Succinic acid, a dicarboxylic acid, holds significant importance in various industries due to its versatile applications. It serves as a building block for bioplastics, solvents, food additives, and pharmaceuticals. With growing environmental concerns, succinic acid’s bio-based production has gained attention, offering a sustainable alternative to petrochemical-derived compounds. Its role in renewable chemicals and its potential to reduce the carbon footprint in multiple sectors make succinic acid a promising player in the shift towards more eco-friendly and innovative solutions.
As per the recent research conducted by a leading market insights provider FMI, the global Succinic Acid market size will expand at a healthy CAGR over the forecast period between 2023 and 2027. The aim of this study is to analyze key market dynamics affecting the sales of Succinic Acid and provide vital insights to business owners to get benefited from forthcoming opportunities.
The report conducts an in-depth analysis into factors affecting the change in consumer behavior and purchasing patterns. It highlights the key growth prospects for the demand and sales across seven major regions. It also provides refines sales projections and assist market players in identifying the remunerative segments among the verticals.
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Upsurge in the Trend of Green Chemistry to Facilitate the Growth in the Succinic Acid Market
Governments of several countries are emphasizing on implementing regulations on chemicals that are hazardous for environment, owing to the rising concerns regarding environment sustainability. Hence, growing trend of green chemistry or sustainable chemistry is being witnessed across the chemical industry.
Citing this trend, chemical manufacturers are reviewing their business strategies and shifting their focus towards adopting eco-friendly practices for the production of sustainable alternatives or less toxic chemicals. This is expected to favor the growth in the Succinic Acid market.
Key Succinic Acid Market Takeaways and Projections
- The US will lead the North America Succinic Acid market, projecting the fastest growth in the region between forecast period
- Germany will collectively hold the largest share in the Europe market over the assessment period.
- India will emerge as a highly remunerative market in South Asia, contributing significant revenue share in the region through forecast period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- In terms of segments, will hold the lion’s share in the market, expanding at a robust CAGR during the next ten years.
Competitive Landscape Analysis
The survey offers insights into critical trends and opportunities across technology industry and studies their impact on demand-supply forces in the Succinic Acid market. It also profiles a list of prominent companies including
- BASF SE
- BioAmber Inc.
- MITSUI & CO., LTD.
- Myriant Corporation
- Koninklijke DSM N.V
- Anqing Hexing Chemical Co. Ltd.
- Yantai Shanshui Chemical Technology Co., Ltd.
- Astatech (Chengdu) Biopharmaceutical Corp.
- New Japan Chemical Co., Ltd.
- Kawasaki Kasei Chemicals
- TCI Chemicals (India) Pvt Ltd.
- Thirumalai Chemicals Ltd.
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Key Segments Profiled in the Succinic Acid Industry Survey
On the basis of source, global succinic acid market is segmented into;
- Bio based
- Synthetic
On the basis of grade, global succinic acid market is segmented into;
- Food grade
- Pharmaceutical grade
- Industrial grade
On the basis of application, global succinic acid market is segmented into;
- Chemical intermediate
- Pharmaceuticals
- Cosmetics
- Plastics & Polymers
- Food & Beverages
- Others
Why Buy FMI’s Report?
- Extensive analysis on high growth niche markets across major regions
- Detailed assessment on key segments and sub-segments
- Recent and upcoming strategies tracked of manufacturers for the Succinic Acid market
- Reliable information on new product launches, technological advancements, and more
- Valuable insights on the impact of regulatory framework on the global Succinic Acid market
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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