The global succinic acid market is expected to reach USD
237.8 million by 2022, according to a new report by Grand View Research, Inc.
Rising need in various application segments including 1,4 butanediol,
pharmaceuticals, and polyurethanes is expected to result in considerable share
for the product over the next seven years. Healthcare sector growth on account
of rising health awareness among consumers in emerging economies of Asia
Pacific is expected to have a positive impact on the industry over the forecast
period.
Fluctuation of raw material prices,
fuel, and energy costs are expected to hamper overall cost of the product,
which in turn is expected to challenge demand. In addition, major companies are
focusing on the manufacturing of the product through bio-based routes. This is
expected to restrain growth over the forecast period.
Growing political and regulatory
pressures on chemical companies to reduce carbon emissions coupled with growing
concerns over depleting fossil fuel reserves have led to bio-based succinic
acid development, which will act as a drop in replacement for the product, thus
restricting growth.
Browse full research report on succinic
acid market: http://www.grandviewresearch.com/industry-analysis/succinic-acid-market
Further key findings from the
report suggest:
- 1,4
BDO is expected to be the fastest growing segment in terms of volume and
revenue. It is expected to grow at a CAGR of 12.0% from 2015 to 2022.
Rising BDO consumption in the manufacturing of tetrahydrofuran (THF),
which is used as a solvent in pharmaceutical sector, is expected to have a
positive impact on the industry.
- Resins,
coatings, dyes, and inks were the largest application segment valued at
USD 23.0 million in 2014. Aerospace and electronics sector development in
Asia Pacific countries including India and China is expected to promote
demand.
- Asia
Pacific is expected to be the fastest growing market at a CAGR of above
10.5% from 2015 to 2022. Lack of stringent regulations in the region is
expected to be a key driving factor for the market. Cosmetic industry
growth in China, India, and Japan is expected to further augment succinic
acid demand over the forecast period.
- Global
industry is fragmented on account of presence of numerous companies;
however, most of these companies have switched to the production of
succinic acid through the bio-based route. They invest highly in R&D
to introduce the bio-based form that exhibits similar properties as that
of the synthetic products. In October 2012, Reverdia and Helm AG signed an
agreement to sell and distribute bio-succinic acid in Europe.
Grand View Research has segmented
the global succinic acid market on the basis of application and region:
Succinic Acid Application
Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 - 2022)
- 1,4
BDO
- Resins,
Coatings, Dying, and Inks
- Pharmaceuticals
- Polyurethanes
- Food
- Plasticizers
- Cosmetics
- Solvent
and Lubricants
- De-icing
Solutions
- Others
Succinic Acid Regional Outlook
(Volume, Kilo Tons, Revenue, USD Million, 2012 - 2022)
- North
America
- Europe
- Asia
Pacific
- RoW
Access press release of this
research report by Grand View Research:
http://www.grandviewresearch.com/press-release/global-succinic-acid-market
http://www.grandviewresearch.com/press-release/global-succinic-acid-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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