The Succinic Acid Market size was valued at USD 216.3 Million in 2023. It is expected to grow to USD 466.7 Million by 2032 and grow at a CAGR of 5.4% over the forecast period of 2024-2032.
The Succinic Acid Market is driven by its expanding use in diverse industries such as pharmaceuticals, food beverages, polymers, and resins. Traditionally derived from petroleum, succinic acid is increasingly being produced through bio-based fermentation processes, making it a key component in the shift toward sustainable chemical production. As a versatile platform chemical, it plays a critical role in manufacturing biodegradable plastics, solvents, and specialty chemicals, aligning well with global sustainability goals.
Key Players
- BASF SE
- DuPont
- GlaxoSmithKline
- Jiangsu Sopo Chemical Co., Ltd.
- Reverdia
- Myriant Corporation
- Lanxess AG
- GFBiochemicals
- Corbion
- DSM
Future Scope Emerging Trends
The succinic acid market is expected to expand significantly with increased investment in bio-refining technologies and the global push for low-carbon industrial solutions. An emerging trend is the production of bio-succinic acid, which offers a sustainable alternative to petroleum-derived variants and is gaining traction in packaging, automotive, and textile industries. Moreover, the development of new applications in biodegradable polybutylene succinate (PBS) plastics is unlocking potential in eco-friendly packaging. Asia-Pacific is projected to be the fastest-growing region, driven by industrial growth and increasing environmental regulations.
Key Points
Increasing demand for bio-based chemicals and green alternatives
Growing applications in polymers, resins, and solvents
Expanding role in biodegradable plastic production (PBS)
Strong growth in pharmaceutical and food additive segments
Rapid industrialization and regulatory support in Asia-Pacific
Conclusion
As industries around the globe move toward more sustainable practices, the Succinic Acid Market is emerging as a cornerstone in the bio-based chemicals sector. With innovation in production technologies and expanding end-use applications, succinic acid is well-positioned for long-term growth and environmental impact.
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