The global bio-succinic acid market size was US$ 244.1 million in 2021. The global bio-succinic acid market is forecast to grow to US$ 2550.47 million by 2030 by growing at a compound annual growth rate (CAGR) of 30.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The rising cost of fossil fuel and increasing carbon footprint are forecast to soar the demand for bio-succinic acid during the forecast period. In addition, the easy availability of raw materials will drive the bio-succinic acid market forward.
The surging demand for green chemicals is forecast to benefit the global bio-succinic acid market. In addition, growing concerns about pollution will escalate the growth of the market.
Growing demand for BDO and its products, such as Tetrahydrofuran (THF), Gamma-Butyrolactone (GBL), and Polybutylene Terephthalate (PBT) will boost the growth of the global bio-succinic acid market.
Bio Succinic acid increases the consistency of powder coating resins. It also enhances the functionality of the powder coating by increasing the bio-based content and decreasing the content of the reactive resin-like urethane, alkyd, and polyester. Thus, such benefits are likely to fuel the growth of the global bio-succinic acid market during the study period.
The bio-succinic acid finds its wide applications in personal care goods, lubricants, pigments, and food colorants. This factor will accelerate the growth of the global bio-succinic acid market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has been a significant backdrop for the global bio-succinic acid market. Due to the pandemic, the demand for bio-succinic acid reduced steeply from the end-use industries. In addition, economic slowdown and strict lockdown further hampered the growth of the bio-succinic acid market. In addition, supply chain disruptions and unavailability of raw materials altered the growth outlook of the entire bio-succinic acid industry. Thus, this global health emergency has negatively impacted the global bio-succinic acid market.
Regional Analysis
Europe is forecast to dominate the bio-succinic acid market. The growth of the regional market is attributed to the presence of large producers in the region. In addition, stringent government regulations related to carbon footprint are forecast to have a substantial impact on the bio-succinic acid market. In addition, the presence of a wide range of end-use industries and chemical production units will propel the regional market forward. The Asia-Pacific bio-succinic acid market will grow at the fastest rate, owing to the stringent government regulations and rising prices of fossil fuels.
Competitors in the Market
Market Segmentation
The global bio-succinic acid market segmentation focuses on Application and Region.
By Application
By Region
