Succinic Acid market Share Overview:
The Succinic Acid market Share report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Succinic Acid market Share as well as the factors influencing regional variations in the growth of the sector.
Succinic Acid market Share was valued at US$ 149.76 Mn in 2021 and is expected to reach US$ 221 Mn by 2027, at a CAGR of 6.7% during a forecast period.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Drivers:
Succinic is advancing alongside the most competitive bio-based chemicals. Succinic acid is one of the top 12 bio-based chemicals with the highest value, according to the US Department of Energy. Succinic acid is used in the production of a number of products in a dispersed market with a number of players involved in this production process. It is a chemical intermediate in a number of chemical processes. The sustainable production of bio-based succinic acid will have a significant impact on the market's ability to grow.
Succinic acid is a substance that can be used in a wide range of products, including BDO, medications, food, polyurethanes, polymers, fibres, plasticizers, and dyes and coatings. However, along with the food industry, the main sources of demand are coating, resins, BDO, plasticizers, and polyurethanes.
Segmentation:
According to type, the petro-based segment is anticipated to contribute most to market growth during the anticipated period. In comparison to bio-based succinic acid, petroleum-based succinic acid is valuable and more effective. Furthermore, the food and beverage industry can make extensive use of it. Due to higher costs and decreased efficiency, there was a decline in the demand for bio-based succinic acid, which led to the closure of significant succinic acid producers like BioAmber, Myriant, and Succinity GmbH.
Regarding Application, Because of its use in industrial applications, succinic acid is in higher demand. Since PBS and PBST are non-toxic, biodegradable, and also have better heat resistance and processability than other materials, succinic acid is primarily used in these materials for food packaging.
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Key Players:
To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and market breakdowns. The results of these calculations are then compared to primary data. The Succinic Acid market Share is dominated by the following businesses:
• BioAmber
• GC Innovation America
• Succinity GmbH
• Reverdia
• Nippon Shokubai
• Shandong Lixing Chemical
• Kawasaki Kasei Chemicals
• Anqing Hexing Chemical
• Anhui Sunsing Chemicals
• Gadiv Petrochemical Industries
• Myriant Corporation
• Showa Denko K.K.
• Merck KGaA
• FUSO CHEMICAL CO. LTD.
• S.S. Pharmachem
Regional Analysis:
The regional overview of market research for Succinic Acid also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.
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COVID-19 Impact Analysis on Succinic Acid market Share:
Owing to a halt in operations, the growth of end-user industries using Succinic Acid decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Succinic Acid manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Succinic Acid has been severely decreased.
Key Questions Answered in the Succinic Acid market Share Report are:
- Which market segment accounted for the most percentage of Succinic Acid in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Succinic Acid market Share's growth?
- Which region dominates the Succinic Acid market Share in terms of market share?
- What is the expected market CAGR from 2022 to 2029?
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