Global Bio-succinic Acid Market 2019-2023 – 35% CAGR Projection Over the Next Five Years – Technavio
A key factor driving the growth of the market is the increasing use of bio-succinic acid in 1,4-butanediol (BDO) production. BDO is extensively used as a solvent to produce chemicals such as y-butyrolactone, tetrahydrofuran, 2-pyrrolidone, and N-methyl-2- pyrrolidone. It is also used as a starting material to produce polymers, such as polyesters, polyurethanes, and polyethers. Factors such as the fluctuating prices of fossil fuel-based raw materials and the growing focus on technological advances to reduce carbon emissions are compelling manufacturers to produce BDO using renewable bio-based raw materials such as bio-succinic acid.
As per Technavio, the growing use of bio-succinic acid in solvent-based liquid polyester resins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bio-succinic acid market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global bio-succinic acid market: Increasing use of bio-succinic acid in solvent-based liquid polyester resins
Bio-succinic acid increases the bio-based content of resins, such as polyester, alkyd, and urethane and is widely used in the production of solvent-based liquid polyester resins. Moreover, bio-succinic acid-based solvents help in reducing the volatile content of resins.
“Bio-based monomers and oil-based acrylic acid assist bio-succinic acid in synthesizing ultraviolet-curable acrylates. Bio-succinic acid-based coatings also help in preventing metals from corrosion and is used to improve the performance and functionality of powder coating resins,” says an analyst at Technavio.
Global bio-succinic acid market: Segmentation analysis
This market research report segments the global bio-succinic acid market by applications (BDO, polyester polyols, plasticizers, alkyd resins, and others) and geographical regions (APAC, Europe, MEA, North America, and South America).
The BDO segment held the largest market share in 2018. Bio-succinic acid is widely used in the production of BDO. BDO is extensively used in industries such as engineering plastics, coatings, pharmaceuticals, cleaning products, adhesives and sealants, and solvents. It is also used in manufacturing monomeric plasticizers, polybutylene terephthalate, and polyester glycols of low molecular weight.
The European region dominated the market in 2018 with the largest share of the global bio-succinic acid market. The dominance can be attributed to the growth of industries such as construction, F&B, chemicals, agriculture, and pharmaceutical, in this region. Also, the high import of bio-succinic acid, growing consumption, and the presence of several industries are further augmenting growth, especially in countries such as Germany, Italy, and the UK.
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Five Forces Analysis
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