Bio Succinic Acid Market : Global Market Revenue and Share by Manufacturers
Bio Succinic Acid Market Trends
Driving growth include the volatility in fossil fuel prices, the increase in carbon footprints, and the growing utilization of locally available raw materials.
WILMINGTON, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global bio succinic acid industry saw revenues of $126.80 million in 2020, with expectations to reach $235.02 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.41% from 2021 to 2030.
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Key Drivers of Growth
Factors driving growth include the volatility in fossil fuel prices, the increase in carbon footprints, and the growing utilization of locally available raw materials. However, obstacles such as the high price of bio succinic acid and lengthy extraction processes hinder market expansion. Yet, the surge in its adoption across a wide range of applications, notably in bio-plastics, presents new opportunities in the foreseeable future.
COVID-19 Impact
The COVID-19 pandemic negatively impacted the growth of the global bio succinic acid market due to raw material shortages, labor force disruptions, and reduced demand from end-use industries. Global lockdowns halted production facilities and disrupted supply chains, leading to hindered market growth. However, recovery is anticipated in 2022 as demand from end-use industries steadily rebounds.
Industrial Segment Leadership
The industrial segment held the highest market share in 2020, contributing to over two-fifths of the global bio succinic acid market. This dominance is expected to persist throughout the forecast period, driven by increased demand in the production processes of polyurethane, tetrahydrofuran, polybutylene, and other products. Additionally, the cosmetics segment is forecasted to experience the highest CAGR of 7.5% from 2021 to 2030, attributed to the rising usage of bio succinic acid in organic cosmetic formulations.
Regional Dominance
Asia-Pacific led the market in 2020, accounting for nearly two-fifths of global bio succinic acid revenue. It is anticipated to maintain its dominance by 2030, with the region expected to witness the fastest CAGR of 6.8% during the forecast period. This growth is fueled by the region's eco-friendly practices and increasing concerns over allergic reactions to synthetic dyes. The report also analyzes North America, Europe, and LAMEA regions.
Key Market Players
Key players in the bio succinic acid market include BASF SE, Bio Amber, DSM, Kawasaki Kasei Chemicals, Mitsubishi Chemical Holdings, Mitsui Chemicals, Myriant, Purac, Reverdia, and Roquette Freres S.A.
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