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Succinic Acid: A Global Strategic Business Report

Global succinic acid market: Volume sales of 104.3 thousand tonnes forecast by 2018

The global succinic acid market is forecast to grow to volume sales of around 104.3 thousand tonnes by the end of 2018. This industry is expected to be driven by increasing applications in high-value, high-volume chemicals and growing popularity of bio-based Succinic Acid.

Succinic acid is a key building block for a wide range of secondary chemicals used in chemical, pharmaceutical, food, and agricultural industries. Produced primarily from petroleum feedstock, production costs for succinic acid is high given the volatile and high prices of oil. Fermentation process is emerging as a replacement for fossil fuel-based production of succinic acid owing to its ability to reduce greenhouse gas emissions by up to 50%. Renewable or bio-based succinic acid finds use in the manufacture of butanediol (BDO), which acts as an intermediate in the manufacture of polytetramethylene ether glycol (PTMEG), polybutylene terephthalate (PBT), and tetrahydrofuran (THF).

Bio-succinic acid holds huge potential as a platform chemical and is likely to replace butane-based maleic anhydride, which is widely used in the manufacture of other chemicals such as succinic anhydride, fumaric acid, diethylmaleate, and glyoxylic acid. Increasing need for green chemicals as substitutes for chemicals that are presently in use for producing polymers and other complex derivatives is driving demand for bio-succinic acid. Efforts to expand capacity of bio-succinic acid and its favorable impact on the environment are expected to foster market growth.

Europe represents the largest market worldwide. Adoption of stringent energy policies and continuous advancements in technology are driving focus on bio-chemicals including bio-succinic acid, derived from renewable feedstocks. Asia-Pacific is forecast to emerge as the fastest growing regional market with growth driven by robust demand in emerging markets such as China and India.

By end-use, BDO presents the maximum growth opportunities for succinic acid, and is likely to grow driven by its increasing use as a replacement for maleic anhydride. BDO finds use in a variety of applications including manufacture of Lycra fibres, engineering plastics and solvents. Demand for succinic acid in PBS, PBST category will be driven by surging demand from packaging applications, particularly for bio-degradable and bio-based products. Polyurethanes segment is likely to witness increasing substitution of adipic acid by succinic acid.

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