San Francisco, 25
September 2018: The global bio-succinic
acid market is
expected to reach USD 992.9 million by 2020, growing at a CAGR of 23.3% from
2014 to 2020. The recognition of succinic acid, as a potential platform
chemical by the U.S. Department of Energy, has resulted in significant
opportunities in replacement applications, particularly in maleic anhydride and
adipic acid, for bulk volume industrial applications such as bioplastics,
polyurethanes and engineering plastics.
BDO was the largest application market for bio-succinic
acid, with estimated volume of 19,877.5 tons in 2013, expected to grow at an
estimated CAGR of 38.3% from 2014 to 2020. Cost-effective bio-succinic acid
would result in the substitution of maleic anhydride for the manufacturing of
BDO and downstream derivatives such as GBL and PBT, which are extensively used
in the engineering plastics industry. Polybutylene succinate (PBS) is expected
to be the fastest growing application, at an estimated CAGR of 38.9% from 2014
to 2020, on account of increasing bioplastics demand, particularly in Europe
and North America.
Access
Research Report of Bio-Succinic Acid
Market@ www.grandviewresearch.com/industry-analysis/bio-succinic-acid-market
Further key findings from the study suggest:
· The global demand for bio-succinic acid was
51,000 tons in 2013 and is expected to increase to 593,400 tons by 2020,
growing at a CAGR of 32.2% from 2014 to 2020.
· Polyester Polyols was the second largest
application market for bio-succinic acid, and accounted for 10.67% of global
demand in 2013. The use of polyester polyols in the manufacturing of
polyurethanes coupled with the growing demand for polyurethanes for downstream
application industry is expected to be a major driver for bio-succinic acid
market.
· Bio-succinic acid can be used as a
replacement to various phthalate-based plasticizers, which is expected to
unlock significant potential over the forecast period. The European Union has
banned the use of certain phthalate plasticizers in production of PVC, spurring
a race for the development of alternates to phthalate plasticizers. The
plasticizers market is the largest addressable market for bio-succinic acid,
being a potential replacement to phthalic anhydride and adipic acid in
plasticizer manufacturing.
· Europe was the largest market for
bio-succinic acid in 2013, accounting for 49% of the global consumption. The
region has witnessed increased preference towards the use of bio-based
materials which is expected to be a key driver for the growth of bio-succinic
acid market.
· Asia Pacific is expected to be the fastest
growing regional market, at an estimated CAGR of 33.9% from 2014 to 2020. The
growing application industry in countries such as India and China is expected
to be the key consumer of bio-succinic acid over the next six years. In
addition, the high cost of petroleum based products is a major factor
contributing to development of bio-based products in the region.
· The market was highly consolidated in 2013
with only four companies manufacturing bio-succinic acid on a commercial scale.
BioAmber, Reverdia, Myriant and Succinity were commercial manufacturers of
bio-succinic acid in 2013 with Succinity being the largest in terms of
installed capacity.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/renewable-chemicals
Grand View Research has segmented the
global bio-succinic acid market on the basis of application and region:
Bio Succinic Acid Market Application
Outlook
·
BDO
·
Polyester Polyols
·
PBS/PBST
·
Plasticizers
·
Alkyd Resins
·
Others
Bio Succinic Acid Market Regional Outlook
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access Press Release of
Bio-Succinic Acid Market@ www.grandviewresearch.com/press-release/bio-succinic-acid-market
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Grand View Research
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View Research, Inc. is a U.S. based market research and consulting company,
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The company provides syndicated research reports, customized research reports, and consulting services. To help
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