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Succinic Acid Market Overview:
According to the Food and Agriculture Organization (FAO), the food and beverages industry will play an important role in the United Nation’s Agenda for Sustainable Development as 580 million people are undernourished today. The need for proper nourishment will be coupled with the growing population and its food requirement which will lead to an astounding 30% increase in global food production by 2030[1]. Apparently, the succinic acid market is going to gain a lot of traction due to this upsurge in food production as the chemical is used as an acidity regulator in various food items. The market worth of succinic acid was gauged to be around $125 million in 2018, and the demand for the same is projected to increase with a healthy compound annual growth rate (CAGR) of 7% during the forecast period of 2019 to 2025.
There is a significant growth in the pharmaceutical sector in APAC with developing economies such as India getting heavy investment from countries across the globe, and evidentially so when Invest India documents that India has the third largest pharmaceutical industry in the world. Furthermore, there is a discernible surge in the food and beverages sector in APAC countries which is coupled with the growing chemical industries. Owing to these reasons, APAC bears a lucrative succinic acid marketplace, and the region held the maximum regional market share of 41% in 2018.
Succinic Acid Market Outlook:
Succinic acid, also known asuccin, butanedioic acid, dihydrofumaric acid or amber acid is a dicarboxylic acid with the chemical formula (CH2)2(CO2H)2 or C4H6O4. Succinic acid finds applications in various sectors such as food and beverages as mentioned above and others such as chemical industries and personal care. The key application of succinic acid is found to be in the pharmaceutical industry where it is used as an ingredient.
According to the International Federation of Pharmaceutical Manufacturers & Association, the global pharmaceutical market will reach nearly $1,430 billion by 2020[2], and further progress is projected during the forecast period of 2019 to 2025. This attributes to the application of succinic acid in the pharmaceutical sector to observe a steady CAGR of 6% to 7% through to 2025.
Succinic Acid Market Growth Drivers:
- The Growth of Paints & Coating Industry –
The sudden surge in the number of industrial and residential construction projects is catapulting the demand for paints and coatings, and succinic acid is used as an intermediate in the manufacturing of the same. According to a business intelligence report by IndustryARC, paints and coatings market was valued to be $127.855 billion in 2018. Furthermore, the demand for paints and coatings is poised to observe a CAGR of 4.9% which is opening up the opportunities for the vendors in the succinic acid market. Apart from paints and coatings, succinic acid is also used in the manufacturing process of dyes as an intermediate that further boosts its demand.
- The Enhanced Application of Succinic Acid in Personal Care –
Conventionally, succinic acid was manufactured synthetically or by distillation of amber which made it exorbitant. So, its usage in the personal care sector was limited. However, with the advent of 100% natural succinic acid, it has become affordable and has gained prominence in the personal care industry – an industry that is showing an impressive growth due to a gamut of factors that include aging population, millennial lifestyle, and increase in disposable income that particularly enables people to spend on personal care products. Considering that there is a growing awareness about the usage of organic or natural products, succinic acid will further penetrate in the personal care market. This will create a myriad of opportunities for the vendors in the succinic acid market to capitalize on the demand.
- The Trend of Using Renewable Chemicals –
Due to the shortage of resource which is becoming a growing concern in the world, renewable chemicals are gaining traction in various industries. This is largely supported by the governments across the globe and the United Nations for sustainable development. Succinic acid is found to be a renewable chemical, and it has been used prevalently now. Moreover, there is also a perceptible demand for organic chemicals, and it is translating to an increased demand for bio-succinic. It is made by the fermentation of renewable feedstock of sugars and is found to be a greener alternative to the fossil-based material, and that is further flourishing the succinic acid market.
Succinic Acid Market Trends:
- Latest Development – In June 2017, BioAmber Inc. (BIOA) had launched BIO-SA pharmaceutical grade bio-succinic acid which is manufactured under the US Food and Drug Administration (FDA) good manufacturing practices (GMP) applicable to food and excipients.
