MarketsandMarkets Predicts Global Succinic Acid Market to Reach $496M by 2016

The report "Succinic Acid Market by Applications & Geography - Global Trends & Forecasts INSERT INTO [lzx].[dbo].[tb_new]([id],[type],[title],[source],[personal],[image],[contents],[time],[number]) VALUES (2011-2016)" defines and segments the global succinic acid market with analysis and forecasting of the global volume and revenue for succinic acid. It also identifies driving and restraining factors for the global succinic acid market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. Global Succinic Acid Market is expected to reach $496.0 Million by 2016, growing at a CAGR Of 18.7% from 2011 to 2016. The market is segmented and revenues are forecasted on the basis of major geography such as North America, Europe, Asia-Pacific, and Rest of the World (ROW). The key countries are covered and forecasted for each region. Further, market is segmented and revenues are forecasted on the basis of applications.

Succinic acid is widely employed in chemical, pharmaceutical, food, and agricultural industries. These rapidly growing industrial markets for succinic acid are expected to boost the demand for succinic acid. Succinic acid yields derivatives such as 1,4-butanediol (BDO) gamma-butyrolactone (GBL) and tetrahydrofuran (THF) which have high potential for use as solvents and fibers. In addition, pyrrolidinones and N-methylpyrrolidinone can also be directly produced from succinic acid manufactured by fermentation. These organic chemicals find high demand in pharmaceutical industry. The low cost and potential of bio-succinic acid to open up a wide array of applications such as polyurethanes, 1,4-butanediol, plasticizers, thermoplastics, etc. are further expected to boost the bio-succinic acid market.

Increasing popularity of renewable chemicals remain the key driving factors for chemical companies to enter into the production of bio-based succinic acid by using green production process. In the light of high growth prospects of bio-based succinic acid and achievement of cost effective production of succinic acid by using renewable feedstocks, strong investments and an increasing number of new projects are expected to come up. Several companies have invested heavily into the development or expansion of existing facilities for bio-based succinic acid. This will result into significant increase in production volume of succinic acid in the near future.

The global succinic acid market in terms of revenue was estimated to be worth $182.8 million in 2010 and is expected to reach $496.0 million by 2016, growing at a CAGR of 18.7% from 2011 to 2016. Europe and North America dominate the global succinic acid market, together accounting for 66.0% of the global succinic acid demand in 2010. Asia-Pacific is expected to be the fastest growing market in the near future owing to the rapid advancement and increasing demand from key countries such as China and India.

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Source: MarketsandMarkets