The global succinic acid market is estimated to be USD 132 Million in 2018 and is projected to reach USD 183 Million by 2023, at a CAGR of 6.8%. This growth is mainly attributed to the high demand from the chemical, food & beverage, coatings and pharmaceutical industries. The companies concentrated more on agreements and partnerships to improve the sales of their product between 2014 and 2018.
BioAmber (Canada), GC Innovation America (US), Succinity GmbH (Germany), Reverdia (Netherlands), Nippon Shokubai (Japan), Shandong Lixing Chemical (China), Kawasaki Kasei Chemicals (Japan), Anqing Hexing Chemical (China), Anhui Sunsing Chemicals (China), and Gadiv Petrochemical Industries(Israel) are the leading manufacturers of succinic acid.
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Nippon Shokubai (Japan) is the key leader and contributor to the growth of the succinic acid market. The company has a wide global presence and a large share of the Japanese chemicals market. It follows strategies to expand its acrylic acid and ethylene oxide markets by developing innovative products and technologies. The company’s overseas production facilities in the European countries, Indonesia, Taiwan, the US, and China, along with a united management system to cater the growing demand from the domestic and global market while overcoming raw material price fluctuations.
Reverdia (Netherlands) is the key leader and contributor to the growth of the bio-based succinic acid market. It accounted for a nominal share of all the development activities undertaken in the market. The company follows dynamic growth strategies such as agreement/collaboration and partnership to enhance its presence in the global market. With the decreasing demand for bio-succinic acid due to high costs, the company has adapted to the current market situation by establishing long-term contracts with end users of bio-succinic acid such as PU foam and packaging manufacturers for the distribution and sale of its Biosuccinium product. In November 2016, the company entered into a strategic partnership with Hangzhou Xinfu Science & Technology (China) to adopt Biosuccinium in bio-based polymers and co-polymers for the packaging industry and for long-term supply agreement. In December 2015, Reverdia and Protea Chemicals (South Africa), a division of Omnia entered into an exclusive collaboration agreement to distribute biosuccinium in Africa and Australia.
Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based Succinic Acid), End-Use Industry (Industrial, Food & Beverage, Coatings, Pharmaceutical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Forecast to 2023
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