IGR has announced the addition of a new research study on the "Bio-Succinic Acid Market" to its report database.
Pune, India -- (SBWIRE) -- 03/01/2018 -- The report "Bio-succinic acid Market by Type (Electrodialysis Process, Ammonium Sulphate Process, and Direct Crystallization Process), Application (Polybutylene Succinate, Polyester Polyols, Plasticizers, Olymer & Esters, 1, 4 Butanediol, Solvents &Coatings, and Others), End Users (Agriculture, Pharmaceutical, Chemical Industry, Food, and Personal Care) - Global Industry Analysis, Trends analysis and Forecast up to 2024 studies the world as well as regional markets including North America, Europe, Asia Pacific and RoW (Including Latin America, Middle East and Africa)", global bio-succinic acid market is projected to grow at a CAGR of 19.71% over the forecast period of 2018 - 2024. Factors driving the growth of this market include increasing demand for bio-based succinic acid owing to worldwide demand in green chemicals, extensive usage of bio-based succinic acid in the production of personal care, food & pharmaceuticals products and growing demand from packaging industry for non-toxic and non-degradable chemicals.
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Key Building Block for derivative production of high value chemicals
Bio-based succinic acid is developed as substitution for the succinic acid derived from petroleum. However, consumption of succinic acid derived from petroleum for manufacturing of various chemicals is limited owing to the volatility in the prices and stringent government regulations regarding the toxic nature of succinic acid. On the other hand, bio-based succinic acid market is expected to grow at a significant rate owing to rise in carbon footprint, easy availability of raw material and growing demand for green chemicals.
Polyester Polyols are estimated to command the largest share of the market during the forecast period
Based onapplication, the bio-succinic acid market is categorized into polybutylene succinate, polyester polyols, plasticizers, olymer and esters, 1, 4 butanediol, solvents & coatings, and others. The polyester polyols segment is estimated to account for the largest share of the global bio-succinic acid market during the forecast period. Growing consumption of polyester polyols in automotive, footwear as well as adhesives & sealants sector and increasing use of polyester polyols in the manufacturing of polyurethanes coupled with rising demand for polyurethane are the key factors driving the growth of this application segment.
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Asia Pacific is estimated to command the largest share of the market
Based on region, the bio-succinic acid market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia Pacific is expected to dominate the bio-succinic acid market in 2018. This is attributed to factors such as growing awareness about the green chemicals in the region, increasing demand for bio-succinic acid form various application such as polyester polyols, plasticizers and solvents & coatings in emerging economies and rising growth in industrialization in the region.
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The report profiles some of the key companies in the bio-succinic acid market including BASF SA, Mitsubishi Chemical, Mitsui & Co. Ltd, DSM, Myriant, BioAmber, Purac, Roquette Freres S.A., Reverdia, and Corbion N.V.
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