Bio-Succinic Acid Market to Grow with a CAGR of 4.43% through 2029
Stringent Regulations on Petrochemical based Products are
expected to drive the Global Bio-Succinic Acid Market growth in the forecast
period, 2025-2029.
According to TechSci Research report, “Bio-Succinic Acid Market- Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029F”, the Global Bio-Succinic Acid Market stood at USD
126.36 Million in 2023 and is anticipated to grow with a CAGR of 4.43% through 2029.
Tough
regulations governing petrochemical-based products establish an advantageous
regulatory landscape for bio-based alternatives such as bio-succinic acid. This
regulatory impetus not only boosts demand but also encourages investment in
research, development, and production facilities, thereby fueling market
expansion within the bio-succinic acid sector.
Governments worldwide are increasingly enacting
regulations to curb carbon emissions and address environmental concerns.
Petrochemical-based products, typically derived from fossil fuels, are major
contributors to greenhouse gas emissions and environmental pollution. These
regulations compel industries to explore alternative, more sustainable options
such as bio-succinic acid, sourced from renewable materials and boasting a
reduced environmental impact.
International agreements like the Paris Agreement
establish goals for greenhouse gas reduction and sustainable development. In
response, member countries often introduce regulations to achieve these
objectives, potentially including measures to promote the adoption of bio-based
products like bio-succinic acid. Moreover, governments may provide tax
incentives, subsidies, or grants to companies involved in the production or
utilization of bio-based products, aiming to encourage sustainability and
diminish reliance on fossil fuels. These financial incentives enhance the
economic appeal of bio-succinic acid compared to petrochemical-based
alternatives, thereby propelling its market growth.
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Global Bio-Succinic Acid Market is segmented into application,
end user, regional distribution, and company.
Based on end user, The Personal care and Cosmetics
segment emerged as the fastest growing in the global market for Bio-Succinic
Acid in the forecast period. Consumers are increasingly favoring personal care
and cosmetic items containing natural and sustainable components. Bio-succinic
acid, sourced from renewable origins, aligns perfectly with this inclination,
presenting itself as an appealing choice for manufacturers seeking to cater to
consumer preferences. Beyond its eco-friendly and natural characteristics,
bio-succinic acid offers functional advantages in personal care and cosmetics
formulations. It serves as a pH adjuster, emollient, or humectant, enhancing
the performance and effectiveness of skincare and haircare products. Its
compatibility with a broad spectrum of ingredients and formulations allows
formulators the freedom to create a wide array of products tailored to various
skin types, textures, and requirements. This adaptability adds to its
attractiveness and adoption within the personal care and cosmetics sector.
Based on region, the Asia Pacific region is expected
to be fastest growing region during the forecast period. The increasing
demand for Bio-Succinic Acid Market in emerging economies such as China, India,
and Japan are driving growth in the region. This expansion is fueled by the evolving
consumer preferences, especially among younger demographics, towards
environmentally friendly and sustainable products are impacting market
dynamics. This change in consumer behavior is fueling the demand for bio-based
substitutes like bio-succinic acid across multiple sectors. The Asia-Pacific
region is experiencing significant growth across diverse sectors such as
chemicals, pharmaceuticals, food & beverages, and cosmetics. These
industries play a crucial role in driving demand for bio-succinic acid,
utilizing it either as a raw material or ingredient in their production
processes. The expanding industrial footprint in the region further boosts the
need for bio-succinic acid. With its emphasis on technological innovation and
infrastructure enhancement, the Asia-Pacific region is strategically positioned
to leverage advancements in biotechnology and fermentation techniques, thus propelling
the expansion of the bio-succinic acid market.
Major companies operating in Global Bio-Succinic Acid
Market are:
- BASF SE
- Roquette
Frères SA
- Koninklijke
DSM N.V.
- BioAmber
Inc.
- Myriant
Corporation
- Kawasaki
Kasei Chemicals Ltd
- Mitsui
& Co., Ltd
- Corbion
N.V.
- Nippon
Shokubai Co., Ltd.
- Mitsubishi
Chemical Group Corporation
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“The global market for bio-succinic acid plays a
pivotal role in advancing the transition towards a circular economy. Derived
from renewable biomass sources, bio-succinic acid presents a sustainable
alternative to conventional petrochemical-based acids. With its versatility as
a platform chemical, it finds applications across a wide array of industries
including chemicals, pharmaceuticals, food & beverages, cosmetics, and
plastics. Its multifaceted properties enable it to serve as a foundational component
for various bio-based products, ranging from biodegradable plastics to personal
care ingredients. The global bio-succinic acid market not only signifies a
shift towards sustainable production methods but also acts as a catalyst for
the development of value-added bio-based products, thus fostering circularity
within the economy”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“Bio-Succinic Acid Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Application (BDO,
Polyester Polyols, Plasticizers, PBS/PBST, Alkyd Resins, Polymers and Esters,
Solvents and Coatings, Others), By End User (Food and Beverages,
Pharmaceuticals, Personal Care and Cosmetics, Others), By Region and
Competition, 2019-2029F”, has evaluated
the future growth potential of Global Bio-Succinic Acid Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Bio-Succinic Acid Market.
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