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Global Succinic Acid Market Overview
Succinic Acid Market Size was valued at USD 0.19 Billion in 2023. The Succinic Acid industry is projected to grow from USD 0.21 Billion in 2024 to USD 0.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2032). Use of succinic acid as an intermediate for producing paint and coatings, metal treatment chemicals, plasticizers, alkyd resins, photographic chemicals, lacquers, perfumes, industrial solvents, and manufacturing dyes. Additionally, the increasing use of succinic acid in food and beverages are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Succinic Acid Market Trends
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The increasing use in food and beverages to boost market growth
The increasing use of succinic acid in food and beverages is one of the key drivers of the succinic acid market. Succinic acid is a naturally occurring dicarboxylic acid that is widely used as a food additive due to its ability to enhance flavor, improve shelf life, and act as a pH regulator. In the food and beverage industry, succinic acid is commonly used in the production of food additives such as flavors, seasonings, and preservatives. It is also used as a fermentation ingredient in the production of alcoholic beverages and as a natural acidulant in the production of soft drinks, energy drinks, and other beverages.
In addition to its use in the food and beverage industry, succinic acid is also used in a variety of other applications, including as a chemical intermediate in the production of polymers, resins, and other chemicals. It is also used in the production of pharmaceuticals, cosmetics, and personal care products. Overall, the succinic acid market is expected to continue growing in the coming years, driven by factors such as the increasing demand for sustainable and eco-friendly products, the expanding use of succinic acid in various end-use industries, and the rising popularity of bio-based chemicals. Therefore, such factors related to Succinic Acid have enhanced the Succinic Acid market CAGR across the globe in recent years.
The well-known cosmetics company BYOMA will formally introduce its new BYOMA Body line for bodycare in 2024. Nine new products were introduced by the brand: Sensitive Skin Body Wash, Brightening Body Wash, Brightening Body Lotion, Nourishing Body Oil, Smoothing Body Serum, and Smoothing Body Polish.
2023 will see Researchers at the Center for Advanced Bioenergy and Bioproducts Innovation (CABBI) have created a cost-effective method for producing succinic acid, a crucial industrial chemical, from sugarcane, marking a significant advancement in the manufacturing of ecologically friendly chemicals. The University of Illinois and Princeton University researchers engineered a hardy, acid-tolerant yeast as the fermenting agent, saving money on steps in the downstream processing process, and so developed an efficient, end-to-end pipeline for this important organic acid. Succinic acid is a widely used additive for food and beverages and has diverse applications in agricultural and pharmaceutical products.
Succinic Acid Market Segment Insights
Succinic Acid Type Insights
The Succinic Acid market segmentation, based on type, includes Bio-Based, Synthetic. The Bio-Based segment held the majority share in 2022 of the Succinic Acid market revenue. The bio-based segment of the succinic acid market is a significant and rapidly growing segment, as succinic acid can be produced from renewable resources such as sugar, corn, and wheat. The bio-based succinic acid segment is expected to continue growing at a high rate, driven by factors such as increasing demand for sustainable and eco-friendly products, and growing adoption of bio-based chemicals in various end-use industries.
Succinic Acid Grade Insights
The Succinic Acid market segmentation, based on type, includes Food, Pharmaceutical, and Industrial. The Pharmaceutical segment held the majority share in 2022 of the Succinic Acid market revenue. The pharmaceutical industry is also a major user of succinic acid, which is used as an excipient in the production of drugs and as a pH regulator in the formulation of oral medications. The pharmaceutical segment of the succinic acid market is expected to grow at a steady rate, driven by factors such as the increasing demand for medications and the growing need for safer and more effective drug delivery systems.
Succinic Acid Application Insights
Based on application, the Succinic Acid market segmentation includes Chemical Intermediates, Food additives, and Medicine. The Food Additive segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The food additive segment of the succinic acid market is also significant and growing, as succinic acid is used as a flavor enhancer, pH regulator, and preservative in various food and beverage applications. The food additive segment is expected to continue growing at a high rate, driven by factors such as the increasing demand for processed food and beverage products, and the growing consumer preference for natural and organic food ingredients. These all factors for Succinic Acid positively impact the market growth.
