Succinic Acid Market Brief Overview by Research Cosmos
Succinic Acid Market Size and Growth Rate:
Succinic Acid Market was valued at USD 124 million in 2018 and projected to reach USD 168 million by 2023 growing at a CAGR of 6% during the forecast period 2018 to 2023.
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Succinic Acid Market Growth Drivers and Restraints:
Several companies such as Reverdia and BioAmber invest heavily in the development and production of succinic acid of biological origin. It is expected that the development and commercialization of succinic acid of biological origin will open up new opportunities for the producers of the industry.
The growing demand in emerging economies such as China, India, Brazil, etc., has continued to be the main driver of market growth in recent years and is expected to stimulate the demand for succinic acid in forecasted years.
Geographical Overview of Succinic Acid Market:
It is estimated that this market is experiencing the increase in demand in China, India and Japan. China dominated the succinic acid market in Asia-Pacific. North America had 29.2% of the total market share in 2011 due to the strong demand for resins, coatings, dyes and inks in the market.
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Key Players of Succinic Acid Market:
Some of the leading market players of Succinic Acid Market are BASF, BioAmber, DSM, Gadiv Petrochemical, Kawasaki Kasei Chemicals, Mitsubishi, Mitsui, Myriant Technologies, Nippon, PTT Global and others.
Succinic Acid Market Segmentation:
By Product:
- Purity 99.5%
- Purity 99%
By End Users/Applications:
- Food and Dietary Supplements
- Industrial Applications
- Pharmaceuticals
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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