Succinic Acid Market Overview
The Succinic Acid Market Size was estimated at 0.86 (USD Billion) in 2023. The Succinic Acid Industry is expected to grow from 0.94(USD Billion) in 2024 to 2.5 (USD Billion) by 2035. The Succinic Acid Market CAGR (growth rate) is expected to be around 9.33% during the forecast period (2025 - 2035).
Key Succinic Acid Market Trends Highlighted
The Global Succinic Acid Market is benefitting from favorable market statistics resulting from the demand for bio-based products and an increased focus on sustainability. The heightened concern regarding environmental issues has resulted in the movement towards greener alternatives, which has positioned succinic acid as a major player for use in biodegradable plastics, solvents, food additives, and more. In addition, renewable chemical needs are advancing production technology in fermentation processes of non-food biomass, which is pledged to decreasing carbon footprints.
There are numerous potentials for all industries looking at the succinic acid market because of the fore mentioned reasons. Primary wastes include expanding use of succinic acid in manufacturing in the automotive and construction industries as substitutes for petroleum-based chemicals. Changing consumer preferences also drive this market, hence, bio-based products are becoming more and more popular. As business globally seeks to invent and comply with harsh environmental policies, succinic acid enables achieving ecological and performance targets. The latest trends show actively increasing global cooperation in succinic acid research and production which leads to more innovative applications and processes geared towards its efficient production.
These manufacturers have put in place joint ventures and partnerships that utilize advanced technology for improved yield efficiencies, and they are working towards improving supply chain strength to protect against disruption from global events. All of these factors combine to show the potential market for succinic acid and support the positive shift towards renewable resources at an international level.
Succinic Acid Market Drivers
Growing Demand for Bio-based Chemicals
The Global Succinic Acid Market Industry is witnessing an accelerated demand for bio-based chemicals as industries shift towards sustainability and eco-friendliness. The bioplastics sector, which is seeing a growth rate of around 15% annually, heavily relies on succinic acid as a key ingredient. As reported by the European Bioplastics Association, the global production capacity of bioplastics is expected to reach 2.6 million tons by 2025. This shift is not only driven by consumer preferences but also government policies globally aimed at reducing carbon footprints, such as the European Union's commitment to achieve carbon neutrality by 2050.
Companies like BASF and DuPont are actively investing in bio-based technologies, contributing to this surge in demand for succinic acid as they aim to innovate and enhance product offerings that align with ecological standards.
Advancements in Manufacturing Technologies
Innovations in manufacturing technologies for producing succinic acid are significantly influencing the Global Succinic Acid Market Industry. New methodologies such as fermentation processes utilizing renewable resources are leading to higher yields and lower costs. According to recent developments from the U.S. Department of Energy, certain advanced fermentation processes can enhance production efficiency by up to 30%. This not only boosts the overall supply of succinic acid but also makes it more competitive against petrochemical alternatives, which is crucial as industries worldwide look for cost-effective and sustainable sourcing options.
Major organizations like Myriant and BioAmber are at the forefront of these technological advancements, making substantial progress in the development and commercialization of new production methods.
Rising Demand in Pharmaceuticals and Cosmetics
The pharmaceutical and cosmetic industries are major contributors to the growth of the Global Succinic Acid Market Industry. The use of succinic acid as a crucial building block in drug formulations and as a pH regulator in cosmetic products has been on the rise. Recent data from the International Pharmaceutical Federation suggests a significant increase in the global pharmaceuticals market, projected to reach over USD 1.5 trillion by 2025. This surge is creating an expanding market for succinic acid, which is used for drug stabilization and as a supplement to enhance bioavailability.
Cosmetics companies such as L'Oréal and Estée Lauder have increasingly incorporated succinic acid in their formulations, capitalizing on its properties for skin health and beauty applications.
Succinic Acid Market Segment Insights:
Succinic Acid Market Application Insights
The Application segment of the Global Succinic Acid Market reveals a diversified landscape, primarily focusing on Chemical Synthesis, Food and Beverage, Pharmaceuticals, Cosmetics, and Biodegradable Plastics. In 2024, the total market valuation for this segment reached 0.94 USD Billion, demonstrating its expanding relevance across various industries. The Chemical Synthesis application is notably significant, accounted for a valuation of 0.4 USD Billion in 2024 and expected to grow to 1.05 USD Billion by 2035, thereby dominating the segment with a majority holding, thanks to its essential role in producing biodegradable materials and other chemical intermediates.
The Food and Beverage segment also exhibits considerable growth potential, expected to rise from 0.25 USD Billion in 2024 to 0.65 USD Billion by 2035, illustrating the increasing demand for natural additives and preservatives that enhance product appeal without compromising safety. Meanwhile, the Pharmaceutical sector, valued at 0.15 USD Billion in 2024, is projected to expand to 0.4 USD Billion by 2035, benefiting from the rising interest in succinic acid's applications in drug formulation and research processes, marking it as an emerging critical player in the health industry.
