Conventionally, succinic acid was produced from petroleum raw material which was an expensive process with hazardous emissions resulting in restricted usage in health care, home & personal care industry. Hence, key market players including Succinity, BioAmber and Reverdia recently invested in R&D to produce succinic acid from bio based raw materials. These raw materials are cost effective and resulted in lowering succinic acid prices in the global market. Favorable regulatory norms are expected to be the key driving force for bio succinic acid market over the forecast period.
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BDO was the leading application segment and accounted for over 30% in 2012. Other applications include polyester polyols, plasticizers, PBS/PBST and alkyd resins. The acid is used in food and beverage industry and pharmaceutical industry as an acid regulator. The market is expected to pose a threat to conventional petrochemical products including MAN on the industrial level and is expected to have a positive effect on the application market. Leather industry and engineering plastics are the major BDO and polyurethane end-use industries. Growing bioplastics consumption in industries is expected to increase bio succinic acid demand in plastic manufacturing companies where, polybutylene succinate (PBS) is a major raw material for bioplastics manufacturing.
Europe emerged as the dominant bio succinic acid regional market and accounted for over 45% of the total market in 2012. Favorable regulatory norms and preferable environment for bio based product development in the region is expected to have a positive impact on the bio succinic acid market. Asia Pacific is expected to be the fastest growing bio succinic acid market owing to rapid industrialization and growing chemical industry especially production of polyester polyols, plasticizers and alkyd resins in emerging markets including India and China. U.S. DOE classified bio succinic acid among one of the building block chemicals manufactured using biomass which will further augment market demand in North America.
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