Global Succinic Acid Market Expected to Reach $836.2 Million
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.