The North America Succinic Acid Market would witness market growth of 9.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 30,104.2 tonnes, showcasing a growth of 8.5% (2019-2022).
The cosmetic industry incorporates succinic acid in skincare and hair care product formulations. Its antimicrobial properties and ability to act as a pH adjuster contribute to the stability and efficacy of cosmetic formulations. It is utilized in the textile industry for dyeing and finishing processes. Its role in enhancing color fastness and acting as a cross-linking agent makes it a preferred choice in textile applications. The market is witnessing a surge in demand for bio-based materials and polymers. As industries strive to lower their environmental footprint, it offers a sustainable alternative to traditional petrochemical-based compounds.
Fermentation processes play a crucial role in succinic acid production. Ongoing advancements in fermentation technologies, including genetically modified microorganisms and optimization of fermentation parameters, contribute to increased yields and cost-effectiveness. With a growing global awareness of environmental sustainability, industries increasingly incorporate succinic acid into their production processes. The market is witnessing a change towards sustainable practices, with succinic acid being recognized as a key player in the evolution to a circular economy. The market is characterized by continuous research and development initiatives to explore new applications and improve production methods. Collaborations between academic institutions, research organizations, and industry players drive innovation in the field.
According to the International Trade Administration, Mexico's cosmetics and personal care products industry is estimated to be worth USD 7.24 million in 2022. Mexico imported USD 1.4 billion in cosmetics and personal care products in 2022, of which 35 percent was made in the United States. Consumers in Mexico are increasingly seeking sustainable and environmentally friendly beauty products. As a bio-based ingredient, succinic acid fits well into the sustainable beauty trend. Its inclusion in formulations can appeal to environmentally conscious consumers. As a result, these aspects will boost the market growth in the coming years.
The US market dominated the North America Succinic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $111,855.6 Thousands by 2030. The Canada market is registering a CAGR of 11.6% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 10.6% during (2023 - 2030).
Free Valuable Insights: The Succinic Acid Market is Predict to reach $515.8 Million by 2030, at a CAGR of 9.5%
Based on Type, the market is segmented into Petro-based, and Bio-based. Based on End-use, the market is segmented into Industrial, Food & Beverages, Coatings, Pharmaceutical, Personal Care & Cosmetics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Tonnes, USD Million, 2019-2030)
By End-use (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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