Succinimide Market - Forecast(2024 - 2030)

Succinimide market size is forecast to reach around $403.365 million by 2030, after growing at a CAGR of 6.1% during 2024 - 2030. Succinimides are cyclic imides with wide industrial application and also known as 2,5-Pyrrolidinedione. Surging demand of succinimides from pharmaceuticals industries for the synthesis of Anticonvulsant drugs is driving the growth of the Succinimide market size. Apart from pharmaceutical applications, succinimide is also used in the liquid crystal display and in the production of water-soluble copolymers and polymers. Thus, increasing use of succinimide compounds in lubricants and detergent dispersants for fuel oil also augments the growth of the Succinimide market share during the forecast period.

With growing environmental concerns, there's a significant push towards sustainable practices in chemical manufacturing. In the succinimide market, this translates to the adoption of green chemistry principles, such as using renewable feedstocks and reducing waste generation. Companies are investing in research to develop more eco-friendly production processes for succinimide, aiming to minimize carbon footprint and environmental impact.

The succinimide market is witnessing advancements in production technologies and product formulations. Innovations such as novel catalysts, improved reaction conditions, and optimized purification methods are enhancing production efficiency and product quality. Furthermore, there's a focus on developing succinimide derivatives with enhanced properties for various applications, including pharmaceuticals, agrochemicals, and specialty chemicals. These technological advancements are driving the growth and diversification of the succinimide market, opening up new opportunities for manufacturers and end-users alike.

The COVID-19 pandemic has significantly impacted the succinimide market, albeit in a complex manner. Initially, the market experienced disruptions in the supply chain due to lockdowns and restrictions on movement. This led to challenges in raw material procurement and transportation, affecting production and distribution. 

However, the demand for succinimide saw fluctuations during the pandemic. While certain sectors like pharmaceuticals witnessed increased demand for succinimide due to its applications in drug synthesis, other sectors such as automotive and electronics faced a decline, affecting overall market dynamics. Moreover, the shift towards remote work and virtual meetings also influenced the market as it altered consumer behavior and preferences. 

As the world adapted to the evolving situation, the succinimide market gradually recovered, driven by factors like the resumption of economic activities, advancements in pharmaceutical research, and the implementation of effective containment measures.

The report: “Succinimide Market– Forecast (2024 - 2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Succinimide Market. 

                                           

By Type: Bio based Succinimide, Polyisobutylene Succinimide, and N-Bromosuccinimide

By Application: Anticonvulsant Drugs (Mesuximide, Ethosuximide, and Phensuximide), Oil Additives (Lubricant, Detergent & Dispersants, and Others), Agrochemicals (Fungicides, Pesticides, and Others), Water Soluble Polymers, Liquid Crystal Display, Silver Electroless Plating, and Others

By End-Use Industry: Electronics, Agriculture, Automotive, Plastic, Cosmetics and Personal Care, Oil & Gas, Pharmaceutical, and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

                                               

                                              

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Polyisobutylene succinimide segment holds the largest share of more than 40% in the succinimide market in 2023. Polyisobutylene succinimides are produced by reacting polyisobutylene succinic anhydrides with amine. They are widely used to make dispersants that are used in tailor-made formulations to meet the challenging demand of engine oil. Polyisobutylene succinimide reduces the formation of deposits on metal surface and inhibit soot agglomeration due to stable micelle formation.  Polyisobutylene succinimide have a low order of acute toxicity based on the oral and dermal studies in animals. They do not undergo photo degradation. Owing to the above factors, demand for polyisobutylene is expected to grow during the forecast period.

Oil additive segment is projected to grow with the fastest CAGR of around 8% in the succinimide market during the forecast period 2024 - 2030. Succinimides are widely used as detergent dispersant additive for gasoline and diesel engine oil. The use of succinimide help fuel and lubricants enhance the speed, strength, cleanliness, and durability of the vehicle. Detergent and dispersants are used to prevent the accumulation of varnish like deposits on the wall of the cylinder and also neutralizes the harmful effects of corrosive acids that are formed by the combustion of diesel and gasoline fuels. Succinimide dispersants keep vital engine parts clean along with prolonging the engine life and also help to maintain a proper emissions and good fuel economy. According to the U.S Energy Information Administration, total gasoline consumption in the United States accounted for about 52% of the total transportation sector energy consumption in 2022. Thus, huge gasoline demand further fuels the growth of succinimide market. 

Based on the end-use industry, pharmaceutical segment holds the largest share of more than 30% in the succinimide market in 2023. Succinimides are extensively used in the formulation of central nervous system (CNS) depressants, analgesic, and anticonvulsant drugs for the treatment of anxiety, panic, acute stress, pain, sleeping disorders, and absence seizure. According to the 31 March 2023 report by the World Health Organization (WHO), over 280 million people were estimated to suffer from depression globally which was equivalent to 3.8% of the world’s population in 2023. Changing life style and deteriorating health condition of people has accelerated the use of succinimide for the production of anticonvulsant drugs.  

Asia Pacific has dominated the succinimide market with a share of more than 40% in 2023 followed by North America and Europe. Rapid Industrialization coupled with growing population is driving the growth of succinimide market in developing nations. In addition to pharmaceutical applications, N-alkyl and N-aryl succinimides are used as fungicides. Decreasing agricultural landmass and rise in food demand has escalated the use of succinimides as fungicides. Moreover, succinimide are also used to form covalent bonds between protein or peptide and plastic. Thus, growing use of plastics for packaging fuel the growth of succinimide market.

In electronic equipment’s, Succinimide binds the simple metal ions and helps in the formation of complex ions. It also retains the more noble ions in the solution preventing their immersion deposition. Moreover, Silver has lowest specific resistance, thus they are widely used as a surface treatment material for various electronic parts. It is difficult to apply a plating of uniform thickness for minute parts of complex structure by electroplating, which further leads to the problem of uniform current distribution. In order to achieve uniform plating thickness demand for electroless plating on semiconductors and printed circuit boards has increased. Whereas, the Electroless silver plating is done using imidazole as the reducing agent and succinimide as the complexing agent. Increase in disposable income has boosted the demand of electronic gadgets such as computer, mobiles, air conditioners etc. which in turn augments the use of succinimide. 

Succinimide find wide applications including antispasmodic, bacteriostatic, muscle relaxant, hypotensive, and antibacterial in healthcare sector. The use of Succinimide like anticonvulsants help to increase the seizure threshold, inhibit T-type calcium channels, and inhibit the three-cycle per second thalamic 'spike and wave' discharge in absence seizures. As, Anticonvulsants are widely used to treat absence seizures. Furthermore, increasing health concerns and government spending on healthcare is boosting the growth of succinimide market. Additionally, according to the Centers for Medicare and Medicaid Services (CMS), U.S. health care spending grew 4.1% to reach $4.5 trillion in 2022, faster than the increase of 3.2% in 2021.

Although succinimide find wide range of application in Pharma industries, it also causes gastrointestinal distress, headache, dizziness, and skin rashes when consumed more or in direct contact. Furthermore, succinimides are used in synthesis of plastics, but government restrictions on the use of plastic lower the demand of succinimide, which in turn hamper the growth of the market. 

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the succinimide market. The key companies in the succinimide market are: