Global Succinic Acid Market Outlook
Succinum, butanedioic acid, and amber acid, generally known as succinic acid, is a dicarboxylic acid that is extensively applied as an anti-ulcer drug by the pharmaceutical industry. Succinic acid has proved to bolster the immune system and stimulate neural system recovery. The pharmaceuticals industry is the largest application segment of Succinic Acid Market as attributed by the market research report from IndustryARC. However, the succinic acid finds various applications in the food & beverage, chemical, and polymers sector industry. The report estimates the global succinic market size to be around $125 million as of 2018, and the demand is expected to increment at a compound annual growth rate (CAGR) of around 7% during the forecast period of 2019 to 2025.
Browse through 155 slides and an in-depth TOC “Succinic Acid Market (2019 - 2025)”
Global Succinic Acid Market: Leading Segments
As per the IndustryARC report, the APAC dominated the succinic acid demands in 2018 with around 41% of the total demand share. The demands are incrementing owing to the flourishing manufacturing sector, increasing foreign investment in pharmaceuticals, and growing food demands. China, India, Indonesia, Thailand, and Malaysia are identified as some of the key country-wide markets in APAC.
In terms of application, the highest demands for the succinic acid are foreseen from the pharmaceuticals industry, increasing at a global CAGR of 6% to 7% through the aforementioned forecast period. As a consequence of the globally rising demand for effective medicines for neglected tropical diseases (NTDs), the succinic acid market is expected to witness proliferating growth. Other than pharmaceuticals, packaging and chemical industry are also considered as one of the lucrative sectors of the global succinic acid market.
Global Succinic Acid Market Demand Analysis
According to the International Federation of Pharmaceutical Manufacturers and Association, thirteen pharmaceutical companies including the government of the U.K., the U.S., United Arab Emirates, the World Bank, the Bill and Melinda Gates Foundation, and other global health organizations launched an initiative to pace up the progress towards reducing and eliminating ten neglected tropical disease (NTDs) by the end of this decade. Also, the group has sworn to provide more than $785 million to support R&D efforts and optimize drug distribution programs. Moreover, research-based pharmaceutical companies have pledged to donate treatments worth $14 billion in the contemporary decade. With such an extraordinary effort and an influx of humungous amounts of capital, the succinic acid market will bear tremendous profits from the pharmaceutical industry.
Global Succinic Acid Market Trends
- The emerging popularity of green chemicals marked the introduction of bio-based succinic acid. These acids are being preferred over conventional synthetic by various governments. The virtue of organic chemicals is also increasing at a considerate pace owing to the Sustainable Development Goals implied by the United Nations.
- Succinic acid possesses a wide range of applications in the polymers and the paints and coating industry. Increasing opportunities in the construction industry are probably one of the highest profit breeding ground for succinic acid manufacturers. Additionally, constantly increasing demands of polymers and paints in the automotive industry is further projected to propel profits in succinic acid.
Global Succinic Acid Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are BioAmber, GC Innovation America, Succinity GmbH, Reverdia, Nippon Shokubai, Shandong Lixing Chemical, Kawasaki Kasei Chemicals, Anqing Hexing Chemical, Anhui Sunsing Chemicals, and Gadiv Petrochemical Industries.
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