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.
In depth research report on 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.
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
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