GITNUX MARKETDATA REPORT 2024
Succinic Acid Industry Statistics
Succinic acid market size is expected to reach $190.1 million by 2027, with a CAGR of 6.2%.
In this post, we explore the dynamic landscape of the succinic acid industry through a series of compelling statistics. From the environmental benefits of bio-based succinic acid to market trends and key players, these figures shed light on the current state and future prospects of this versatile chemical compound.
Statistic 1
"Bio-based succinic acid can reduce greenhouse gas emissions by up to 90% compared to its petroleum-based counterpart."
Statistic 2
"The global succinic acid market size was valued at approximately USD 1.4 billion in 2021."
Statistic 3
"The market for succinic acid is fragmented, with key players including BASF, DSM, and Roquette."
Statistic 4
"The annual production capacity of bio-based succinic acid exceeds 30,000 tons globally."
Statistic 5
"Global consumption of succinic acid reached around 150,000 MT in 2021."
Statistic 6
"Chemical intermediates produced from succinic acid show potential in various applications such as lubricants and plasticizers."
Statistic 7
"The resin, coatings, and pigments segment held a substantial market share in the succinic acid market in 2021."
Statistic 8
"North America is expected to see robust growth in the succinic acid market due to increased R&D activities."
Statistic 9
"The use of succinic acid in the personal care industry is growing due to its role as a pH regulator."
Statistic 10
"The increasing demand for green chemicals in the automotive industry is driving the succinic acid market."
Statistic 11
"BioAmber, a key player in the bio-based succinic acid market, filed for bankruptcy in 2018, affecting market dynamics."
Statistic 12
"The rise in sustainable and eco-friendly products is expected to propel the demand for bio-based succinic acid."
Statistic 13
"Europe is expected to witness significant growth due to stringent environmental regulations promoting the use of bio-based chemicals."
Statistic 14
"The demand for bio-based succinic acid is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2022 to 2030."
Statistic 15
"The use of succinic acid as a precursor for biodegradable plastics is gaining popularity."
Statistic 16
"The food and beverage industry accounts for a significant share of the succinic acid market due to its use as a flavoring agent."
Statistic 17
"China is the largest producer and consumer of succinic acid in the Asia-Pacific region."
Statistic 18
"The use of succinic acid in the production of BDO (1,4-butanediol) is anticipated to drive market growth."
Statistic 19
"The pharmaceutical industry uses succinic acid as an excipient in drug formulations."
Statistic 20
"Asia-Pacific dominated the succinic acid market, accounting for more than 40% of the global consumption in 2021."
Jannik Lindner
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