Albany, NY -- (SBWIRE) -- 11/05/2014 -- Succinic acid and its salts form the basis for production of many chemicals. Succinic acid is therefore highly valued for its derivative chemicals that are used in the production of many food and pharmaceutical products, plastics, biodegradable solvents, resins, coatings, dyes, inks, surfactants, clothing fibers, detergents and other products. Although it is formed naturally by microorganism, animals and plants, the commercial production of succinic acid is achieved from petroleum, while production of food grade succinic acid is achieved via separation and fermentation technology.

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Owing to the high and exponential prices of acid production from petroleum, considerable research has been funded by the acid industry over the past years to formulate improved technologies of separation and fermentation for the production of biobased acid.

Market drivers and Inhibitors :

The major factor that has triggered the growth of the global acid market is the overall rise in construction and infrastructure development activities around the globe, which has consecutively led to an increased demand for products such as polyurethanes, coatings and resins.

The constant changes in the price of its conventional feedstock – petroleum derived maleic anhydride – are a major restraining factor for acid manufacturers. Concerns for the industry are also on rise due to rising environmental concerns amongst the end-user which has led to the rising adoption and demand for green products. To overcome these hindrances, manufacturers from throughout the globe are gradually making their shift from conventional manufacturing methods to biobased manufacturing methods.

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Market statistics :

The global succinic acid market is huge. In 2011, its estimated market value was USD 240.3 millions. Market analysts estimate that the growing demands for products such as 1,4-butanediol, plasticizers, polyurethane, coats and paints, dyes and inks, pharmaceutical applications and resins could trigger the demand for succinic acid on a global front in the coming years

Major applications :

Currently, demand for succinic acid is high for the production of coatings, resins, inks and dyes. Together, these application areas accounted for a 20.8% share of the total global demands of succinic acid in 2011. The second highest market shares of succinic acid consumption, nearly 13%, were held by the pharmaceutical industry in the same year. Volume-wise, the polyurethane industry accounted for nearly 12% shares in 2011.

Geographic Segmentation:

On a global landscape, Europe stands as the lead consumer of succinic acid. In 2011, an estimated 33.6% of the global demands for succinic acid were accounted to Europe. This was followed by Asia Pacific in the same year with an estimated 29.6% shares of the overall market. North America also closely followed, with an estimated 29.2% shares of the market, in the same year.

In the coming years, demands from this region are estimated to surpass any other geographic region in the world, owing to the rise in construction and infrastructure development activities in this region, which subsequently could result in a substantial rise in demands for products such as coatings, dyes, resins, etc – products that use succinic acid as their core feedstock.

Major market leaders :

This industry has manufacturers such as Reverdia, BioAmber, Myriant Corporation, DSM, Mitsubishi Chemicals, Nippon Shokubai Co., Ltd, Purac Biochem, Showa Denko K.K. and Anqing Hexing Chemical Co. Ltd.

Owing to the high production costs of petroleum based succinic acid and rising environmental concerns about ill effects of petroleum and petroleum based products, the field bio-derived succinic acid represents new opportunities for industry players.

Companies such as BioAmber and Reverdia have already started making the shift from the conventional production methodology to biobased production of succinic acid, which is obvious from their heavy investment in the production and development of bio-based succinic acid.

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