The global succinic
acid market is expected to reach USD 237.8 million by 2022, according to a
new report by Grand View Research, Inc. Rising need in various application
segments including 1,4 butanediol, pharmaceuticals, and polyurethanes is
expected to result in considerable share for the product over the next seven
years. Healthcare sector growth on account of rising health awareness among
consumers in emerging economies of Asia Pacific is expected to have a positive
impact on the industry over the forecast period.
Fluctuation of raw material prices, fuel, and
energy costs are expected to hamper overall cost of the product, which in turn
is expected to challenge demand. In addition, major companies are focusing on
the manufacturing of the product through bio-based routes. This is expected to
restrain growth over the forecast period.
Growing political and regulatory pressures on
chemical companies to reduce carbon emissions coupled with growing concerns
over depleting fossil fuel reserves have led to bio-based succinic acid
development, which will act as a drop in replacement for the product, thus
restricting growth.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/succinic-acid-market
Further key findings from the report suggest:
·
1,4 BDO is expected to be the fastest growing
segment in terms of volume and revenue. It is expected to grow at a CAGR of
12.0% from 2015 to 2022. Rising BDO consumption in the manufacturing of
tetrahydrofuran (THF), which is used as a solvent in pharmaceutical sector, is
expected to have a positive impact on the industry.
·
Resins, coatings, dyes, and inks were the
largest application segment valued at USD 23.0 million in 2014. Aerospace and
electronics sector development in Asia Pacific countries including India and
China is expected to promote demand.
·
Asia Pacific is expected to be the fastest
growing market at a CAGR of above 10.5% from 2015 to 2022. Lack of stringent
regulations in the region is expected to be a key driving factor for the
market. Cosmetic industry growth in China, India, and Japan is expected to
further augment succinic acid demand over the forecast period.
·
Global industry is fragmented on account of
presence of numerous companies; however, most of these companies have switched
to the production of succinic acid through the bio-based route. They invest
highly in R&D to introduce the bio-based form that exhibits similar
properties as that of the synthetic products. In October 2012, Reverdia and
Helm AG signed an agreement to sell and distribute bio-succinic acid in Europe.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the global succinic acid market on the basis of application and region:
Succinic Acid Application Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 - 2022)
·
1,4 BDO
·
Resins, Coatings, Dying, and Inks
·
Pharmaceuticals
·
Polyurethanes
·
Food
·
Plasticizers
·
Cosmetics
·
Solvent and Lubricants
·
De-icing Solutions
·
Others
Succinic Acid Regional Outlook (Volume, Kilo Tons, Revenue, USD
Million, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
No comments:
Post a Comment