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Bio Succinic Acid market Growth
Factors such as fluctuating fossil fuel prices, increasing carbon footprints, and the utilization of locally available raw materials are driving the growth.
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire / -- Allied Market Research, in a report titled 'Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and industry Forecast, 2020-2030,' states that the global Bio Succinic Acid market generated $126.80 million in 2020 and is anticipated to reach $235.02 million by 2030, with a CAGR of 6.41% from 2021 to 2030.
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Key Growth Drivers
Factors such as fluctuating fossil fuel prices, increasing carbon footprints, and the utilization of locally available raw materials are driving the growth of the global bio succinic acid market. However, the high price of bio succinic acid and prolonged extraction processes are restricting market growth. Conversely, the increasing adoption of bio succinic acid in various applications, particularly in bio-plastics, is presenting new opportunities in the coming years.
Impact of Covid-19
The Covid-19 pandemic has negatively affected the growth of the global bio succinic acid market due to raw material shortages, labor force unavailability, and reduced demand from end-use industries. The global lockdown halted production facilities and disrupted the supply chain, impeding market growth. However, the market is expected to recover in 2022 as demand from end-use industries steadily returns.
Industrial Segment to Lead
The industrial segment held the largest market share in 2020, accounting for more than two-fifths of the global bio succinic acid market and is forecasted to maintain its lead throughout the forecast period. This is attributed to the increasing demand in the production processes of polyurethane, tetrahydrofuran, polybutylene, and various other products. Additionally, the cosmetics segment is expected to witness the highest CAGR of 7.5% from 2021 to 2030, driven by the surge in bio succinic acid usage in the preparation of organic cosmetics.
Asia-Pacific to Dominate
Asia-Pacific held the highest revenue share in 2020, accounting for nearly two-fifths of the global bio succinic acid market, and is projected to witness the fastest CAGR of 6.8% during the forecast period. This is attributed to the region's eco-friendly nature and the increasing prevalence of allergic or adverse reactions to synthetic dyes. The research also covers regions including North America, Europe, and LAMEA.
Key Market Players
Leading market players in the bio succinic acid market include:
- BASF SE
- Bio Amber
- DSM
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- Roquette Freres S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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