Succinic Acid Market | Exactitude Consultancy Reports

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Succinic Acid Market by Type (Bio-Based Succinic Acid, Petro-Based Succinic Acid), End-use industry (Industrial, Food & Beverage, Coatings, Pharmaceutical) and by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa) Global Trends and Forecast from 2023 to 2029

The global Succinic Acid market was valued at 171.34 million in 2022, and is projected to reach 271.55 million by 2029, growing at a CAGR of 6.2% from 2023 to 2029.

Segment Analysis:
Based on type, end-use industry, and geography, the global market for succinic acid is divided into these categories.

On the basis of type, succinic acid is divided into two types bio-based succinic acid, petro-based succinic acid.

With a market share of more than 50.0% in revenue in 2021, the petro-based type dominated the world market. This is a result of the substitution of succinic acid derived from petroleum for adipic acid in the manufacturing of polyurethane. The oxidation of butane’s methyl groups to the matching carboxy group yields the petro-based version. It has a wide range of uses, such as the creation of flavour enhancers and plasticizers for a number of packaged food products. The expansion of the segment is anticipated to be fueled by the rising demand from the food and beverage, personal care, and industrial sectors.

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