ALBANY, NY - Transparency Market Research has released a report that values the global succinic acid market at $240.3 million in 2011. The report expects the succinic acid market to reach $836.2 million by 2018, growing at a CAGR of 19.4 percent from 2012 to 2018. Global succinic acid production is expected to cross 250 kilo tons by 2018.
Increased demand for 1, 4 butanediol, plasticizers, polyurethane, resins, coatings, dyes and inks has remained the major driving factor for this market. High prices of raw material and increasing environmental concerns are the major constraints for market growth. Growing consumer demand for bio-based succinic acid and low production cost has positively impacted the growth of bio-based succinic acid, resulting in strong investment in new projects. This is expected to result in an increase in production capacity to fulfill demand.
Resins, coatings, dyes and inks dominated the market and accounted for 20.8 percent of the total succinic acid consumption in 2011. With a 13 percent share of total volume consumed in 2011, the pharmaceutical industry was the second-largest application segment for succinic acid. Succinic acid demand is primarily a function of growth in application industries such as coatings, infrastructure, food, footwear, medical, cosmetics and automotive. Bio-based succinic acid, which has significant potential as a platform chemical, particularly substituting maleic anhydride, is expected to provide huge market opportunity for the players in the market, with a number of companies already in pilot and demo-scale projects for bio-succinic acid production.
Europe dominated the global succinic acid market with a share of 33.6 percent in 2011, followed by North America and Asia-Pacific, which together accounted for 58.8 percent of the total market. Asia-Pacific is estimated to be the fastest-growing market for succinic acid due to the rising demand from emerging economies such as China and India. Rapid growth of downstream industries in these countries is expected to drive succinic acid demand in Asia-Pacific.
For additional information about the report, titled "Succinic Acid Market for 1,4-BDO, Resin, Coatings, Dyes & Inks, Pharmaceutical, Polyurethane, Food, Plasticizers, Cosmetics, Solvents & Lubricants and De-Icing Solutions Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," visit http://www.transparencymarketresearch.com/succinic-acid.html.