LONDON--(BUSINESS WIRE)--The global bio-succinic acid market is expected to post a CAGR over 35% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
1,4-butanediol (BDO) accounts for the largest application segment of the bio-succinic acid market because bio-succinic acid is extensively used in the production of BDO. In addition, BDO producers prefer bio-succinic acid because it is a renewable bio-based raw material and helps to minimize their carbon footprint. The demand for BDO is increasing because it is used as a solvent to produce various types of chemicals including N-methyl-2- pyrrolidone (NMP), tetrahydrofuran (THF), 2-pyrrolidone (2-P), and γ-butyrolactone (GBL). This will boost the production of BDO using bio-succinic acid. Thus, the rising dependence of BDO producers on bio-succinic acid will boost the growth of the bio-succinic acid market during the forecast period.
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As per Technavio, the increasing use of bio succinic acid in solvent-based liquid polyester resins, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Bio-succinic Acid Market: Growing Use of Bio-succinic Acid in Solvent-based Liquid Polyester Resins
Bio-succinic acid is used by end-users because it increases the bio-based content and minimizes the volatile content of resins such as urethane, alkyd, and polyester. This encourages its use in the preparation of solvent-based liquid polyester resins. End-users use bio-succinic acid to improve the functionality and performance of powder coating resins. It also prevents the oxidation of metals. Thus, with the growing use of bio-succinic acid, the market for bio-succinic acid is expected to showcase a positive outlook during the forecast period.
“Apart from the increasing use of bio succinic acid in solvent-based liquid polyester resins, the shift to biodegradable polymers and the rising demand for bio-based plasticizers are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Bio-succinic Acid Market: Segmentation Analysis
This market research report segments the global bio-succinic acid market by application (BDO, polyester polyols, plasticizers, alkyd resins, and others) and geography (MEA, APAC, Europe, North America, and South America).
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to maintain its dominance over the global market. This is due to the growth of the agriculture, pharmaceutical, and chemical industries in the region and the increasing use of bio-succinic acid in these industries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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