New York, NY -- (SBWIRE) -- 11/30/2020 -- Succinic acid is an intermediate in several chemical processes and is used in the synthesis of various products. The major drivers for the growth of this market are the growing applications of this acid by various end users and the expansion of chemical industry. It is also used as a buffer, sequestrant, and a neutralizing agent in various foods. Because of its increasing use in food production, succinic acid has gained a lot of demand. Among various applications, succinic acid can also be used in chemical industries, food and beverages, personal care and pharmaceutical industries.

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Some of the factors which driving the growth of the succinic acid market are inclination of the chemical industry towards bio-based sustainable chemicals, increasing use of succinic acid in pharma industries, awareness of environmental issue, low cost, and eco-friendly characteristics. Petro-based succinic acid is cheaper and has better efficiency as compared to bio-based succinic acid. Also, it can be widely used in the food and beverage industry as a flavor enhancer and in the chemical industry for the manufacture of PBS. One challenge that is hindering the growth of succinic acid market is the availability of alternatives such as citric and malic acid. Both these chemicals occur naturally which is the reason some of the application segments prefer to use them, resulting in competitive challenge.

The succinic acid market is growing at a CAGR of 8% in Asia Pacific followed by North America and Europe, with 6.7 % and 7.3% CAGR, respectively. High succinic acid application prevalence across the globe is the leading factor that accelerates the market growth over forecast period across all regions. Europe is the top revenue-generating region for succinic acid market, which is chiefly due to the strict regulations on the use of certain toxic chemicals that pose a threat to the environment and human beings.

Key Player in the succinic acid market include:

· GC Innovation America

· Succinity GmbH

· Reverdia

· Nippon Shokubai

· Shandong Lixing Chemical

· Kawasaki Kasei Chemicals

· Anqing Hexing Chemical

· Anhui Sunsing

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Succinic Acid Market: Segmentation

For this report, Reports and Data has segmented the Global Succinic Acid market based on type, application, and region:

By Type (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

· Petro-Based

· Bio-Based

By Application (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

· Industrial

· Coatings

· Food & Beverage

· Pharmaceutical

· Others

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By Regions (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)

· North America

· Europe

· Asia-Pacific

· Latin America

· The Middle East and Africa

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