Succinic Acid Market Scope
Succinate or succinic acid is the chemical which is involved in various chemical related processes in the body. While for the supplements, it is used for symptoms that is related to menopause such as irritability and hot flashes. Succinate is also applied on the skin for arthritis and joint pain. Succinic acid is also found in tissues of animal, as well as in plants all over world. For pharmaceutical use, it is either extracted from amber or it can also be manufactured synthetically
According to AMA, the Global Succinic Acid market is expected to see growth rate of 6.9% and may see market size of USD183.0 Million by 2026.
BioAmber (Canada), GC Innovation America (United States), Succinity GmbH (Germany), Reverdia (Netherlands), Nippon Shokubai (Japan), Shandong Lixing Chemical (China), Kawasaki Kasei Chemicals (Japan), Anqing Hexing Chemical (China), Anhui Sunsing Chemicals (China) and Gadiv Petrochemical Industries (Israel) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Succinic Acid market by Type (Bio-Based Succinic Acid and Petro-Based Succinic Acid), by Application (PBS, Plasticizers, Polyester Polyols and Other) and Region with country level break-up.
On the basis of geography, the market of Succinic Acid has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
BioAmber provides update on liquidation process. The liquidation of the Company's assets will result in little to no residual value for non-secured creditors, and no residual value for equity investors of the Company
Market Trend
- Increase in the market of bio succinic acid
Market Drivers
- Rapid increase in the demand from the industrial, personal care and food & beverage industries impacts the succinic acid market
- Increasing adoption as a substitute of adipic acid in polyurethane production
Opportunities
- High potential application of succinic acid
Restraints
- High associated production costs
- Various stringent environmental and government regulations in developed countries as hindrances
Challenges
- Increasing R&D cost for manufacturing of the bio-succinic acid
- Issues in commercialization of bio-based succinic acid
- Slower gowth rate of the bio-based succinic acid market