Succinic Acid Market by Type, End-Use Industry

List of Tables

The Succinic Acid Market was valued at USD 616.77 million in 2023, expected to reach USD 673.99 million in 2024, and is projected to grow at a CAGR of 9.37%, to USD 1,154.62 million by 2030.

Succinic acid, a dicarboxylic acid, is utilized across various industries due to its versatile properties. It serves as a precursor for chemicals, plastics, solvents, and pharmaceuticals, further finding applications in food, agriculture, and personal care products. The necessity of succinic acid lies in its role as an environmentally friendly and renewable substitute for petroleum-based products, aligning with the increasing global emphasis on sustainable development. The market scope for succinic acid is expansive, spanning sectors such as bioplastics, resins, coatings, and biodegradable polymers. Key growth factors influencing the succinic acid market include the rising demand for green chemicals, technological advancements in production processes like bio-based succinic acid production, and supportive government policies for sustainable practices. One of the latest potential opportunities is in bio-based succinic acid, driven by a shift towards renewable resources and reduced environmental footprints, where companies can leverage investments in biotechnology and partnerships with agricultural sectors for sustainable feedstock. However, market growth faces challenges including high production costs, competition from petrochemical-derived alternatives, and regulatory hurdles regarding the adoption of bio-based chemicals. To address these, stakeholders might focus on innovating cost-effective and scalable production technologies, such as microbial fermentation and genetic modification, to improve yield and reduce costs. Areas ripe for innovation include exploring novel microbial strains and optimizing fermentation processes. Furthermore, collaborative research with academic institutions and industry leaders could unlock further insights into the efficient production and application of succinic acid. The nature of the succinic acid market is competitive but promising, with strong growth potential driven by eco-centric policies and increasing industrial applications. Businesses could capitalize on this by enhancing their research and development efforts and expanding their product portfolios to include more bio-based and sustainable succinic acid derivatives.

KEY MARKET STATISTICS
Base Year [2023]	USD 616.77 million
Estimated Year [2024]	USD 673.99 million
Forecast Year [2030]	USD 1,154.62 million
CAGR (%)	9.37%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Succinic Acid Market

The Succinic Acid Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Growing demand from the coating, pharmaceutical, food & beverage, and personal care industries
- Increase in demand for a bio-based succinic acid
Market Restraints
- High cost of production associated with the petroleum-based process
Market Opportunities
- Rising demand for succinic acid from emerging markets
- Increasing demand for environmental sustainability of succinic acid
Market Challenges
- Stringent environmental regulations for succinic acid

Porter's Five Forces: A Strategic Tool for Navigating the Succinic Acid Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Succinic Acid Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Succinic Acid Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Succinic Acid Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Succinic Acid Market

A detailed market share analysis in the Succinic Acid Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Succinic Acid Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Succinic Acid Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Succinic Acid Market

A strategic analysis of the Succinic Acid Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Succinic Acid Market, highlighting leading vendors and their innovative profiles. These include Anhui Sunsing Chemicals Co., Ltd., BASF SE, BioAmber Inc., Corbion N.V., Ernesto Ventos S.A., Koninklijke DSM N.V., Merck KGaA, Mitsubishi Chemical Group, NIPPON SHOKUBAI CO., LTD., R-Biopharm AG, Reverdia V.O.F., S.S. Pharmachem, Showa Denko K.K., Spectrum Laboratory Products, Inc., and Thirumalai Chemicals Limited.

Market Segmentation & Coverage

This research report categorizes the Succinic Acid Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Bio-Based Succinic Acid and Petro-Based Succinic Acid.
Based on End-Use Industry, market is studied across Coatings, Cosmetics, Food & Beverage, Industrial, and Pharmaceutical.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-ED54C46E9353

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing demand from the coating, pharmaceutical, food & beverage, and personal care industries
  - 5.1.1.2. Increase in demand for a bio-based succinic acid
- 5.1.2. Restraints
  - 5.1.2.1. High cost of production associated with the petroleum-based process
- 5.1.3. Opportunities
  - 5.1.3.1. Rising demand for succinic acid from emerging markets
  - 5.1.3.2. Increasing demand for environmental sustainability of succinic acid
- 5.1.4. Challenges
  - 5.1.4.1. Stringent environmental regulations for succinic acid
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Succinic Acid Market, by Type

6.1. Introduction
6.2. Bio-Based Succinic Acid
6.3. Petro-Based Succinic Acid

7. Succinic Acid Market, by End-Use Industry

7.1. Introduction
7.2. Coatings
7.3. Cosmetics
7.4. Food & Beverage
7.5. Industrial
7.6. Pharmaceutical

8. Americas Succinic Acid Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Succinic Acid Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Succinic Acid Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
11.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Anhui Sunsing Chemicals Co., Ltd.
2. BASF SE
3. BioAmber Inc.
4. Corbion N.V.
5. Ernesto Ventos S.A.
6. Koninklijke DSM N.V.
7. Merck KGaA
8. Mitsubishi Chemical Group
9. NIPPON SHOKUBAI CO., LTD.
10. R-Biopharm AG
11. Reverdia V.O.F.
12. S.S. Pharmachem
13. Showa Denko K.K.
14. Spectrum Laboratory Products, Inc.
15. Thirumalai Chemicals Limited