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Succinic Acid Market is Expected to Reach USD 836.2 Million by 2018: Transparency Market Research

Albany, New York (PRWEB) October 02, 2013

Transparency Market Research has released a market report titled "Succinic Acid Market for 1,4-BDO, Resin, Coatings, Dyes & Inks, Pharmaceutical, Polyurethane, Food, Plasticizers, Cosmetics, Solvents & Lubricants and De-Icing Solutions Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018." According to the report, global succinic acid market was valued at USD 240.3 million in 2011 and is expected to reach USD 836.2 million by 2018, growing at a CAGR of 19.4% from 2012 to 2018. Global succinic acid production is expected to cross 250 kilo tons by 2018.

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Increased demand for 1, 4 butanediol, plasticizers, polyurethane, and resins, coatings, dyes and inks has remained the major driving factor for this market. However, high prices of raw material and increasing environmental concerns are the major constraints for the market growth. Growing consumer demand for bio-based succinic acid and low production cost has positively impacted the growth of bio-based succinic acid resulting into strong investment in new projects. This is expected to result into increase in production capacity to fulfill the growing demand for succinic acid in near future. Emergence of bio-based succinic acid market is expected to offset impact of restraining factors such as environmental regulations, volatility in raw materials prices.

Resins, coatings, dyes and inks dominated the market and accounted for 20.8% of the total succinic acid consumption in 2011. With 13.0% share of total volume consumed in 2011, pharmaceutical industry was the second largest application segment for succinic acid. Succinic acid demand is primarily a function of growth in application industries such as paints & coatings, infrastructure, food, footwear, medical, cosmetics, and automotive. Bio-based succinic acid, which has significant potential as a platform chemical, particularly substituting maleic anhydride, is expected to provide huge market opportunity for the players in the market, with a number of companies already in pilot and demo-scale projects for bio-succinic acid production.

Europe dominated the global succinic acid market with a share of 33.6% in 2011 followed by North America and Asia-Pacific which together accounted for 58.8% of the total market. Asia Pacific is estimated to be the fastest growing market for succinic acid due to the rising demand from the most emerging economies such as China, India and Japan. Rapid growth of downstream industries in these countries is expected to drive succinic acid demand in Asia-Pacific.

High production costs associated with petroleum based succinic acid is a key challenge for industry participants leading to enhanced focus on the development and commercialization of bio-based succinic acid. However, with the advent of bio-derived succinic acid, the cost of production is expected to decline which is expected to further fuel the demand for succinic acid globally. Bio-based succinic acid is gaining popularity due to high degree of government intervention to reduce industrial waste and air pollutants.

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This report caters to the extensive study of the global succinic acid market. It covers the demand for succinic acid in various regions that are broadly categorized as North America, Europe, Asia Pacific and Rest of the World (RoW). The study delineates major factors which are driving and restraining the global demand for succinic acid and their impact over the forecast period. The study segmented the succinic acid market on the application level and also provides the forecast for each sub segment. The study covers forecast and estimates of global succinic acid demand in terms of revenues (USD Million) and volumes (Kilo Tons) from 2012 to 2018.

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