The global bio succinic acid market is witnessing steady growth, driven by volatility in fossil fuel prices, rising concerns over carbon emissions, and increased utilization of locally available renewable raw materials.
According to a report published by Allied Market Research, titled "Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030", the market was valued at $126.80 million in 2020 and is projected to reach $235.02 million by 2030, registering a CAGR of 6.41% from 2021 to 2030.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/178
Key Growth Drivers and Challenges:
- The market growth is primarily fueled by fluctuations in fossil fuel prices, increasing carbon footprint awareness, and the growing shift toward bio-based and sustainable chemicals. In addition, the rising use of locally sourced feedstocks supports market expansion.
- However, high production costs and lengthy extraction processes continue to restrain market growth. Despite these challenges, expanding adoption across diverse applications-particularly in bio-plastics-is expected to create lucrative growth opportunities in the coming years.
Industrial Segment to Retain Market Leadership:
- By end use, the industrial segment accounted for over two-fifths of the total market share in 2020 and is expected to maintain its dominance throughout the forecast period. This growth is attributed to increasing demand for bio succinic acid in the production of polyurethane, tetrahydrofuran, polybutylene, and other industrial chemicals.
- Meanwhile, the cosmetics segment is projected to register the highest CAGR of 7.5% (2021-2030), driven by growing consumer preference for organic and bio-based cosmetic products.
Asia-Pacific to Lead the Market by 2030:
- Regionally, Asia-Pacific dominated the market in 2020, accounting for nearly two-fifths of global revenue, and is expected to grow at the fastest CAGR of 6.8% during the forecast period. Factors such as rising environmental awareness, eco-friendly product adoption, and increasing sensitivity to synthetic chemicals are driving regional growth.
- The report also covers North America, Europe, and LAMEA.
Key Market Players:
- BASF SE
- BioAmber
- DSM
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- Roquette Frères S.A.
Obtain Report Details: https://www.alliedmarketresearch.com/bio-succinic-acid-market
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
About Us
Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
