LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global succinic acid market to grow at a CAGR of more than 27% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global succinic acid market for 2017-2021. The market is segmented based on end-user (coatings and pigments, pharmaceuticals, food and beverages, polyurethane, PBS/PBST, cosmetics and personal care, plasticizers) and geography (Europe, APAC, North America, and ROW).
Factors, for example, fluctuating prices of crude oil, easy availability of raw materials for bio-succinic acid production, improved environmental benefits, the ability of a bio-based succinic acid to reduce greenhouse gas (GHG) emissions, and lower consumption of energy are significantly contributing to the growth of the bio-based succinic acid market. Succinic acid is used as a precursor for 1,4-butanediol (BDO) which is used for producing tetrahydrofuran, polybutylene terephthalate, gamma-butyrolactone, and polyurethane elastomers.
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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global succinic acid market:
- Inexpensive bio-based feedstock
- Increasing environmental concerns
- Requirement for sustainable process
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Inexpensive bio-based feedstock
The true potential of succinic acid produced from bio-based feedstock can be realized when its raw materials are compared with its petrochemical counterparts. The production of succinic acid from biomass will require a carbon source for further fermentation.
Hitesh Bhatia, a lead specialty chemicals research analyst at Technavio, says, “Cost and availability of biomass are important parameters to ensure a large and continuous supply of carbon source to produce bio-succinic acid. Higher value-added downstream activities such as generating bio-ethanol and bio-based chemicals are increasingly gaining popularity. Globally, the market for bio-based chemicals is growing at a rapid rate and is likely to topple crude-based economy soon.”
Increasing environmental concerns
Rising ozone-depleting substance (ODS) fixations, unpredictable oil costs, security of supply, and the need to assemble a manageable worldwide economy are the key driving factors for the shift from petroleum-based economy to a bio-based economy. The development of productive and efficient biorefineries is essential for the creation of a bio-based economy.
“The cost of delivering regular petrochemicals is comparatively lower than bio-based compounds, because of streamlining and incorporation of multiple production lines. Contrary to widespread belief, manufacturing of bio-based succinic acid has proven to be cost-effective, with reduced CO₂ emissions and reduced energy consumption by 30%-40%. Current practices in biotechnology provide great opportunities for bio-based processes for mass applications,” adds Hitesh.
Requirement for sustainable process
The manufacture of succinic acid from sustainable resources has increased. It is a potential bio-inferred stage substance for the cleanser/surfactant, particle chelator, sustenance, and pharmaceutical markets.
Research has been conducted to bring down the expenses of succinic acid production by using sugar beet and lignocellulosic deposits as raw materials. To bring sustainable development in dominant petroleum-based product industries such as the polymer industry, three primary components, namely society, environment, and economy, are required.
Top vendors:
- BioAmber
- KAWASAKI KASEI CHEMICALS
- Myriant
- Reverdia
- Succinity
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