PORTLAND, OR - Allied Market Research has published a new market research report titled Bio-succinic Acid Market - Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 - 2020.
The study reports that volume for the global biobased succinic acid market is expected to grow at a CAGR of 45.6% between 2013 and 2020. Market revenue was estimated to be $115.2 million in 2013 and is expected to grow to $1.1 billion by 2020. Global volume is expected to reach 710 kilotons.
The increase in demand for biobased chemicals is the major driver for this market. In addition, rising crude oil prices and adoption in newer industrial applications - namely 1,4-butanediol (BDO), PBS, polyester polyols (polyurethane) and plasticizers - will enable faster growth of the market.
Succinic acid is used as an intermediate chemical for a wide range of applications. Until now, the common source of succinic acid at the industrial level was fossil fuel. However, petroleum-based succinic acid shows a significant carbon footprint during the manufacturing process. The development of biobased succinic acid from agricultural feedstock provides an alternative to the petroleum-based product.
Biobased succinic acid is currently being adopted most widely in non-industrial applications such as food, pharmaceuticals and cosmetics. However, BDO is one of the major application segments of biobased succinic acid in terms of volume as well as revenue. This is mainly due to increased application of BDO as an intermediate chemical in production of THF (tetrahydrofuran), PBT (polybutylene terephtalate) and polyurethanes. The use of biobased succinic acid in alkyd resins is the fastest-growing segment in terms of volume, growing at a CAGR of 93.6% during 2013-2020.
A geographical analysis of the market revealed that Europe is and will continue to be the leading revenue-generating regional market until 2020. This is mainly due to strict regulatory requirements involving the use of hazardous chemicals. To comply with requirements, manufacturers are shifting to greener substitutes such as biobased succinic acid. Asia-Pacific is expected to be the fastest-growing market at a CAGR of 49.5% during the analysis period.
The report profiles some of the key players in the market, including BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi, BASF, Roquette Freres S.A., Purac and Reverdia.
For additional information about the report, visit http://www.alliedmarketresearch.com/bio-succinic-acid-market.