- In February 2019, DSM and plant-based ingredients provider Roquette decided to dissolve their bio-succinic acid manufacturing joint venture Reverdia. This decision attributes to the massive success of Biosuccinium technology.
Succinic Acid Market Challenges:
The major challenge dwarfing the succinic acid market size is the availability of a gamut of alternatives such as citric acid and malic acid. Both of these chemicals occur naturally which is the reason some of the application segments prefer to use them, thereby leading to a competitive challenge. However, owing to the diverse applications of succinic acid, there is always a sustainable marketplace for the same.
Succinic Acid Market Key Players Perspective:
The market leader manufacturing succinic acid is BioAmber – a company that announced record revenue of $5.4 million in its March 2018 annual report. The revenue observed 755% increase compared to the previous year. This is attributable to the increasing demand for succinic acid produced by the company.
Other key players striving to capitalize on the demand influx in the succinic acid market are GC Innovation America, Succinity GmbH, Reverdia, Nippon Shokubai, Shandong Lixing Chemical, Kawasaki Kasei Chemicals, Anqing Hexing Chemical, and Anhui Sunsing.
Succinic Acid Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the succinic acid market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of succinic acid market, and their specific applications in food and beverages, pharmaceutical, personal care, and chemical industry.
Succinic Acid Market Report: Industry Coverage
The report analyses the product demands by grade as succinic acid is of three types – food grade, pharmaceutical grade, and industrial grade.
The succinic acid market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Succinic Acid Market Report
Is the market demand for succinic acid growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for succinic acid market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global succinic acid market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
