According to TechSci Research report, “Bio-Succinic Acid Market– Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Bio-Succinic Acid Market stood at USD 126.36 Million in 2023 and is anticipated to grow with a CAGR of 4.43% through 2029. Tough regulations governing petrochemical-based products establish an advantageous regulatory landscape for bio-based alternatives such as bio-succinic acid. This regulatory impetus not only boosts demand but also encourages investment in research, development, and production facilities, thereby fueling market expansion within the bio-succinic acid sector.
Governments worldwide are increasingly enacting regulations to curb carbon emissions and address environmental concerns. Petrochemical-based products, typically derived from fossil fuels, are major contributors to greenhouse gas emissions and environmental pollution. These regulations compel industries to explore alternative, more sustainable options such as bio-succinic acid, sourced from renewable materials and boasting a reduced environmental impact.
International agreements like the Paris Agreement establish goals for greenhouse gas reduction and sustainable development. In response, member countries often introduce regulations to achieve these objectives, potentially including measures to promote the adoption of bio-based products like bio-succinic acid. Moreover, governments may provide tax incentives, subsidies, or grants to companies involved in the production or utilization of bio-based products, aiming to encourage sustainability and diminish reliance on fossil fuels. These financial incentives enhance the economic appeal of bio-succinic acid compared to petrochemical-based alternatives, thereby propelling its market growth.
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Global Bio-Succinic Acid Market is segmented into application, end user, regional distribution, and company.
Based on end user, The Personal care and Cosmetics segment emerged as the fastest growing in the global market for Bio-Succinic Acid in the forecast period. Consumers are increasingly favoring personal care and cosmetic items containing natural and sustainable components. Bio-succinic acid, sourced from renewable origins, aligns perfectly with this inclination, presenting itself as an appealing choice for manufacturers seeking to cater to consumer preferences. Beyond its eco-friendly and natural characteristics, bio-succinic acid offers functional advantages in personal care and cosmetics formulations. It serves as a pH adjuster, emollient, or humectant, enhancing the performance and effectiveness of skincare and haircare products. Its compatibility with a broad spectrum of ingredients and formulations allows formulators the freedom to create a wide array of products tailored to various skin types, textures, and requirements. This adaptability adds to its attractiveness and adoption within the personal care and cosmetics sector.
Based on region, the Asia Pacific region is expected to be fastest growing region during the forecast period. The increasing demand for Bio-Succinic Acid Market in emerging economies such as China, India, and Japan are driving growth in the region. This expansion is fueled by the evolving consumer preferences, especially among younger demographics, towards environmentally friendly and sustainable products are impacting market dynamics. This change in consumer behavior is fueling the demand for bio-based substitutes like bio-succinic acid across multiple sectors. The Asia-Pacific region is experiencing significant growth across diverse sectors such as chemicals, pharmaceuticals, food & beverages, and cosmetics. These industries play a crucial role in driving demand for bio-succinic acid, utilizing it either as a raw material or ingredient in their production processes. The expanding industrial footprint in the region further boosts the need for bio-succinic acid. With its emphasis on technological innovation and infrastructure enhancement, the Asia-Pacific region is strategically positioned to leverage advancements in biotechnology and fermentation techniques, thus propelling the expansion of the bio-succinic acid market.
Major companies operating in Global Bio-Succinic Acid Market are:
- BASF SE
- Roquette Frères SA
- Koninklijke DSM N.V.
- BioAmber Inc.
- Myriant Corporation
- Kawasaki Kasei Chemicals Ltd
- Mitsui & Co., Ltd
- Corbion N.V.
- Nippon Shokubai Co., Ltd.
- Mitsubishi Chemical Group Corporation
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“The global market for bio-succinic acid plays a pivotal role in advancing the transition towards a circular economy. Derived from renewable biomass sources, bio-succinic acid presents a sustainable alternative to conventional petrochemical-based acids. With its versatility as a platform chemical, it finds applications across a wide array of industries including chemicals, pharmaceuticals, food & beverages, cosmetics, and plastics. Its multifaceted properties enable it to serve as a foundational component for various bio-based products, ranging from biodegradable plastics to personal care ingredients. The global bio-succinic acid market not only signifies a shift towards sustainable production methods but also acts as a catalyst for the development of value-added bio-based products, thus fostering circularity within the economy”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Bio-Succinic Acid Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (BDO, Polyester Polyols, Plasticizers, PBS/PBST, Alkyd Resins, Polymers and Esters, Solvents and Coatings, Others), By End User (Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, Others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Bio-Succinic Acid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Bio-Succinic Acid Market.
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