ALBANY, New York, July 9, 2020
- The succinic acid market is deemed to expand at a CAGR of ~7% from 2019 to 2027 owing to the wide industrial applications
- Asia Pacific is anticipated to play an important role as a prominent growth contributor for the succinic acid market due to the escalating demand for succinic acid in China, India, and Japan
ALBANY, New York, July 9, 2020 /PRNewswire/ -- The preponderance in construction and infrastructure development activities across the globe will assure magnifying growth for the succinic acid market during the forecast period. These projects require polyurethanes, coating, and resin on a large scale. Succinic acid, being one of the main components in the production of the aforementioned materials, will add the extra stars of growth. The massive demand for bio-derived succinic acid may bring sizeable growth for the succinic acid market.
According to the experts at Transparency Market Research (TMR), the global succinic acid market is projected to expand at a CAGR of ~7% across the forecast period of 2019 to 2027. The use of succinic acid in applications such as surfactants and detergents, biodegradable plastics, green solvents, biodegradable plastics, and others may invite growth for the succinic acid market.
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Major Revelations of Succinic Acid Market
Explore 95 pages of in-depth research, incisive insights, and detailed country-level projections. Analyze and discover the latest developments in the Succinic Acid Market (Application: 1,4-Butanediol, Resins, Coatings, and Dyes & Inks, Pharmaceuticals, Polyurethanes, Food, Plasticizers, Cosmetics, Solvents & Lubricants, and De-icing Solutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/pressrelease/succinic-acid.htm
Succinic Acid Market: Key Driving Factors
The escalating potential for the use of succinic acid in various applications may serve as a major growth generator for the succinic acid market.
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Succinic Acid Market: From Geographical Perspective
The succinic acid market can be geographically segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific may serve as a knight in shining armor for the growth of the succinic acid market. The immense growth can be attributed to the heightening demand for polyurethanes in India, China, and Japan. The joint benefits of industrialization surge and increased demand for polyurethane serve as growth catalyst for the succinic acid market. The demand for succinic acid derivatives from China may also prove as a positive aspect of growth on the horizon of the succinic acid market.
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Succinic Acid Market Segmentation
Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
Tall Oil Fatty Acid Market - Tall oil fatty acid market was valued at US$ 882.15 Mn in 2018 and is anticipated to expand at a CAGR of 4.2% during the forecast period. TOFA is obtained from crude tall oil, a by-product of the Kraft paper pulping process. Pine wood logs are the primary raw materials required for paper production; therefore, forestry products such as pine trees and other coniferous trees comprise the raw materials for crude tall oil and subsequently TOFA.
North America Acid Phosphates Market - In terms of value, the acid phosphates market in North America is anticipated to expand at a CAGR of ~7% from 2019 to 2027 and cross value of US$ 256 Mn by 2027. Based on volume, the U.S. dominated the acid phosphates market in North America in 2018. It is estimated to be a leading country of the acid phosphates market in North America during the forecast period.
Levulinic Acid Market - The levulinic acid market was valued at ~US$ 26.2 Mn in 2018 and is anticipated to expand at a CAGR of ~5% from 2019 to 2027. The Asia Pacific led the global agrochemical industry, accounting for approximately 30% share in 2018. Countries in Asia, such as South Korea, China, Japan, and Vietnam, are applying herbicides in large amounts onto short-term as well as perennial crops. Thus, growth of the agrochemical industry in Asia Pacific is driving the levulinic acid market in the region.
Glycolic Acid Market - Rising use of skin care and hair care products across the globe is the primary factor projected to drive the global glycolic acid market during the forecast period. Additionally, increase in usage of glycolic acid for industrial and household cleaning purposes, due to rise in awareness about hygiene is anticipated to drive the global glycolic acid market during the forecast period.
Trifluoroacetic Acid (TFA) Market - The trifluoroacetic acid (TFA) market is anticipated to expand at a robust pace owing to the low cost, high acidity, easy elimination, and high solubility in water and organic solvents of trifluoroacetic acid (TFA), which makes it a catalyst of choice for a variety of reactions. The most frequent use of trifluoroacetic acid (TFA) is in organic synthesis. Its wide usage in the pharmaceutical and agricultural industry is anticipated to drive the market.
Phenylacetic Acid Market - In terms of application, the phenylacetic acid market can be divided into pharmaceuticals, pesticides, perfumes, and others. The pharmaceuticals segment dominates the phenylacetic acid market. The drugs produced by from the phenylacetic acid by the pharmaceutical companies play a fundamental role in improving the health, preventing health complications, and increasing the lifespan of individuals.
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