Orion Market Research (OMR), recently published a market research report on the Global bio-succinic acid market. According to the OMR analysis, the Global Bio-Succinic acid Market is expected to grow at a CAGR of 22 % during 2016-2021. The global succinic acid market has witnessed a significant growth due to high demand and a wide variety of application which includes personal care, food and beverages, plasticizers, polymers, resins, medical drugs and so on. The Global bio-succinic acid Market is segmented on the basis of Product, Application, Raw Material and geography. The report provides detailed and insightful chapters on Market Overview, Key Findings, Strategic Recommendations, Market Estimations, Market Determinants, Sector Analysis, Key Company Analysis, Market Insights, Company Profiling, Market Segmentation, Geographical Analysis, Analyst Insights and predictive analysis of the market.
Full report of Global Bio-succinic acid Market is available at http://www.omrglobal.com/industry-reports/bio-succinic-acid-market/
“Succinic Acid is an intermediate in many chemical processes and is used in the production of various products in a fragmented industry that has multiple players in this production process. The global succinic acid market is expected to grow up to $1.4 billion in 2021 at CAGR 22%. The major drivers for the growth of this market are the growing application markets and the movement of the chemical industry towards the bio-based sustainable chemicals. However, the high processing cost and the intensive competition in the market are the major challenges.
The global succinic acid market comprises of both bio-based and petrochemical based succinic acid. The market is dominated by bio-based succinic acid which contributes to 79% of the total succinic acid market. The bio-based succinic acid market will continue to dominate in 2021 as well. The market for petrochemical-based succinic acid is expected to decline during the forecasted period. The major reason for this market shift is movement most of the industry players towards bio-based succinic acid.
The global succinic acid market is segmented on the basis of applications. Succinic acid has a wide variety of applications which include industrial applications, pharmaceuticals, food & beverages, and others. All these application markets have a huge growth potential which is ultimately driving the growth of the succinic acid market. Among the industrial applications 1,4- butanediol (BDO) has the largest market share. The increasing demand for green chemicals is the major driver for the growth of succinic acid in chemical industry.
Geographically, the market is divided among four major regions – North America, Asia-Pacific (APAC), Europe, and Row (Rest of the world). Among these geographies, APAC is the most opportunity market with highest growth potential. The potential growth in APAC region is driven by the significant development in application markets. Moreover, the availability of labor at cheaper rates is driving the establishment of production plants in this region. China has the highest production capacity among all the geographies with over 25% of the total global production.”
The report covers:
• Comprehensive research methodology of Bio-succinic acid market
• In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global Bio-succinic acid market
• Insights about market determinants which are stimulating the global Bio-succinic acid market
• Detailed and extensive market segments with regional distribution of forecasted revenues
• Extensive profiles and recent developments of market players