BANGALORE, India, Aug. 21, 2020
BANGALORE, India, Aug. 21, 2020 /PRNewswire/ -- Bio-succinic acid is mainly used in applications such as solvents and lubricants, de-icer solutions, cosmetics, food, and pharma. It is also used as a substitute for petrol-based succinic acid.
The Global bio succinic acid market size was valued at USD 185.6 Million in 2019 and is expected to grow at a CAGR of 15.7% over the forecast period 2020-2026.
The main factors driving the bio-succinic acid market size are volatility in fossil fuel prices, an increase in carbon footprints, and an increase in preference for using raw materials available locally. Also, growing global demand for green chemicals will trigger the adoption of Bio-succinic acid for its wide range of applications, particularly in bioplastics.
TRENDS INFLUENCING THE BIO-SUCCINIC ACID MARKET SIZE
Increasing demand for BDO and its derivatives, including Tetrahydrofuran ( THF), Gamma-Butyrolactone (GBL), and Polybutylene Terephthalate (PBT), is expected to fuel the growth of bio-succinic acid market size.
Strict environmental regulations support the product market, and because the development of every economy depends largely on manufacturing, this offers a huge prospect of growth for bio-based succinic acid.
End-users use bio-succinic acid to boost the consistency and functionality of powder coating resins. They use bio-succinic acid to increase the bio-based content and minimize the reactive resin content such as urethane, alkyd, and polyester. This facilitates its use in the preparation of liquid polyester resins made from solvents. This feature is expected to increase the bio-succinic acid market size.
It is anticipated that the awareness about the depletion of crude oil supplies and the dangers of excessive CO2 in the air would boost the growth of bio-succinic acid market size. Furthermore, comprehensive R&D in the manufacturing sector by various businesses is projected to deliver new growth prospects over the forecast timeframe
The increasing scope of application in lubricants, pigments, personal care goods, and food colorants will further drive the growth of bio succinic acid market size. It is also anticipated that increasing awareness of the benefits of using bio-based chemicals in the packaging and food industry would boost demand.
BIO-SUCCINIC ACID MARKET SHARE
In 2013, Europe held the largest bio-succinic acid market share and is expected to continue its dominance during the forecast period. This dominance of the European region is attributed to the presence of large producers on the market for bio-succinic acid. Furthermore, stringent carbon footprint regulations in Europe have allowed the substantial application of bio-succinic acid in various chemical production units, thereby increasing the bio-succinic market size.
APAC is expected to witness the highest growth during the forecast period due to the rapid economic growth and increased customer awareness.
BIO-SUCCINIC ACID MARKET SEGMENTATION
Segment By Region
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Segment by Applications
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The global 1, 4-Butanediol (BDO) market size is projected to reach USD 8876.2 Million by 2026, from USD 5694 Million in 2020, at a CAGR of 7.7% during 2021-2026.
1,4 Butanediol has acquired growing significance in the THF, PBT, GBL, PU, and other fields. Globally, the 1,4 Butanediol market is driven primarily by growing demand for THF, which in 2017 accounted for 52.38 percent of global downstream consumption.
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Flexible polyvinyl chloride ( PVC) accounts for 80-90 percent of the global use of plasticizers.The plasticizer production regions are mainly based in the US, the EU, South Korea, and China.
China was the leading manufacturing region, with a Plasticizers Market share of about 49.55 percent in 2015. The consumption trend of plasticizers varies from region to region, depending upon its various types. For instance, the consumption trend in Asia-Pacific represents a mix of all the plasticizers. The Asia-Pacific is the biggest consumer of low phthalates, especially DOP, due to lack of legislative initiatives and due to increasing PVC demand in the region.
Statistics in this report concentrate mainly on Low Phthalates (3-6 carbon atoms), High Phthalates (7-13 carbon atoms), and Non-Phthalates.
In 2016, the global fuel additives market was led by Europe, capturing about 40.44% of global fuel additives production. North America was the second-largest region-wise market with 39.31% global production share.
The major manufacturers of fuel additives market are Chemtura(LANXESS), Baker(GE), Dorf Ketal, Systems Separation, Magna Group, and Martin Marietta, etc. Baker (GE) is the world leader, holding 23.39% sales market share in 2016.
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