Succinic Acid Market

Global Succinic Acid Market Size (2024 to 2029)

The global succinic acid market is expected to be valued at USD 290.05 million by 2029, up from USD 187.65 million in 2024, growing at a CAGR of 9.1% from 2024 to 2029.

Succinic acid is an organic acid that has been labeled by the US Department of Energy as one of the top 12 platform chemicals from biomass. It is widely used in the food & beverages, chemical, manufacturing, and pharmaceutical industries. It is used as a flavor enhancer, food additive, and a precursor to many organic molecules, including many polymers. It can either be obtained from bio-based sources or from the refining of petroleum.

MARKET DRIVERS

The rising demand for natural and synthetic products worldwide is one of the major factors propelling the succinic acid market's growth.

Succinic acids provide benefits such as high performance, better efficiency, etc., for the market players in the chemical industry, which has increased its usage in the painting and coatings industry as well. Succinic acids are extensively used in the PBS/PBST for food packaging because of their non-toxicity and biodegradability. In addition to this, it also has higher heat resistance as compared to other biopolymers. The amino Succinic acid is the fastest-growing segment in terms of value. They are finding huge demand in end-user industries like packaging, powder, metal, and industrial coatings. The surge in food deliveries during the coronavirus period has promoted the packaging industry drastically, which is directly reflecting the growth in the succinic acid business.

Y-O-Y growth in industries such as chemical, food packaging and pharmaceuticals have a high demand for succinic acids has presented the market a glowing opportunity to register high growth rates. PBS is used as a biodegradable drug encapsulation system. It is also being investigated for application in medical implants. Therefore, the increasing potential applications of PBS in a variety of industries are expected to drive the demand for succinic acid and its derivatives in the coming years.

MARKET RESTRAINTS

On the flip side, the succinic acid market is facing stiff competition. These competitors are proving to be a very feasible substitute for Succinic acid and thus hinder the growth of the former. Rising energy prices are another barrier thwarting the global market expansion. The uniform blending with polyethylene beds leads to an uneven distribution of linking agents. This is a drawback associated with Succinic acids and thus brings down the growth opportunities. Moreover, the market is capital intensive, and thus many investors think critically before investing in this market.

The development of low-cost fermentation alternatives is further impeding the growth of the succinic acid market. To ensure the competitiveness of bio-based-succinic acid in comparison to petroleum-based products, there is a need for the development of a cost-effective sugar fermentation process. In addition, the green credentials of bio-based processes are often challenged, since these processes require considerable land and water to grow their feedstock. Further, the process used for the making of these acids is very convoluted, which limits the use of succinic acid as a chemical building block.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Succinic Acid Market Analysis By Origin

The petro-based succinic acid had the major share of the global market in 2023 and the lead of the segment is expected to continue throughout the forecast period due to the large-scale production of crude and the many levels of purification it needs to undergo. This Petro-Based succinic acid is widely used in chemical and manufacturing industries to produce many end products. The petro-based succinic acid segment is likely to retain the lead during the forecast period.

Global Succinic Acid Market Analysis By End-User

The industrial segment is anticipated to hold the largest share of the global succinic acid market during the forecast period. Industrial usage of succinic acid as a precursor for many chemicals was greater than its use for any other purpose as of 2023. This is expected to remain unchanged in the near future as other uses of the compound, like food additives or acidity regulatory functions, do not demand it in such huge quantities. The consumption of Succinic Acid by Chemical and Automotive industries was larger than any other sector and these sectors are anticipated to remain the top consumers of Succinic acid in the forecast period.

REGIONAL ANALYSIS

Due to its huge population and extremely high industrial consumption the Asia Pacific was the largest market for Succinic Acid. With rising levels of urbanization and industrialization across countries like India, Malaysia, and Indonesia this market is also projected to grow faster than other regions. The Asia Pacific was the largest market for succinic acid and is anticipated to grow with the highest CAGR during the forecast period.

KEY PLAYERS IN THE GLOBAL SUCCINIC ACID MARKET

Companies playing a key role in the global succinic acid market include Nippon Shokubai (Japan), Kawasaki Kasei Chemicals (Japan), Shandong Lixing Chemical (China), Anhui Sensing Chemicals (China), Gadiv Petrochemical Industries (Israel), Anqing Hexing Chemical (China), Reverdia (Netherlands), Succinity GmbH (Germany), BioAmber (Canada) and GC Innovation America (US).

DETAILED SEGMENTATION OF THE GLOBAL SUCCINIC ACID MARKET INCLUDED IN THIS REPORT

This research report on the global succinic acid market has been segmented and sub-segmented based on origin, end-user and region.

By Origin

• Petro-Based Succinic Acid
• Bio-Based Succinic Acid

By End-User

• Food & Beverages
• Industrial
• Pharmaceutical sectors

By Region

• North America 
• Europe
• Asia Pacific 
• Latin America 
• Middle East and Africa