BIO-BASED SUCCINIC ACID MARKET

 

Market Overview:

               During the projected period, the market for succinic acid derived from biomaterials is anticipated to expand at a CAGR of less than 2%. However, recent closures of significant production facilities due to a small consumer base are having a highly negative impact on the market. Positively, the decision by OPEC and other nations to restrict the supply of crude oil until 2022 is likely to present a significant opportunity for bio-based succinic acid.

Key Market Trends:

         The production of plastics, polyurethanes, solvents, coatings, lubricants, and a number of other products all use bio-based succinic acid as an intermediary.
The conventional method of obtaining succinic acid is more expensive and detrimental to the environment since it uses a feedstock produced from petroleum.
BDO is the main industrial product made from succinic acid. The most popular products in the industries are BDO and its derivatives produced from succinic acid with a bio-based basis. In engineering plastics, polyurethane systems, etc., it serves as an intermediary.

         The market for bio-based succinic acid was dominated by North America, but Asia-Pacific is predicted to increase at the highest rate. A substantial potential opportunity exists for bio-based succinic acid due to the region's strict environmental rules as well as the fact that industries play a major role in the development of any economy. It is well known to be a crucial ingredient used in the production of more than 30 goods used for industrial and commercial reasons. The market for bio-based succinic acid has an opportunity in nations where industries are developing quickly, such as China, India, Thailand, and Korea.

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