The
global bio-succinic acid market is expected to reach USD
992.9 million by 2020, growing at a CAGR of 23.3% from 2014 to 2020. The
recognition of succinic acid, as a potential platform chemical by the U.S.
Department of Energy, has resulted in significant opportunities in replacement
applications, particularly in maleic anhydride and adipic acid, for bulk volume
industrial applications such as bioplastics, polyurethanes and engineering
plastics.
BDO
was the largest application market for bio-succinic acid, with estimated volume
of 19,877.5 tons in 2013, expected to grow at an estimated CAGR of 38.3% from
2014 to 2020. Cost-effective bio-succinic acid would result in the substitution
of maleic anhydride for the manufacturing of BDO and downstream derivatives
such as GBL and PBT, which are extensively used in the engineering plastics
industry. Polybutylene succinate (PBS) is expected to be the fastest growing
application, at an estimated CAGR of 38.9% from 2014 to 2020, on account of
increasing bioplastics demand, particularly in Europe and North America.
Europe
bio-succinic acid market revenue by application, 2012-2020, (USD Million)
Browse full research report on bio-succinic
acid market: http://www.grandviewresearch.com/industry-analysis/bio-succinic-acid-market
Further
Key Findings From the Study Suggest:
- The global demand for bio-succinic acid was
51,000 tons in 2013 and is expected to increase to 593,400 tons by 2020,
growing at a CAGR of 32.2% from 2014 to 2020.
- Polyester Polyols was the second largest
application market for bio-succinic acid, and accounted for 10.67% of
global demand in 2013. The use of polyester polyols in the manufacturing
of polyurethanes coupled with the growing demand for polyurethanes for
downstream application industry is expected to be a major driver for
bio-succinic acid market.
- Bio-succinic acid can be used as a replacement
to various phthalate-based plasticizers, which is expected to unlock
significant potential over the forecast period. The European Union has
banned the use of certain phthalate plasticizers in production of PVC,
spurring a race for the development of alternates to phthalate
plasticizers. The plasticizers market is the largest addressable market
for bio-succinic acid, being a potential replacement to phthalic anhydride
and adipic acid in plasticizer manufacturing.
- Europe was the largest market for bio-succinic
acid in 2013, accounting for 49% of the global consumption. The region has
witnessed increased preference towards the use of bio-based materials
which is expected to be a key driver for the growth of bio-succinic acid
market.
- Asia Pacific is expected to be the fastest
growing regional market, at an estimated CAGR of 33.9% from 2014 to 2020.
The growing application industry in countries such as India and China is
expected to be the key consumer of bio-succinic acid over the next six
years. In addition, the high cost of petroleum based products is a major
factor contributing to development of bio-based products in the region.
- The market was highly consolidated in 2013 with
only four companies manufacturing bio-succinic acid on a commercial scale.
BioAmber, Reverdia, Myriant and Succinity were commercial manufacturers of
bio-succinic acid in 2013 with Succinity being the largest in terms of
installed capacity.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/bio-succinic-acid-market
About
Grand View Research, Inc:
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research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
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