Figure 2: Succinic Acid Market, by Grade, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Succinic Acid Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region held the largest market share in the succinic acid market and is expected to continue to dominate the market during the forecast period. The growth of the Asia-Pacific succinic acid market is driven by factors such as the increasing demand for bio-based chemicals, the growing population, and the rapid industrialization and urbanization in countries such as China, India, and Japan. In addition, favorable government policies and initiatives promoting the use of bio-based chemicals and sustainable products in the region are expected to further boost the growth of the succinic acid market. Furthermore, the increasing investments by major players in the region to expand their production capacities and increase their presence in the market are expected to further drive the growth of the Asia-Pacific succinic acid market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: SUCCINIC ACID MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Succinic Acid market accounts for the third-largest market share. The European succinic acid market is also growing, driven by factors such as the increasing demand for bio-based chemicals, strict environmental regulations, and the growing adoption of sustainable products in various end-use industries. Further, the Germany Succinic Acid market held the largest market share, and the UK Succinic Acid market was the fastest-growing market in the European region.
North America, Succinic Acid market, is expected to grow at the fastest CAGR from 2023 to 2030. The growing demand for bio-based chemicals, increasing investments in research and development activities, and rising adoption of sustainable products in various end-use industries such as pharmaceuticals, food and beverages, and personal care. The market in this region is expected to continue growing at a steady pace during the forecast period.. Moreover, the U.S. Succinic Acid market held the largest market share, and the Canada Succinic Acid market was the fastest-growing market in the North American region.
Succinic Acid Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Succinic Acid market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Succinic Acid industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Succinic Acid. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Succinic Acid industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Succinic Acid industry to benefit customers and expand the market sector. Major Succinic Acid market players, including Merck KGaA, Ernesto Ventos. S.A., ThyssenKrupp AG, BioAmber, Inc., Myriant Corporation, Succinity GmbH, Technip Energies, NIPPON SHOKUBAI CO., LTD., KAWASAKI KASEI CHEMICALS, Anhui Sunsing Chemicals Co., Ltd., Gadiv Petrochemical Industries Ltd., Spectrum Chemical Manufacturing Corp., FUSO CHEMICAL CO., LTD., S.S. Pharmachem, and R-Biopharm AG, and others, are attempting to increase market demand by funding R&D initiatives.
Merck KGaA is a German multinational pharmaceutical and chemical company. The company operates in three business segments: Healthcare, Life Science, and Performance Materials. Merck KGaA's product portfolio includes prescription medicines, over-the-counter medicines, vitamins, and consumer health products, as well as laboratory and biotech equipment and solutions. The company is also involved in the research and development of new drugs and therapies for various diseases and medical conditions.
Ernesto Ventós is a Spanish fragrance company. The company specializes in creating fragrances for perfumes, personal care products, and home fragrances. Ernesto Ventós uses natural and synthetic ingredients to create unique and high-quality fragrances that are tailored to the specific needs and preferences of its clients. The company also provides technical support and consultancy services to its clients, helping them to develop and produce their own fragrances.
Key Companies in the Succinic Acid market includes
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Merck KGaA
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Ernesto Ventos. S.A.
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ThyssenKrupp AG
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BioAmber, Inc
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Myriant Corporation
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Succinity GmbH
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Technip Energies
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KAWASAKI KASEI CHEMICALS
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Anhui Sunsing Chemicals Co., Ltd.
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Gadiv Petrochemical Industries Ltd.
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Spectrum Chemical Manufacturing Corp.
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FUSO CHEMICAL CO., LTD.
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R-Biopharm AG among others
Succinic Acid Industry Developments
August 2022: Technip Energies has announced the purchase of Biosuccinium technology from DSM, adding a technology solution to its growing Sustainable Chemicals portfolio.
Succinic Acid Market Segmentation
Succinic Acid Type Outlook
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Bio-Based
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Synthetic
Succinic Acid Grade Outlook
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Food
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Pharmaceutical
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Industrial
Succinic Acid Application Outlook
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Chemical Intermediate
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Food Additive
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Medicine
Succinic Acid Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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