A Research Study Titled, “Bio Succinic Acid Market By Application - Global Industry Analysis And Forecast To 2025”, Published By Crystal Market Research.
The Global Bio Succinic Acid Market was worth USD 356.09 million in the year 2016 and is anticipated to reach roughly USD 11497.55 million by 2025, while registering itself at a compound annual growth rate (CAGR) of 47.12% during the forecast period.
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Key Growth factors affecting on Bio Succinic Acid Market
It is extensively useful in a variety of applications such as polyester polyols, butanediol (BDO) and PBST. Rising requirement of BDO and its by-products such as Gamma-Butyrolactone, Polybutylene Terephthalate and Tetrahydrofuran in various applications like engineering and pharmaceuticals is said to boost the demand.
Furthermore, increasing usage of pigments, lubricants, food colorants and personal care products are anticipated to have a major influence on the growth of this market. Increasing awareness regarding utilization of products that are bio-based in the food and packaging industry is said to stimulate the growth of the market. Hike in the utilization of bio-succinic due to contraction of carbon footprints coupled with regulatory encouragement with the aim of increasing awareness with regards to hazards caused by the utilization of chemical that are petroleum-based is said to boost the growth of the market.
For the manufacturing of alkyd resin, bio-succinic acid can be utilized in place of phthalic anhydride as it offers various environmental benefits and is cost-effective, which will stimulate the market in the coming years. North America and Europe are said to encounter extensive growth as bio-succinic acids reduces the emission of carbon dioxide. Due to having considerable amount of plants in countries like China, Thailand and South Korea, the Asia Pacific region is said to encounter significant growth. However, the high prices of the bio-succinic acid may inhibit the growth of the market
Regional Outlook and Trend Analyses of Bio Succinic Acid Market
The bio-succinic acid market of Europe had more than 45 percent of the share of the total volume in the year 2013. However, instructions from authorities that are implemented by several agencies in order to reduce greenhouse gas is said to spur the growth of the market in the coming years.
The bio-succinic acid market of Asia Pacific was worth USD 40.4 million in the year 2013 and is expected to encounter substantial growth due to factors such as increased industrialization coupled with increased requirement of bio-succinic acid in applications like alkyd resins, plasticizers, butanediol and polyester polyols in countries like China and India.
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