Global Succinic Acid Market to Grow at a CAGR of 19.4% from 2012-18: Transparency Market Research

According to the report, the global succinic acid market is estimated to grow from a value of USD 240.3 million in 2011 to 836.2 million in 2018, observing growth at a CAGR of 19.4% between 2012 and 2018, the forecast period of the report.

The major factor that has triggered the growth of the global acid market is the overall rise in construction and infrastructure development activities around the globe, which has consecutively led to an increased demand for products such as polyurethanes, coatings and resins.

The constant changes in the price of its conventional feedstock ? petroleum derived maleic anhydride ? are a major restraining factor for acid manufacturers. Concerns for the industry are also on rise due to rising environmental concerns amongst the end-user which has led to the rising adoption and demand for green products. To overcome these hindrances, manufacturers from throughout the globe are gradually making their shift from conventional manufacturing methods to biobased manufacturing methods.

The global succinic acid market is huge. In 2011, its estimated market value was USD 240.3 million. Market analysts estimate that the growing demands for products such as 1,4-butanediol, plasticizers, polyurethane, coats and paints, dyes and inks, pharmaceutical applications and resins could trigger the demand for succinic acid on a global front in the coming years.

Currently, demand for succinic acid is high for the production of coatings, resins, inks and dyes. Together, these application areas accounted for a 20.8% share of the total global demands of succinic acid in 2011. The second highest market shares of succinic acid consumption, nearly 13%, were held by the pharmaceutical industry in the same year. Volume-wise, the polyurethane industry accounted for nearly 12% shares in 2011.

Globally, Europe stands as the lead consumer of succinic acid. In 2011, an estimated 33.6% of the global demands for succinic acid were accounted to Europe. This was followed by Asia Pacific in the same year with an estimated 29.6% shares of the overall market. North America also closely followed, with an estimated 29.2% shares of the market, in the same year.

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