Industry Insights
Conventionally, succinic acid was produced from petroleum raw
material which was an expensive process with hazardous emissions
resulting in restricted usage in health care, home & personal care
industry. Hence, key market players including Succinity, BioAmber and
Reverdia recently invested in R&D to produce succinic acid from bio
based raw materials.
These raw materials are cost effective and resulted in lowering
succinic acid prices in the global market. Favorable regulatory norms
are expected to be the key driving force for bio succinic acid market
over the forecast period. It is used in food & beverages, personal
care and chemical industry. Bio succinic acid market witnessed strategic
partnerships with leading chemical companies focusing on reducing
overall production costs.
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The major factor affecting the acid growth is the substitution of
maleic anhydride which is costly and has uncertain availability for
manufacturing of 1,4 butanediol and derivatives including polybutylene
terephtalate, gamma-butryolactone and tetrahydrofuran. Cost effective
production gives an upper hand to bio succinic acid over MAN in
production of BDO.
Application Insights
BDO was the leading application segment and accounted for over 30% in
2012. Other applications include polyester polyols, plasticizers,
PBS/PBST and alkyd resins. The acid is used in food and beverage
industry and pharmaceutical industry as an acid regulator. The market is
expected to pose a threat to conventional petrochemical products
including MAN on the industrial level and is expected to have a positive
effect on the application market.
Leather industry and engineering plastics are the major BDO and
polyurethane end-use industries. Growing bioplastics consumption in
industries is expected to increase bio succinic acid demand in plastic
manufacturing companies where, polybutylene succinate (PBS) is a major
raw material for bioplastics manufacturing. Bio succinic acid is being
increasingly used in polyester polyols manufacturing as a renewable
substitute to adipic acid which is expected to fuel market demand.
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Regional Insights
Europe emerged as the dominant bio succinic acid regional market and
accounted for over 45% of the total market in 2012. Favorable regulatory
norms and preferable environment for bio based product development in
the region is expected to have a positive impact on the bio succinic
acid market. Asia Pacific is expected to be the fastest growing bio
succinic acid market owing to rapid industrialization and growing
chemical industry especially production of polyester polyols,
plasticizers and alkyd resins in emerging markets including India and
China. U.S. DOE classified bio succinic acid among one of the building
block chemicals manufactured using biomass which will further augment
market demand in North America.
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