China bio succinic acid market is estimated to grow at a significant growth rate of 24.0% over the forecast period from $36.0 million in 2018. China has one of the largest economies across the globe and is known for its significant economic growth and technological advancement.
The European bio succinic acid market is estimated to grow at a significant growth rate of 23.0% over the forecast period from $65.0 million in 2018. Major economies contributing to the market in Europe include UK, Germany, France, Spain and Italy among various others.
The France bio succinic acid market is estimated to grow at a significant growth rate of 23.0% over the forecast period from $13.0 million in 2018. The country has a widespread application base for bio-succinic acid. Due to stringent government policies to curb the pollution and pressure from international organizations for eco-friendly and decomposable products for packaging and other applications, the demand for bio-succinic acid as an alternative in plastic has increased substantially.
The Germany bio succinic acid market is estimated to grow at a significant growth rate of 22.0% over the forecast period from $17.0 million in 2018. Germany has well-developed chemical industry and is considered one of the leading countries in the European chemical industry.
The Italy bio succinic acid market is estimated to grow at a significant growth rate of 20.0% over the forecast period from $10.0 million in 2018. Cohesive government policies along with the presence of key market players in the country are augmenting the market growth. Since May 2018, all single-use plastics are banned, and the Italian Government has imposed fines of up to $500-600 on the use of single-use plastic.
Japan bio succinic acid market is estimated to grow at a significant growth rate of 23.0% over the forecast period from $25.0 million in 2018. Japan is one of the key economies of the Asia-Pacific region. It is also estimated to share significantly towards the growth of the bio-succinic acid market in the Asia-Pacific over the forecast period.
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.
Spain bio succinic acid market is estimated to grow at a significant growth rate of 20.0% over the forecast period from $7.0 million in 2018. Spain is one of the major economies of Europe, with around $1.4 trillion economy in 2018 as per World Bank.
The UK bio succinic acid market is estimated to grow at a significant growth rate of 26.0% over the forecast period from $15.0 million in 2018. UK is one of the major market players acting in the European bio-succinic acid market. The country is significantly operating in the field of food and beverages, pharmaceutical, material and additive manufacturing, cosmetic among others.
The US bio succinic acid market is estimated to grow at a significant growth rate of 21.0% over the forecast period from $48.0 million in 2018. The US is one of the major markets for bio-succinic acid.
The Canada bio succinic acid market is estimated to grow at a significant growth rate of 18.0% over the forecast period from $55.0 million in 2018. Canada is another major economy in North America and is the 2nd largest economy in the region.
Indian bio succinic acid market is estimated to grow at a significant growth rate of 27.0% over the forecast period from $11.0 million in 2018. Indian bio-succinic acid market is expected to rise primarily due to the growing food processing and packaging industry in India.
The global polylactic acid (PLA) market is growing at a significant CAGR of nearly 17.5% during the forecast period. The major factors that are augmenting the growth of the market include the rising demand for biodegradable polymers and unstable crude oil prices. Biodegradable polymers are the polymers which get decomposed under anaerobic or aerobic conditions due to the action of microorganism/enzymes.
The global succinic acid market is anticipated to grow at a significant CAGR during the forecast period. The continuous growth of the food and beverages industry, increase in personal care such as anti-aging products and other industrial sectors are the factors that are driving the global succinic acid market.