Global Succinic Acid Market Size-Forecast to 2026
As per the research conducted by GME, the Global Succinic Acid Market is estimated to be valued at USD 161.34 Million in 2021 and is projected to reach USD 226.29 Million by 2026 at a CAGR of 7%. The global succinic acid market is predominantly spurred by government initiatives that promote succinic acid production, the abundance of sustainable basic resources, and rising petroleum rates.
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By Type (Petro-based, Bio-based), By Applications (Food & Beverages, Pharmaceutical, Personal Care, Coatings, Industrial, and Others), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis; By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Company Market Share Analysis & Competitor Analysis Key Market Insights
Another growth key factor is the surge in the need for bio-based compounds. The petro-based type segment is likely to lead since succinic acid is extensively utilized in the chemical sector for the production of PBS/PBST. The industrial applications segment is foreseen to predominate because of the escalating requirement for non-toxic materials. The Asia Pacific is home to a large array of succinic acid producers working to meet the demands of numerous end-use sectors. Mitsubishi Chemical Holdings, Kawasaki Kasei Chemicals Ltd., BioAmber, GC Innovation America, Anqing Hexing Chemical Co. Ltd., Reverdia, Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals, Myriant Corporation, Showa Denko K.K., Succinity GmbH, and Nippon Shokubai Co., Ltd., among others are the core players in the market.
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