Volatility in fossil fuel prices, rise in carbon footprints, and more usage of locally available raw materials drive the growth of the global bio succinic acid market.
PORTLAND, Ore., May 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Bio Succinic Acid Market by End Use (Industrial, Food, Pharmaceuticals, Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global Bio Succinic Acid industry generated $126.80 million in 2020, and is anticipated to generate $235.02 million by 2030, witnessing a CAGR of 6.41% from 2021 to 2030.
Prime determinants of growth
Volatility in fossil fuel prices, rise in carbon footprints, and increase in usage of locally available raw materials drive the growth of the global bio succinic acid market. However, high price of bio succinic acid and lengthy extraction processes hinder the market growth. On the other hand, increase in its adoption in wide range of applications, especially, in bio-plastics, which presents new opportunities in the coming years.
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The industrial segment to maintain its leadership status throughout the forecast period
Based on end use, the industrial segment held the highest market share in 2020, accounting for more than two-fifths of the global bio succinic acid market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in demand in the production process of polyurethane, tetrahydrofuran, Polybutylene, and many other products. Moreover, the cosmetics segment is projected to manifest the highest CAGR of 7.5% from 2021 to 2030, due to surge in usage of bio succinic acid for preparing cosmetics with rise in demand for organic products.
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Asia-Pacific to maintain its dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global bio succinic acid market. Moreover, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period, owing to its eco-friendly nature and increase in prevalence of allergic or adverse reactions to synthetic dyes. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players
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