H1 2023: In the Asia-Pacific (APAC) region, Succinic acid prices fluctuated in H1 2023. In the first quarter of 2023, Succinic Acid prices experienced fluctuating dynamics due to the volatility of feedstock (n-butanol and benzene) prices and shifting demand. Asian buyers refrained from placing substantial orders due to sluggish demand and reduced operational activities in the Asian market in first three months of 2023. The industrial pace in the Asian market was affected by lunar holidays. Additionally, there was a decline in demand within the pharmaceutical industry. The pricing of Succinic Acid in the market was influenced by the slow demand for the product in the downstream Chinese food industry. In April 2023 there was a slight decrease in succinic acid prices in China, attributed to moderate demand and reduced purchases from buyers. In May 2023, overseas markets showed low order volumes, leading to an accumulation of product stocks in key producer China and subsequent price declines. At the same time, the pressure from upstream costs lessened as feedstock Maleic Anhydride prices decreased, influenced by contractions in upstream Benzene costs. In June 2023, Succinic Acid production costs experienced another decline due to reductions in feedstock Benzene and n-Butanol prices, driven by sluggish orders from downstream food & beverage sectors. Succinic Acid low prices were supported by the weak inquiries from pharmaceutical sector. Additionally, various international importers reduced succinic acid uptakes due to high inflation and increased food prices.
The global Succinic Acid market stood at approximately 70 thousand tonnes in 2022 and is expected to grow at a CAGR of 6.4% during the forecast period until 2032. Succinic Acid is a member of the dicarboxylic acid group, identified by the chemical formula (CH2)2(CO2H)2. It is a colourless, scentless solid with a distinctly acidic (sour) flavour. Various methods are employed for Succinic Acid production, such as the hydrogenation of maleic anhydride or maleic acid, carbonylation of Ethylene Glycol, and the oxidation of n-Butanol and Benzene.
Succinic acid finds multifaceted applications across diverse industries. In the food and beverage sector, it serves as an acidity regulator and flavour enhancer, contributing to the palatability of various products. Pharmaceutical applications abound, where succinic acid is employed in drug formulations and as an excipient in advanced drug delivery systems. The cosmetic and personal care industry utilizes succinic acid as a pH regulator and ingredient in skincare and haircare formulations. In the realm of polymers, succinic acid plays a pivotal role as a building block for biodegradable polymers, including polybutylene succinate (PBS) and polybutylene succinate-co-adipate (PBSA). Its versatility extends to the production of resins and coatings, where it is a key component in the synthesis of polyesters and alkyd resins for coatings and adhesives. On the basis of type, the Succinic Acid is divided into- Bio-based and Petrol-based. The petro-based variant of succinic acid is produced through the oxidation of methyl groups in butane, yielding a carboxy group, and is widely utilized in the production of plasticizers and flavor enhancers present in various packaged food items. Anticipated growth in this segment is driven by increasing demand from industrial, personal care, and food & beverage industries. Conversely, the bio-based category, the second-largest revenue contributor, is gaining prominence due to heightened consumer health consciousness and governmental focus on environmental concerns, creating a barrier to the market growth of petro-based products. The preference for succinic acid over butane-based maleic anhydride in the production of chemicals like fumaric acid, succinic anhydride, plastics, diethylmaleate, polymers, and glyoxylic acid, traditionally derived from butane, further fuels the demand for bio-based alternatives.
Succinic acid serves diverse roles across industries, including pharmaceuticals, where it is integral to various drug formulations, benefiting from the expanding healthcare sector and continuous innovation in pharmaceutical products. However, the primary market driver is the food and beverage industry, in which, succinic acid acts as an acidity regulator and flavour enhancer. Aligning with the rising demand for natural and clean-label ingredients in food sector, the demand for succinic acid is likely to expand. Its applications extend to the cosmetics and personal care sector, driven by the industry's growth and the heightened preference for natural and sustainable ingredients. Additionally, succinic acid plays a significant role in the production of resins and coatings, crucial components in the paints and coatings industries. This impact is particularly evident in the construction and automotive sectors, major consumers of coatings. Furthermore, the increasing awareness of sustainable and bio-based chemicals has positioned succinic acid, derived from renewable resources, as a favoured alternative to traditional petrochemical-based acids, reflecting a broader trend toward eco-friendly solutions in the chemical industry. The global Succinic Acid market is anticipated to reach nearly 130 thousand tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Succinic Acid. The Asia Pacific region presents a lucrative opportunity for succinic acid consumption, driven by dynamic factors. Rapid industrialization, notably in key economies like China and India, propels demand across diverse sectors. The expanding pharmaceutical and healthcare industry, coupled with evolving consumer preferences favoring natural and sustainable ingredients, positions succinic acid as a sought-after component. The thriving food and beverage sector, alongside substantial growth in construction and automotive industries, reinforces the regional demand. Furthermore, succinic acid's alignment with the rising trend of sustainable and bio-based chemicals enhances its appeal in the Asia Pacific market. In the European market, a plateau in product demand is anticipated, driven by the increasing consumer preference for bio-based alternatives as a seamless replacement. Succinic acid finds widespread use in the personal care and cosmetics sector within Europe. This consumer shift towards bio-based products poses a challenge to traditional succinic acid demand in Europe, necessitating businesses to adapt strategies that align with evolving market preferences.
Based on the end-user industry, the global Succinic Acid market is divided into Food and Beverage, Pharmaceutical, Coatings, Personal Care & Cosmetics, and Others. However, Food and Beverage Industry dominates the Succinic Acid market and held approximately 32% of the global Succinic Acid market in 2022.
Major players in the Global Succinic Acid market are NIPPON SHOKUBAI CO., LTD, BASF SE, Myriant Corporation, BioAmber, Parchem, Ernesto Ventos S.A., Roquette Frères, Kawasaki Kasei Chemicals Ltd., and Mitsubishi Chemical Corporation.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Succinic Acid which covers production, demand and supply of Succinic Acid market in the globe.
• To analyse and forecast the market size of Succinic Acid
• To classify and forecast Global Succinic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Succinic Acid market in the globe.
To extract data for Global Succinic Acid market, primary research surveys were conducted with Succinic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Succinic Acid market over the coming years.
ChemAnalyst calculated Succinic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Succinic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Succinic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Succinic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Succinic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Succinic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
70 thousand tonnes
Market size Volume in 2032
135 thousand tonnes
Growth Rate
CAGR of 6.4% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Food and Beverage, Pharmaceutical, Coatings, Personal Care & Cosmetics, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
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What was the net market size of Succinic Acid in terms of volume in 2022?
Ans:
The global market size of Succinic Acid had reached approximately 70 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Succinic Acid?
Ans:
Asia Pacific region is the leading consumer of Succinic Acid globally.
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