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The bio-succinic acid market share is expected to increase by USD 212.43 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 15.88%.
This bio-succinic acid market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bio-succinic acid market segmentation by application (BDO, polyester polyols, plasticizers, alkyd resins, and others) and geography (Europe, North America, APAC, South America, and MEA). The bio-succinic acid market report also offers information on several market vendors, including BASF SE, Koninklijke DSM NV, LCY Chemical Corp., Mitsubishi Chemical Holdings Corp., Mitsui & Co. Ltd., PTT Global Chemical Public Co. Ltd., Roquette Freres SA, and Shandong LanDian Biological Technology Co. Ltd. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The volatility in crude oil prices is notably driving the bio-succinic acid market growth, although factors such as the high price of bio-succinic acid may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bio-succinic acid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bio-succinic Acid Market Driver
One of the key factors driving the bio-succinic acid market is the volatility in crude oil prices. The consumption of bio-succinic acid by several application areas, including BDO, plasticizers, and PBS, is influenced by changes in the price of crude oil. To lessen the risks related to the volatility of crude oil prices, succinic acid producers are concentrating on employing naturally renewable resources as raw materials. Additionally, liquefied petroleum gas (LPG) and maleic anhydride are used in the chemical production of succinic acid in industrial settings. The price of petroleum products is directly impacted by volatility or a rise in crude oil prices. The COVID-19 pandemic's occurrence in 2020, according to the EIA, caused a sharp decline in global oil consumption. As a result, Brent crude oil spot prices decreased from $64.37 per barrel in 2019 to $34.13 per barrel in 2020. Furthermore, EIA also expects crude oil prices to fluctuate through 2023. Furthermore, fluctuations in crude oil prices, changing currency rates, imports and exports, and a decline in production capacity all have a direct impact on the supply and demand for petrochemical raw materials. Because there are so many bio-based feedstocks available, manufacturers are switching from petrochemical- to bio-based products.
Key Bio-succinic Acid Market Trend
Shift to biodegradable polymers is another factor supporting the Bio-succinic Acid market growth in the forecast period. The demand for biodegradable polymers has been steadily increasing as a result of worries about plastic pollution and the need for sustainable substitutes for polymers generated from petroleum. To produce polyurethanes (PUs) and polyurethane dispersions, bio-succinic acid is frequently employed (PUDs). This acid's components are entirely renewable, and it is used to make PU, which is a component of specialty foams, coatings, adhesives, and elastomers. It is possible to create PUs in a way that uses less energy and produces fewer carbon emissions. Biodegradable and widely utilized in the polymer sector are bio-based polymers. The use of biodegradable plastics and polymers is driven by factors like R&D activity, environmental awareness, and the enforcement of strict environmental legislation. Therefore, it is anticipated that throughout the forecast period, the growing demand for bio-succinic acid to make biopolymers would positively affect the global bio-succinic acid market.
Key Bio-succinic Acid Market Challenge
The high price of bio-succinic acid will be a major challenge for the bio-succinic acid market during the forecast period. The high cost of bio-succinic acid is a significant obstacle to the expansion of the market in question. The high cost of processing succinic acid and the drawn-out extraction procedure provides significant difficulties for producers of bio-succinic acid, even though the raw ingredients needed to make it are renewable. Advanced technologies are needed for the large-scale commercial production of succinic acid from biomass for the chemical sector. Additionally, maintaining the ideal pH range for the microorganism's fermentation process and selecting the right base to neutralize the acid has a significant impact on the overall cost of producing bio-succinic acid. The cost of production is directly influenced by the affordability of raw feedstocks.
This bio-succinic acid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global bio-succinic acid market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bio-succinic acid market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the bio-succinic acid market encompasses successful business strategies deployed by the key vendors. The bio-succinic acid market is concentrated and the vendors are deploying growth strategies such as to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bio-succinic acid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bio-succinic acid market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global commodity chemicals market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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