According to the report published by IndustryARC titled Succinic Acid Market: By Type (Bio-based and Synthetic); By Grade (Food Grade, Pharmaceutical Grade, Industrial Grade, and Others); By end Users (Food and beverages, Pharmaceutical, Personal care, and Others); By Geography - Forecast(2018-2023), the market is estimated to reach $182.3m by 2023

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According to a recent study from IndustryARC, the Succinic Acid market is forecast to reach $182.3m by 2023 and is estimated to grow at a CAGR of 6.6%.Based on the type, the succinic acid market is segmented into two: synthetic succinic acid and bio-based succinic acid. Synthetic succinic acid is projected as the largest segment in terms of revenue during the forecast period. The demand for petrol-based succinic acid is increasing due to its cost-effectiveness as well as efficiency in various applications such as PBS, personal care, and polyester polyols to manufacture polyurethane. 

Asia-Pacific held a major share in specialty fertilizers market in 2017. The market dominance by the Asia Pacific region is primarily due to high economic growth, population growth, increased purchasing power, growing manufacturing factor and increasing foreign investments. China leads the succinic acid market in the APAC region. The consumption of succinic acid in the country has grown significantly and is expected to witness further growth during the forecast period.

Competitive Landscape

The major players in this market include

  • GFS Chemicals, Inc.
  • GC Innovation America
  • Succinity GmbH
  • Reverdia
  • Prochem, Inc.

The top five companies hold more than 40 percent of the succinic acid market, owing toa wide distribution network across various end users. The number of succinic acid manufacturers has multiplied worldwide.

The different types of succinic acid in the Succinic Acid Market report include::

  • Bio-based succinic acid
  • Synthetic succinic acid

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.

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