|By PR Newswire||
|February 20, 2014 05:10 AM EST||
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Petroleum derived maleic anhydride is the conventional feedstock material used in the manufacture of succinic acid. The price of conventionally derived succinic acid is vulnerable to any fluctuations in petroleum prices. Raw material price has remained a major concern for succinic acid manufacturers. Moreover, growing environmental concern among end users has resulted in increasing demand for green products. To overcome these restraints, succinic acid manufacturers are gradually shifting towards development and commercialization of bio-based succinic acid. Various companies such as Reverdia and BioAmber are investing heavily in the development and production of bio-based succinic acid. Development and commercialization of bio-based succinic acid is expected to open new opportunities for industry players.
The market for succinic acid in 2011 was valued at USD 240.3 million and is forecasted to reach USD 836.2 million by the end of 2018, growing at a CAGR of 19.4% between 2012 and 2018. The growing demand for 1,4-butanediol, polyurethane, plasticizers, resins, coatings, dyes & inks, and pharmaceutical applications has triggered the demand for succinic acid on a global level. In 2011, resins, coatings, dyes, and inks together dominated the market, and accounted for 20.8% of the total succinic acid consumed globally. Stringent environmental regulations are expected to hamper the growth of petroleum-derived succinic acid in the years to come.
Increase in construction and infrastructure development activity is expected to trigger the demand for resin, coating, and polyurethanes, which in turn is expected to drive the growth of the market. Pharmaceutical was the second largest application of succinic acid, which accounted for 13.0% share of total consumption in 2012. 1,4 BDO is the fourth largest application market in 2011 however, it is expected to grow at a highest rate from 2012 to 2018. With over 12% share in total volume consumption, polyurethane was the second largest application of succinic acid in 2011 and is expected to grow at a CAGR of 28.0% from 2012 to 2018. Moreover, growing demand in emerging economies such as, China, India, Brazil, etc. has remained the major growth driver for the market during the recent past, and is expected to continue driving demand for succinic acid through 2018.
Key Topics Covered:
2 Executive Summary
3 Succinic Acid: Industry Analysis
4 Succinic Acid Market: Application Analysis
5 Succinic Acid Market: Regional Analysis
6 Company Profiles
- Anqing Hexing Chemical
- Gadiv Petrochemical Industries Limited
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Corporation
- Mitsui & CoLtd.
- Myriant Technologies
- Nippon Shokubai
- PTT Global Chemical Public
- Purac Biochem
- Showa Denko
For more information visit http://www.researchandmarkets.com/research/4c33n4/succinic_acid
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SOURCE Research and Markets