Succinic Acid Market Size, Share, and Growth Analysis, By Type (Bio-based Succinic Acid, Petro-based Succinic Acid), By Application (Industrial, Food & Beverage), By End-Use Industry, By Region - Industry Forecast 2025-2032

Succinic Acid Market size was valued at USD 231.3 million in 2023 and is poised to grow from USD 249.8 million in 2024 to USD 462.37 million by 2032, growing at a CAGR of 8.0% during the forecast period (2025-2032).

The Succinic Acid (SA) market is poised for significant growth, driven by its increasing application in pharmaceutical manufacturing and infrastructure development. Sourced from both petroleum and bio-based materials, SA is gaining traction as a preferred alternative to traditional butane-derived compounds. This shift is fueled by growing environmental concerns and regulatory pressures in affluent nations to mitigate CO2 emissions, leading to higher demand for eco-friendly, bio-succinic acid produced through carbohydrate fermentation. Competitive dynamics intensify as multinational companies like Myriant enhance production capacities and distribution strategies. While the COVID-19 pandemic temporarily disrupted markets, a gradual recovery is expected to bolster global demand. Overall, the US Succinic Acid market is forecasted to experience sustainable growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Succinic Acid market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Succinic Acid Market Segments Analysis

Global Succinic Acid Market is segmented by Type, Application, End-Use Industry and region. Based on Type, the market is segmented into Bio-based Succinic Acid and Petro-based Succinic Acid. Based on Application, the market is segmented into Industrial, Food & Beverage, Pharmaceuticals, Cosmetics and Others. Based on End-Use Industry, the market is segmented into Chemical, Food & Beverage, Pharmaceutical, Personal Care and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Succinic Acid Market

The Succinic Acid market is driven by its status as a bio-based chemical sourced from renewable resources like corn, sugarcane, and wheat. With the increasing global emphasis on sustainability and eco-friendly products, the demand for succinic acid is on the rise. Its versatility allows for diverse applications across multiple industries, including polymers, resins, coatings, and pharmaceuticals. As consumers and manufacturers alike prioritize green alternatives, succinic acid's role in fostering a sustainable chemical landscape is becoming more significant, further propelling its market growth and expanding its presence across various sectors.

Restraints in the Succinic Acid Market

A significant challenge facing the succinic acid market is the elevated production costs when compared to conventional petrochemical alternatives. The manufacturing process of succinic acid relies on renewable feedstocks combined with fermentation and subsequent purification steps, which inherently incur higher expenses. These increased production costs can restrict the broader acceptance and utilization of succinic acid, consequently impeding the growth of the market. As industries weigh their options, the economic viability of succinic acid in comparison to more established petrochemical options becomes a crucial factor, potentially limiting its adoption in various applications despite its environmental benefits.

Market Trends of the Succinic Acid Market

The Succinic Acid market is experiencing a notable upward trend fueled by the increasing global demand for bio-based products amid escalating environmental concerns and the urgent need for sustainable alternatives. As industries pivot towards greener practices, succinic acid, derived from renewable resources such as plant-based feedstocks, is emerging as a key bio-based platform chemical. This shift aligns with the growing consumer preference for eco-friendly materials across sectors, including pharmaceuticals, food and beverages, and biodegradable plastics, further propelling market growth. As companies innovate to meet these sustainability goals, the succinic acid market is positioned for significant expansion and investment opportunities in the coming years.