Succinic Acid Market to Reach Valuation of US$ 290.72 Mn by 2031

 Succinic Acid Market: Introduction

Transparency Market Research delivers key insights on the global succinic acid market. In terms of revenue, the global succinic acid market  is estimated to expand at a CAGR of 6.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global succinic acid market.

The global succinic acid market has been positively impacted by the rise in production of plastics, coatings, lubricants & solvents, and pharmaceuticals across the globe.

Request For Sample : https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1008

Succinic Acid Market: Dynamics

Various end-use industries of succinic acid such as food & beverages, pharmaceutical, plastic, paints & coatings, and lubricants have been expanding significantly across the globe since the last few years. According to QuintilesIMS Institute, total spending on medicines is forecast to reach US$ 1.5 Trn by 2021, an increase of 33% from that in 2016.

The pharmaceutical industry is the key consumer of succinic acid. Manufacturers of succinic acid are focusing on production and processing of bio-based succinic acid in order to meet the growing demand for bio-based chemicals in the pharmaceutical industry. Succinic acid can be used as an excipient in the manufacture of medicines for sedatives, antispasmers, antiplegm, antiphogistic, anrhoers, and contraceptives.

Rise in environmental awareness and stringent governmental regulations to reduce chemical-based pollution have boosted the demand the bio-based chemicals. Biomethanol, bioethanol, glycerol, acetone, lactic acid, 1-butanol, and succinic acid are some of the key bio-based chemicals that are gaining momentum in the bio-based chemical industry.

Governments of various countries have introduced several initiatives and regulations to promote the adoption of bio-based products. For instance, the Renewable Chemicals Act was introduced in the U.S. to create an allocated tax credit for the production of qualifying renewable chemicals from biomass. This trend is expected to boost the demand for succinic acid across the globe.

Request for Customization: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1008

Succinic Acid Market: Prominent Regions

In terms of value, Asia Pacific dominated the global succinic acid market in 2020. It has emerged as a highly lucrative region of the global succinic acid market over the last few decades. China held major share of the succinic acid market in Asia Pacific in 2020. The growth of the market in the country can be ascribed to the continuous rise in demand for food, along with rapid urbanization and industrialization. According to a report by the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, China will experience an urbanization ratio of 70% by 2035. Thus, demand for succinic acid is expected to remain high in China during the forecast period.

Europe was another lucrative region of the global succinic acid market in 2020. Supportive government policies toward business sustainability programs, intensive fluctuations in crude oil prices, and usage of eco-friendly products are the some of the major factors boosting the demand for bio-chemical products in the region. Furthermore, increase in focus on enhancing the utilization of sustainable products is anticipated to propel the succinic acid market in Europe during the forecast period.

North America also accounts for key share of the global succinic acid market. This trend is expected to continue during the forecast period due to the increase in demand for polyurethanes in several applications such as building & construction, automobile, and footwear industries. The building & construction segment accounted for nearly 41% of polyurethane consumption in the U.S. in 2019, making it the largest end-use market for polyurethane materials. Polyurethane is used in wall and roof insulation, insulated panels, and gap fillers for space around doors and window products.

Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1008

Succinic Acid Market: Key Players

Key players operating in the global succinic acid market are thyssenkrupp AG, BASF SE, Roquette Frères, Kawasaki Kasei Chemicals, NIPPON SHOKUBAI CO., LTD, Ernesto Ventós, S.A., Spectrum Chemical Manufacturing Corp, FUSO CHEMICAL CO., LTD., R-Biopharm AG, ESIM Chemicals, Anhui Sunsing Chemicals Co.,Ltd., and Novomer Inc.