Cosmetics are represented with an estimated market value of 0.05 USD Billion in 2024, poised to grow to 0.2 USD Billion in 2035. This growth is significantly driven by the demand for organic and sustainable beauty products, further affirming succinic acid's role in enhancing skincare formulations. Lastly, the Biodegradable Plastics segment, starting at 0.09 USD Billion in 2024 and expected to reach 0.25 USD Billion by 2035, is rapidly gaining traction due to increasing environmental awareness and the push for sustainable alternatives to traditional plastics.
The overall dynamics of the Global Succinic Acid Market segmentation display robust growth, driven by a combination of industry needs and increasing consumer preference for sustainable and natural products. This sector not only showcases the versatility of succinic acid across different applications but also highlights the broader trend towards sustainability in the global market, making it a pivotal area of interest for manufacturers and stakeholders alike.
Succinic Acid Market End Use Insights
The Global Succinic Acid Market is poised for significant growth, with an overall market valued at 0.94 Billion USD by 2024. This market is driven by robust demand across various end-use applications, which include Industrial, Personal Care, Food Industry, Automotive, and Medicine. The Industrial sector is noteworthy, as succinic acid serves as an essential intermediate in the production of biodegradable plastics and chemicals, reflecting a growing trend towards sustainability. In the Personal Care sector, succinic acid is valued for its moisturizing properties, securing its place in cosmetics and skincare formulations.
The Food Industry utilizes succinic acid as a food additive, which enhances flavor and serves as a preservative, thus holding a significant portion of the market. In the Automotive field, the compound is used in manufacturing various components, contributing to the sector's expansion as demand for eco-friendly alternatives increases. Furthermore, in Medicine, succinic acid's role in drug formulations cannot be overlooked, solidifying its importance within the healthcare industry. Collectively, these segments shape the Global Succinic Acid Market statistics, showcasing a well-rounded industry poised for growth driven by diverse applications and emerging opportunities.
Succinic Acid Market Production Process Insights
The Global Succinic Acid Market was valued at 0.94 billion USD by 2024, showcasing significant growth potential driven by advancements in production processes. Within the Production Process segment, methods such as Fermentation, Chemical Synthesis, Catalytic Conversion, and Biorefinery play crucial roles. Fermentation remains essential due to its eco-friendly aspects and reliance on renewable resources, making it favorable in a global market seeking sustainability. Chemical Synthesis stands out for its versatility and efficacy in producing high-purity succinic acid, making it suitable for various applications.
Catalytic Conversion is gaining traction due to its efficiency and potential cost benefits, while Biorefinery supports the integration of processes that convert biomass into energy and valuable bioproducts. Overall, the dynamics of the Global Succinic Acid Market underscore the importance of these production methods in meeting the rising demand across diverse industries, such as food, pharmaceuticals, and automotive, driven by market growth and sustainability initiatives.
Succinic Acid Market Regional Insights
In the Regional context of the Global Succinic Acid Market, the market reached a notable valuation of 0.94 USD Billion in 2024, with anticipated growth across various areas. North America holds a major share, valued at 0.25 USD Billion in 2024 and projected to grow to 0.65 USD Billion by 2035, reflecting a significant demand primarily driven by the region's advanced industrial sector and robust Research and Development initiatives. Europe closely follows with a valuation of 0.3 USD Billion in 2024, increasing to 0.85 USD Billion in 2035, led by its strong commitment to sustainable chemical production.
The Asia-Pacific (APAC) region is emerging as a key player, starting at 0.2 USD Billion in 2024 and expected to reach 0.6 USD Billion by 2035, due to rising consumer demand and the expansion of manufacturing sectors. In contrast, South America and the Middle East and Africa (MEA) segments are smaller yet growing, with South America valued at 0.1 USD Billion and MEA at 0.09 USD Billion in 2024. The lower valuations in these regions indicate potential growth opportunities in the manufacturing and agricultural sectors that could be realized through increased investment and technological advancements.
The market dynamics across these regions reveal varied growth drivers influenced by local industrial capabilities, sustainability initiatives, and consumer preferences that shape the Global Succinic Acid Market revenue landscape.
Succinic Acid Market Key Players and Competitive Insights:
The Global Succinic Acid Market is characterized by a competitive landscape that is rapidly evolving due to increased demand for sustainable and bio-based chemicals. A significant driver of this growth is the global shift towards greener products, fueled by environmental regulatory pressures and a growing consumer preference for eco-friendly materials. Companies operating within this market are continually seeking ways to innovate their production processes and expand their product offerings to gain a competitive edge. These dynamics have led to an intricate interplay between established market players and emerging companies, all vying for market share while navigating the challenges of production costs, supply chain logistics, and product differentiation.
Zhejiang Guoguang has established itself as a formidable player in the Global Succinic Acid Market, leveraging its extensive production capabilities to maintain a strong market presence. The company's strengths lie in its advanced manufacturing technologies and its commitment to research and development, which allows it to produce high-quality succinic acid efficiently. This focus has enabled Zhejiang Guoguang to cater to a diverse range of applications, including food additives, pharmaceuticals, and biodegradable plastics. By maintaining strong relationships with suppliers and customers alike, the company has managed to secure a reliable position in the market while continually exploring opportunities for growth and expansion.
Succinity, another key participant in the Global Succinic Acid Market, has made significant strides in establishing its foothold in this competitive landscape. The company specializes in the production of bio-based succinic acid and offers a range of key products that serve multiple industries, including automotive, textiles, and pharmaceuticals. Succinity's strengths are evident in its commitment to sustainability, and the company has successfully positioned itself as a leader in eco-friendly chemical solutions on a global scale. Through strategic mergers and acquisitions, Succinity has expanded its operational capabilities and geographic reach, allowing it to respond effectively to market demands while enhancing its product portfolio. The company's innovative approach to production combined with its focus on customer-centric solutions has further solidified its reputation in the market.
Key Companies in the Succinic Acid Market Include:
- Zhejiang Guoguang
- Succinity
- Reverdia
- Hugen Winter
- Cargill
- Asahi Kasei
- Daimler AG
- Korea Achieve
- Genomatica
- BASF
- Kraton
- Myriant
- BioAmber
- Galactic
Succinic Acid Market Industry Developments
Recent developments in the Global Succinic Acid Market indicate a growing interest in sustainable and bio-based products, driven by increasing environmental awareness and regulatory support for green chemistry. Companies such as Cargill, Genomatica, and BioAmber are reportedly focusing on bio-succinic acid production pathways to meet this demand. In August 2023, Zhejiang Guoguang announced plans to enhance its production capacity, aiming to capitalize on the rising market valuation, which is projected to reach several billion dollars in the next few years. The recent collaborations between Succinity and Reverdia also emphasize strategic partnerships aimed at research and development in biodegradable plastics using succinic acid derivatives. Additionally, the merger activities are noteworthy; in June 2023, Myriant was acquired by Kraton, enhancing Kraton's portfolio in bio-based chemicals. The market is thriving, with increasing applications in consumer goods, automotive, and industrial products, further encouraging innovation among key players like BASF and Hugen Winter. These trends collectively showcase a dynamic landscape in the Global Succinic Acid Market, illustrating a significant shift towards sustainable manufacturing solutions across various sectors.
Succinic Acid Market Segmentation Insights
Succinic Acid Market Application Outlook
- Chemical Synthesis
- Food and Beverage
- Pharmaceuticals
- Cosmetics
- Biodegradable Plastics
Succinic Acid Market End Use Outlook
- Industrial
- Personal Care
- Food Industry
- Automotive
- Medicine
Succinic Acid Market Production Process Outlook
- Fermentation
- Chemical Synthesis
- Catalytic Conversion
- Biorefinery
Succinic Acid Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2023
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0.86(USD Billion)
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Market Size 2024
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0.94(USD Billion)
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Market Size 2035
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2.5(USD Billion)
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Compound Annual Growth Rate (CAGR)
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9.33% (2025 - 2035)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2024
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Market Forecast Period
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2025 - 2035
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Historical Data
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2019 - 2024
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Zhejiang Guoguang, Succinity, Reverdia, Hugen Winter, Cargill, Asahi Kasei, Daimler AG, Korea Achieve, Genomatica, BASF, Kraton, Myriant, BioAmber, Galactic
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Segments Covered
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Application, End Use, Production Process, Regional
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Key Market Opportunities
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Biodegradable plastic production, Renewable energy sector applications, Pharmaceutical and cosmetic industry growth, Food additive and preservative potential, Eco-friendly chemical synthesis advancements
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Key Market Dynamics
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Growing demand for bio-based chemicals, Increasing investment in R, Expanding applications in various industries, Stringent environmental regulations, Rising consumer awareness for sustainability
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Succinic Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Global Succinic Acid Market was valued at 0.94 billion USD in 2024.
By 2035, the market is expected to reach a valuation of 2.5 billion USD.
The expected CAGR for the market during this period is 9.33%.
Europe is projected to have a significant market share valued at 0.85 billion USD by 2035.
In 2024, Chemical Synthesis is valued at 0.4 billion USD, Food and Beverage at 0.25 billion USD, Pharmaceuticals at 0.15 billion USD, Cosmetics at 0.05 billion USD, and Biodegradable Plastics at 0.09 billion USD.
The Food and Beverage application is expected to be valued at 0.65 billion USD in 2035.
Major players include Zhejiang Guoguang, Succinity, Reverdia, Hugen Winter, and Cargill, among others.
The APAC region is expected to grow to a market value of 0.6 billion USD by 2035.
Challenges may include competition from alternative raw materials and fluctuating prices of feedstocks.
By 2035, the Biodegradable Plastics application is expected to reach a market size of 0.25 billion USD, indicating growth opportunities.
