Alkyl Succinic Anhydrides Market

Key market drivers for alkyl succinic anhydrides include the growing demand for plasticizers, lubricants, and surface coatings. Plasticizers are used to enhance the flexibility and moldability of polymers, and alkyl succinic anhydrides are widely used in the production of polyvinyl chloride (PVC) plasticizers. Increasing industrialization and urbanization are creating opportunities for the alkyl succinic anhydrides market.

The construction industry, in particular, is a major consumer of plasticizers, and the growing demand for flexible PVC pipes and fittings is expected to drive market growth.Recent trends in the alkyl succinic anhydrides market include the development of bio-based alternatives and the increasing use of alkyl succinic anhydrides in sustainable applications. Bio-based alkyl succinic anhydrides are produced from renewable resources, such as vegetable oils, and offer environmental benefits over traditional petroleum-based products.

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

The Global Alkyl Succinic Anhydrides Market Industry experiences a notable surge in demand driven by the automotive sector. Alkyl succinic anhydrides are increasingly utilized in the production of lubricants and additives, enhancing the performance and efficiency of automotive engines. As the automotive industry continues to evolve, with a projected market value of 2.65 USD Billion in 2024, the need for high-performance lubricants is expected to rise. This trend indicates a strong correlation between the automotive sector's growth and the demand for alkyl succinic anhydrides, suggesting a robust market trajectory in the coming years.

The Alkyl Succinic Anhydrides Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of the North American market can be attributed to the increasing demand for personal care products, paints and coatings, and plastics. Europe is the second-largest market for Alkyl Succinic Anhydrides, followed by APAC.

The APAC region is expected to witness the highest growth rate during the forecast period due to the increasing demand from emerging economies such as China and India.South America and MEA are relatively smaller markets for Alkyl Succinic Anhydrides, but they are expected to grow at a steady pace during the forecast period.

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Alkyl Succinic Anhydrides Market major players focus on expanding their product portfolio, as well as business and geographical reach. The industry is competitive, with Alkyl Succinic Anhydrides Market Suppliers, including Evonik Industries, BASF, Solvay, and Perstorp Holding AB, are the major players constantly investing in research and development to introduce new products, safeguard their production capabilities, and engage in strategic partnership, mergers and acquisitions to stabilize their position and access to new technologies and market. The industry is also moving towards sustainability.

For example, in May 2021, Solvay authorized SCS Global Services to provide certification for Solvay’s green manufacturing and in August 2021, Perstorp introduced a separate state-of-the-art carbon capture unit at the Perstorp Plant in Sweden.Evonik Industries is a major competitive supplier in the Alkyl Succinic Anhydrides Market. Evonik is a German-based company founded in 2007 by the merger of Degussa of Germany and HCHST of Germany. The company's global reach and large customer base distinguish Evonik and other players in the industry.

Some of the products offered by the company are N-alkylsuccinamic acid, Alkasurf N-170, Alkasurf N-100L, Alkasurf N-120S, and Alkasurf N-50. The company is constantly investing in research and development, having introduced in May 2021 a new product, Bday, as the newest addition to Evonik Biogenic construction blocks.BASF is another major competitive player in the Global Alkyl Succinic Anhydride Market. BASF is a German-based company founded in 1865 and has a large customer base and global reach.

The company is also aware of eco-sustainability and addresses the problem by reducing its environmental impact, with two examples being across many implemented initiatives of BASF. For example, in July 2021, BASF was included in the Suppliers category in CDP’s Water Security A-List and in September 2020, BASF introduced Axom, based on the highest purity Alkylsuccinic acid.