(MENAFN- EIN Presswire) EINPresswire/ -- Volatility in fossil fuel prices, rise in carbon footprints, and growing use of locally available raw materials drive the growth of the global bio succinic acid market.

According to the report, the global bio succinic acid market was valued at $126.8 million in 2020 and is projected to reach $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030.

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Key Market Drivers

The market growth is primarily fueled by:

- Volatility in fossil fuel prices and the need for renewable alternatives.
- Rising environmental concerns and efforts to minimize carbon emissions.
- Growing utilization of locally sourced raw materials for sustainable production.

However, high production costs and complex extraction processes restrain market expansion. On the other hand, increasing adoption of bio succinic acid in bioplastics and eco-friendly product formulations offers promising growth opportunities in the coming years.

Segment Overview:-

By End Use:

- Industrial segment: Accounted for over two-fifths of the total market in 2020 and is expected to retain its dominance through 2030, driven by applications in polyurethane, tetrahydrofuran, and polybutylene production.

- Cosmetics segment: Anticipated to witness the highest CAGR of 7.5% during 2021–2030, attributed to the growing demand for organic and bio-based cosmetic products.

Regional Insights:

- The Asia-Pacific region held the largest market share in 2020, contributing nearly two-fifths of global revenue, and is projected to record the fastest CAGR of 6.8% through 2030.

- The region's dominance is driven by its shift toward eco-friendly manufacturing and the rising prevalence of allergic reactions to synthetic chemicals. Other key regions analyzed include North America, Europe, and LAMEA.

Leading Market Players:

- BASF SE
- BioAmber
- DSM
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- Roquette Frères S.A.

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