The bio-succinic acid market will register a CAGR of over 35% by 2023
Feb 13, 2019, 18:08 ET
NEW YORK, Feb. 13, 2019 /PRNewswire/ -- About this market
The increasing focus on the sustainable use of natural resources, the demand for bio-based or renewable chemicals is rising at a rapid rate. As bio-succinic acid is derived from natural resources, it is used as a replacement for building blocks such as adipic acid and phthalic anhydride, which are used to manufacture compounds such as polyols. The chemical composition of bio-succinic acid is almost similar to adipic acid and exhibits comparable significant characteristics, thereby enabling integration with existing formulations and production process of polyester polyols. The use of bio-succinic acid in the production of polyester polyols increases the renewable content in polyols up to 100%, thereby reducing the environmental impact. Consequently, it reduces the dependency on petroleum raw materials and contributes to sustainability. Technavio's analysts have predicted that the bio-succinic acid market will register a CAGR of over 35% by 2023.
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Market Overview
Increasing use of bio- succinic acid in 1,4- butanediol (BDO) production
The increasing use of bio-succinic acid in BDO production. BDO accounts for the largest application segment of the global bio-succinic acid market. With the fluctuating prices of conventional fossil fuel-based raw materials and the increasing focus on technologies that reduce carbon footprint, BDO producers are using renewable bio-based raw materials such as bio-succinic acid for BDO production.
High price of bio-succinic acid
The high price of bio-succinic acid poses a serious challenge to the growth of the market under focus. Although the raw materials used to produce bio-succinic acid are renewable, the high processing cost of succinic acid and lengthy extraction process pose serious challenges to bio-succinic acid producers. The availability of raw feedstocks at competitive prices directly contributes to the total production cost.
For the detailed list of factors that will drive and challenge the growth of the bio-succinic acid market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated and with the presence of few vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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