Bio-Succinic Acid Market Growth Is Attributed To The Rising Demand From Several End-Use Industries
- by tom-clark
Bio-succinic Acid Industry Overview
The global bio-succinic acid market size is expected to reach USD 272.4 million by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.6% from 2022 to 2030. The growth is attributed to the rising demand for bio-succinic acid in several end-use industries such as food and beverages, pharmaceuticals, and personal care and cosmetics.
Bio-succinic Acid Market Segmentation
Grand View Research has segmented the global bio-succinic acid market on the basis of application, end-use, and region:
Based on the Application Insights, the market is segmented into BDO, Polyester Polyols, Plasticizers, PBS/PBST, Alkyd Resins and Others.
- The 1,4-Butanediol (BDO) segment dominated the market with a revenue share of over 30.0% in 2021. This is attributed to the high demand for the product in the market in the production of various products like polyurethane, tetrahydrofuran, and polybutylene, among many other products.
- The PBS/PBST segment held the second-largest revenue share in 2021. This can be attributed to the rise in demand for Phosphate Balanced Saline Solution (PBS) and PBST because of the increase in demand from numerous end-use industries.
Based on the End-use Insights, the market is segmented into Industrial, Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics and Others.
- The industrial segment held the largest revenue share of more than 40.0% in 2021. This is attributed to the growing demand for the products in the process of production of polyurethane, tetrahydrofuran, and polybutylene terephthalate among many other products.
- Bio-succinic acid is used in a wide range of industrial applications as a raw material to produce products such as adhesives, solvents, sealants, resins, elastomers, coatings, plastics, and lubricants.
- The pharmaceuticals segment held the second-largest revenue share in 2021. This growth can be attributed to the increasing demand for the product in the drug-making process, which is helpful in improving heart and blood flow circulations in the human body.
Bio-succinic Acid Regional Outlook
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The competition in the market is high due to the presence of many multinational companies that are engaged in constant production, research, and development activities. These companies offer a wide range of products that can be used in multiple industries and have various applications.
Some prominent players in the Bio-succinic Acid market include
- BASF SE
- Roquette Freres
- Myriant Corporation
- Kawasaki Kasei Chemicals
- Mitsui & Co., Ltd.
- Mitsubishi Chemical Corporation
Order a free sample PDF of the Bio-succinic Acid Market Intelligence Study, published by Grand View Research.
Bio-succinic Acid Industry Overview The global bio-succinic acid market size is expected to reach USD 272.4 million by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.6% from 2022 to 2030. The growth is attributed to the rising demand for bio-succinic acid in…
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