The North American bio succinic acid market is estimated to grow at a significant growth rate of 21.0% over the forecast period from $55.0 million in 2018. The North American bio-succinic acid market has been witnessing considerable growth owing to the growing use of bio-based succinic acid in chemical and pharmaceutical industries. Due to the wide application area of bio-succinic acids which are being used as a substitute in major industries of the region such as chemical, pharmaceutical, agriculture, and food packaging sector among others are the factors that fuel the growth of the bio succinic acid market during the forecast period. Due to its desirable mechanical properties and biodegradable nature, the application area is expanding at a significant rate in the US and Canada. Therefore, the polymer is being considered as a renewable and economical substitute for convention plastic parts with its remarkable chemical and mechanical properties. 

North American countries are the major consumers of polymers, rubbers, and plastics due to the wide application area. To maintain a common industry classification system, countries of North America have created the North American Industry Classification System (NAICS). NAICS has divided the economy into 20 segments by product criteria. Plastics and rubber products manufacturing has been categorized into 326 subsectors of the manufacturing segment. Thus, the wide adoption of bio succinic acid among these consumers propels the growth of the market. 

The North American market of bio-succinic acid is segmented on the basis of applications and raw-materials. Bio-succinic acid has been extensively used in the chemical industry. On the basis of application, the market is further classified into chemical industry, pharmaceutical industry, food & beverage industry, and others. Chemical industry is further broadly classified into 1,4-Butanediol (BDO), plasticizers, polybutylene succinate (PBS), solvent and lubricant, and polyols. Chemical industry dominated the global bio succinic acid market in 2018 and is estimated to follow the same trend over the forecast period. This is due to large demand for bio succinic acid for the production of 1,4-BDO, PBS and other polymers. As per OMR analysis, global BDO production industry takes around 55.0% of the total bio succinic acid in terms of revenue in 2018.

Further, the growth of the market is influenced by the presence of bio succinic acid manufacturers across the globe. As of December 2017, the production of bio succinic acid is carried by only a handful of manufacturers including LCY Chemical Corp., Myriant Corp. (GC Innovation America), Succinity GmbH, and Reverdia. Each of these manufacturers of bio-succinic acid has collaborations with a host of other companies on development of new technologies for the production of succinic acid and its derivatives. These market players are extending their product portfolio, increasing their R&D centres, adoption of new development strategies, and advancements in technology for gaining a competitive edge over their competitors. 

Research Methodology

The market study of the North American Bio Succinic Acid market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation:

1. North American Bio Succinic Acid Market Research and Analysis by Application
2. North American Bio Succinic Acid Market Research and Analysis by Raw Material

The Report covers:

• Comprehensive research methodology of the North American Bio Succinic Acid market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American Bio Succinic Acid market.
• Insights about market determinants which are stimulating the North American Bio Succinic Acid market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.