Global Succinic Acid Market: Segmentation

Succinic Acid Market, by Type

  • Bio-based
  • Petrol-based

Succinic Acid Market, by Application

  • 1,4-Butanediol (BDO)
  • Polybutylene Succinate (PBS)
  • Resins, Coatings, and Dyes & Inks
  • Polyurethanes
  • Plasticizers
  • Solvents & Lubricants
  • De-icing Solutions
  • Food
  • Pharmacy
  • Cosmetics
  • Others (Including Dyes And Photographic Chemicals)

Succinic Acid Market, by End-use Industry

  • Pharmaceutical
  • Food & Beverages
  • Cosmetics & Personal Care
  • Others (including Footwear, Automotive, and Plastic)

Succinic Acid Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Italy
    • France
    • Germany
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Get Trending Report: 

Waterproofing Membranes Market 

https://www.transparencymarketresearch.com/waterproofing-membrane-market.html 

 Medical Plastics Market 

https://www.transparencymarketresearch.com/medical-plastics-market.html 

Adjuvants Market 

https://www.transparencymarketresearch.com/adjuvants-market.html 

Carbon Fiber Market 

https://www.transparencymarketresearch.com/carbon-fiber-market.html 

Ferroalloys Market 

https://www.transparencymarketresearch.com/ferroalloy-market.html 


About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website:https://www.transparencymarketresearch.com

 

 

 

Comments

Post a Comment

Popular posts from this blog

Intelligent Motor Controllers Market Size, Share, and Growth Trends: Comprehensive Analysis 2033

  Market Overview: The global Intelligent Motor Controllers Market is experiencing significant growth and innovation, driven by the increasing demand for energy-efficient motor control solutions across various industries. Intelligent motor controllers offer advanced features such as precise speed control, monitoring, and remote access, making them an essential component in modern industrial and commercial applications. This market report provides an in-depth analysis of the Intelligent Motor Controllers Market , including key trends, drivers, challenges, opportunities, and the competitive landscape. Market Trends: Rising Energy Efficiency Concerns: With a growing emphasis on energy conservation and reducing operational costs, intelligent motor controllers are gaining popularity due to their ability to optimize energy consumption. Integration of IoT and Industry 4.0: Intelligent motor controllers are increasingly integrated with the Internet of Things (IoT) and Industry 4.0 ...
Read more

U.S. Frozen Fruits Market: Understanding Restraints and Challenges 2023-2033

Image
 In 2023, the frozen fruits market in the United States is valued at approximately $4.29 billion and is expected to grow to about $6.19 billion by the conclusion of 2033. Anticipated sales of frozen fruits in the nation are set to expand at a compound annual growth rate (CAGR) of 3.7% during the forecast period, spanning from 2023 to 2033. Market Overview: The U.S. Frozen Fruits Market is a substantial and dynamic segment of the food industry. Frozen fruits have gained popularity due to their convenience, longer shelf life, and the ability to retain nutritional value. This market report provides a comprehensive analysis of the current state and future growth potential of the U.S. Frozen Fruits Market. Market Growth Factors & Dynamics: Shifting Consumer Preferences: Consumers are increasingly seeking healthy and convenient food options. Frozen fruits, with their nutritional value preserved, cater to this demand, resulting in market growth. Convenience...
Read more

North America Paprika Oleoresin MarketShare, Size, Growth and Forecast lluminated By New Report

  Paprika Oleoresin Market: Introduction According to a recent study conducted on the  paprika oleoresin market  by Transparency Market Research, the market is expected to grow at a CAGR of  7.3%  to reach US$  459  Mn by the end of the forecast period. Paprika oleoresin is an oil-soluble extract obtained from the fruits of capsicum frutescens or capsicum annuum that is mostly used in food as a colorant and flavoring. Paprika oleoresin is largely used in food and beverages as food colorants. It is widely used to add color and flavor to numerous of dishes. The product has the characteristic odor of sweet chillies. Europe holds majority of the value share of 23.1% of the global paprika oleoresin market. The market in the region is estimated to be valued at approximately US$  70.3  Mn in 2021, and is forecast to expand at an approximate CAGR of 6.8% reaching US$ 135.5 Mn by 2031 in the region. Download Sample Copy of Report - https://www.t...
Read more