1. Succinic Acid Market - Overview
1.1. Definitions and Scope
2. Succinic Acid Market - Executive summary
2.1. Market Revenue, Market Size and Key Trends by Company
2.2. Key Trends by type of Application
2.3. Key Trends segmented by Geography
3. Succinic Acid Market
3.1. Comparative analysis
3.1.1. Product Benchmarking - Top 10 companies
3.1.2. Top 5 Financials Analysis
3.1.3. Market Value split by Top 10 companies
3.1.4. Patent Analysis - Top 10 companies
3.1.5. Pricing Analysis
4. Succinic Acid Market – Startup companies Scenario Premium
4.1. Top 10 startup company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Market Shares
4.1.4. Market Size and Application Analysis
4.1.5. Venture Capital and Funding Scenario
5. Succinic Acid Market – Industry Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing business index
5.3. Case studies of successful ventures
5.4. Customer Analysis – Top 10 companies
6. Succinic Acid Market Forces
6.1. Drivers
6.2. Constraints
6.3. Challenges
6.4. Porters five force model
6.4.1. Bargaining power of suppliers
6.4.2. Bargaining powers of customers
6.4.3. Threat of new entrants
6.4.4. Rivalry among existing players
6.4.5. Threat of substitutes
7. Succinic Acid Market -Strategic analysis
7.1. Value chain analysis
7.2. Opportunities analysis
7.3. Product life cycle
7.4. Suppliers and distributors Market Share
8. Succinic Acid Market – By Type (Market Size -$Million / $Billion)
8.1. Market Size and Market Share Analysis
8.2. Application Revenue and Trend Research
8.3. Product Segment Analysis
8.3.1. Bio-based
8.3.2. Synthetic
9. Succinic Acid Market – By Grade (Market Size -$Million / $Billion)
9.1. Food grade
9.2. Pharmaceutical grade
9.3. Industrial grade
9.4. Others
10. Succinic Acid – By End User(Market Size -$Million / $Billion)
10.1. Segment type Size and Market Share Analysis
10.2. Application Revenue and Trends by type of Application
10.3. Application Segment Analysis by Type
10.3.1. Food and beverages
10.3.2. Pharmaceutical
10.3.3. Personal care
10.3.4. Others
11. Succinic Acid - By Geography (Market Size -$Million / $Billion)
11.1. Succinic Acid Market - North America Segment Research
11.2. North America Market Research (Million / $Billion)
11.2.1. Segment type Size and Market Size Analysis
11.2.2. Revenue and Trends
11.2.3. Application Revenue and Trends by type of Application
11.2.4. Company Revenue and Product Analysis
11.2.5. North America Product type and Application Market Size
11.2.5.1. U.S.
11.2.5.2. Canada
11.2.5.3. Mexico
11.2.5.4. Rest of North America
11.3. Succinic Acid - South America Segment Research
11.4. South America Market Research (Market Size -$Million / $Billion)
11.4.1. Segment type Size and Market Size Analysis
11.4.2. Revenue and Trends
11.4.3. Application Revenue and Trends by type of Application
11.4.4. Company Revenue and Product Analysis
11.4.5. South America Product type and Application Market Size
11.4.5.1. Brazil
11.4.5.2. Venezuela
11.4.5.3. Argentina
11.4.5.4. Ecuador
11.4.5.5. Peru
11.4.5.6. Colombia
11.4.5.7. Costa Rica
11.4.5.8. Rest of South America
11.5. Succinic Acid - Europe Segment Research
11.6. Europe Market Research (Market Size -$Million / $Billion)
11.6.1. Segment type Size and Market Size Analysis
11.6.2. Revenue and Trends
11.6.3. Application Revenue and Trends by type of Application
11.6.4. Company Revenue and Product Analysis
11.6.5. Europe Segment Product type and Application Market Size
11.6.5.1. U.K
11.6.5.2. Germany
11.6.5.3. Italy
11.6.5.4. France
11.6.5.5. Netherlands
11.6.5.6. Belgium
11.6.5.7. Spain
11.6.5.8. Denmark
11.6.5.9. Rest of Europe
11.7. Succinic Acid – APAC Segment Research
11.8. APAC Market Research (Market Size -$Million / $Billion)
11.8.1. Segment type Size and Market Size Analysis
11.8.2. Revenue and Trends
11.8.3. Application Revenue and Trends by type of Application
11.8.4. Company Revenue and Product Analysis
11.8.5. APAC Segment – Product type and Application Market Size
11.8.5.1. China
11.8.5.2. Australia
11.8.5.3. Japan
11.8.5.4. South Korea
11.8.5.5. India
11.8.5.6. Taiwan
11.8.5.7. Malaysia
12. Succinic Acid Market - Entropy
12.1. New product launches
12.2. M&A's, collaborations, JVs and partnerships
13. Succinic Acid Market – Industry / Segment Competition landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Country- Top companies
13.1.2. Market Share by Region- Top 10 companies
13.1.3. Market Share by type of Application – Top 10 companies
13.1.4. Market Share by type of Product / Product category- Top 10 companies
13.1.5. Market Share at global level- Top 10 companies
13.1.6. Best Practises for companies
14. Succinic Acid Market – Key Company List by Country Premium
15. Succinic Acid Market Company Analysis
15.1. Market Share, Company Revenue, Products, M&A, Developments
15.2. Succinity
15.3. Myriant Corporation
15.4. Mitsui and Co.
15.5. BASF
15.6. Reverdia
15.7. BioAmber
15.8. Company 7
15.9. Company 8
15.10. Company 9
15.11. Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
16. Succinic Acid Market -Appendix
16.1. Abbreviations
16.2. Sources
17. Succinic Acid Market -Methodology Premium
17.1. Research Methodology
17.1.1. Company Expert Interviews
17.1.2. Industry Databases
17.1.3. Associations
17.1.4. Company News
17.1.5. Company Annual Reports
17.1.6. Application Trends
17.1.7. New Products and Product database
17.1.8. Company Transcripts
17.1.9. R&D Trends
17.1.10. Key Opinion Leaders Interviews
17.1.11. Supply and Demand Trends