is also used in the manufacture of adhesives and sealants, dyes, in photography and in the manufacture of some polyesters. It is used as an additive to regulate acidity in foods and medicines for humans and animals.
Succinic Acid Market Taxonomy
On the basis of product type, the global market is classified into:
On the basis of end use industry, the global market is classified into:
Succinic acid is widely used in the food and beverage industry as a pH and acidity regulator in various food production processes. In addition to this, it is also used in biodegradable solvents and lubricants, adhesive and powder coating, corrosion inhibition, for curing epoxy resins and as a plasticizer for polymers. In agriculture succinic acid is used as root stimulator for grapes, in seed treatment to enhance germination, as a component for barley seed antismut treatment, soil chelating agent and for accelerating and regulating plant growth.
Succinic Acid Market Outlook – Increasing Pharmaceutical Applications to be the Major Market Driver
Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the anticipated growth in pharmaceutical industry, especially in developing countries such as China and India. According to IBEF, US$ 55 billion will be generated by the Indian pharmaceutical industry by 2026. In addition to this the growing medical tourism in India has boosted the growth of succinic acid market in the region. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.
Various applications of succinic acid in pharmaceutical, inks and dyes are fueling the growth of succinic acid market, especially in Asia Pacific and Middle East regions. Development of bio-based succinic acid for various applications is a key strategy adopted by the major players in the succinic acid market. BioAmber, a leading manufacturer of succinic acid which has application in the production of industrial lubricants, paints and coatings, cosmetics and personal care products, sealants, adhesives, artificial leathers, food and flavor additives, biodegradable plastics, nylons, dyes & pigments, phthalate-free plasticizers and pharmaceutical compounds. Some of the major companies operating in the global succinic acid market include Mitsubishi Chemical Holdings, Kawasaki Kasei Chemicals Ltd., BioAmber, Myriant , Reverdia (Netherlands), Succinity, Nippon Shokubai, , Linyi Lixing Chemical Co., Ltd, , Anhui Sunsing Chemicals, and Gadiv Petrochemical Industries Ltd.