Succinic Acid Market Innovation Focused on Fermentation Processes

The global succinic acid market reached an estimated value of USD 222.9 million in 2021 and is anticipated to climb to USD 512.8 million by 2030, demonstrating a robust Compound Annual Growth Rate (CAGR) of 9.7% from 2022 to 2030. This growth is primarily fueled by the expanding applications of Succinic Acid (SA) within the pharmaceutical sector and increasing activity in construction and infrastructure development. Succinic acid is commercially produced from both petroleum and bio-based sources.

A significant driver of market expansion is the rising preference for succinic acid as an alternative to butane-based maleic anhydride in the synthesis of various chemicals. These include succinic anhydride, plastics, diethylmaleate, polymers, fumaric acid, and glyoxylic acid, which have historically been derived from butane. This shift is expected to positively influence market dynamics.

The global succinic acid market is characterized by intense competition among numerous multinational corporations. These companies are actively striving for competitive advantages through diversified product portfolios, expansive distribution networks, and strategic business initiatives such as partnerships, joint ventures, and capacity expansions. For example, in 2017, GC Innovation America inaugurated an additional succinic acid production facility in Leuna, Germany, thereby increasing its production capacity to 5000 metric tons.

Key Market Insights:

• Regional Leadership: Europe held the dominant position in the market in 2021, capturing the largest revenue share of over 35.5%.
• Type Segment Dominance: By type, the petro-based segment commanded the global market with a revenue share exceeding 50.0% in 2021.
• End-Use Sector: The industrial segment emerged as the leading end-use sector for succinic acid in 2021, accounting for the largest revenue share of over 39.0%.

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Market Size & Forecast:

• 2021 Market Size: USD 222.9 Million
• 2030 Projected Market Size: USD 512.8 Million
• CAGR (2022-2030): 9.7%
• Europe: Largest market in 2021

Key Companies & Market Share Insights:

The succinic acid market is highly competitive, characterized by the presence of numerous multinational players. These companies are actively seeking to expand into new, untapped markets to boost revenue. To gain a competitive edge, they are implementing various business strategies, including establishing extensive dealer networks, cultivating strong customer relationships, and diversifying their product offerings. Furthermore, companies are leveraging technological advancements to adopt innovative production techniques, aiming to maximize profits while minimizing input and investment. A notable example is BASF SE's 2019 launch of a novel method for succinic acid synthesis, utilizing crude glycerol and whey permeate.

Leading Companies:

• BASF SE
• GC Innovation America
• Parchem
• Dow Chemicals
• Ernesto Ventos S.A.
• The Chemical Company
• Kawasaki Kasei Chemicals Ltd.
• Mitsubishi Chemical Corporation

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Conclusion

The global succinic acid market is witnessing strong growth driven by its expanding applications across pharmaceuticals, chemicals, and industrial sectors. The increasing shift toward bio-based and sustainable alternatives has amplified demand, particularly as a substitute for maleic anhydride in various chemical processes. Europe remains a key regional leader, with significant market activity supported by technological advancements and strategic expansions. Leading players continue to invest in innovation and partnerships to gain a competitive edge. With a diverse range of end-use applications and ongoing developments, the market is set for sustained expansion in the coming years.