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Bio-succinic acid is derived from animal tissues and act as a substitute for petroleum based succinic acid. It is a building block for number of specialty and commodity chemicals used in applications such as coatings, fibers, metals, lubricating oils, solvents and others. Bio-based succinic acid is mostly preferred in PBS/PBST sector. Increasing demand for bio-based chemicals and non-toxic and non-degradable plastic packaging components is the key factor driving the global bio-succinic acid market. Global bio-succinic acid market is expected to have a CAGR of 45.6% during the forecast period 2016-2023. High cost of crude oil, increase in demand for renewable chemicals and increasing investment for green chemicals are also some of the factors contributing to growth of global bio succinic acid market. Moreover, increasing environmental awareness and government support, increasing demand for polyurethanes for downstream applications and use of polyester polyols in the manufacturing of polyurethanes are also adding value to the market growth. However, high price of bio succinic acid and lengthy extraction process are the factors restraining the growth of global bio succinic acid market.
Increase in environmental awareness and government support for bio succinic acid market is the fueling the market growth. US government support for the utilization of green chemicals for instance: US environmental protection agency promotes research and creating awareness for the prevention of chemical pollution which minimizes the adoption of toxic chemicals. Many countries have banned the production and consumption of plastics. Favorable government policies for bio succinic acid adoption and stringent regulation for plastic use have increased the adoption of bio succinic acid globally as a substitute of petroleum based succinic acid. Governments have imposed restriction on free distribution of disposable carry bags and has also increased es on these products. The ban on production and consumption of plastics and toxic products led to the adoption of bio succinic acid and its derivatives. Due to ban on plastic product in Taiwan and South Korea, demand of bioplastic in these two countries has increased significantly. In July 2002 Taiwanese government banned the free distribution of disposable plastic bags and tableware throughout Taiwan resulting in the reduced consumption of one time use plastic bag and increase in the usage of reusable bags for shopping and outing.
Source: OBRC Analysis.
The report on global bio succinic acid market is segmented into applications.
Application is further segmented into:
The revenue for the above application segments is specific to the global bio succinic acid market. However, the total revenue of these applications in general has been excluded from the scope of the report.
The global bio-succinic acid market report is geographically segmented into:
Global bio-succinic acid market report covers segmentation analysis on the basis of application. Bio succinic acid is used as an alternative of petrol based succinic acid in applications such as de-icing solutions, solvents & lubricants, cosmetics pharma and Industrial. It includes 1,4-Butanediol (BDO), polyester polyols, polybutylene succinate, solvent & lubricants, alkyd resins and plasticizers. New applications such as BDO, PBS, plasticizers and polyesters are expected to accelerate the global bio-succinic acid market. Moreover, increasing cost of crude oil and growing demand of renewable chemicals are fueling the growth of global bio-succinic acid market.
In 2015 Europe was the largest consumer of bio succinic acid market. Increasing adoption of bio succinic acid in this region is due to stringent regulation for hazardous chemicals. Due to this requirement, manufacturers of succinic acid are shifting towards the green substitutes. North America is the second largest bio succinic acid market due to the increased demand for bio succinic acid in U.S. and Canada. Moreover, the presence of leading chemical industries such as Bio Amber, Myriant etc. in U.S. is driving the market growth. However, Asia-pacific is the fastest growing region due to significant development in application market. Low cost of labor availability in these regions are the driving factor for the manufacturing plants establishment. China has also banned the consumption and production of thin plastic and thus boost the bio-based chemicals and products in consumption and production.
The major market players of the global bio-succinic acid market are:
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the bio-succinic acid market.
For Example: BIOAMBER and CJ Cheiljedang have agreed to form a joint venture in china on 22 December, 2016. Canadian renewable materials company Bioamber inc and south Korean-based company CJ Cheiljedang corporation will produce up to 36,000 metric tons of bio succinic acid annually. Both the companys’ goal is to produce bio-succinic acid in China and to penetrate the world’s largest succinic acid market.
In April 2017, Reverdia’s new bio succinic acid named Biosuccinium S Grade has been approved as 100% natural by the ECOCERT Natural and Organic Cosmetics Standard.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in bio-succinic acid market.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global bio-succinic acid market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the bio-succinic acid market, with giving extensive SCOT analysis of key companies.
Key findings of the global bio-succinic acid market: