The Succinic Acid Market is Predict to reach $515.8 Million by 2030, at a CAGR of 9.5%

17-Jan-2024 | Report Format: Electronic (PDF)

Succinic Acid Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Succinic Acid Market size is expected to reach $515.8 million by 2030, rising at a market growth of 9.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,27,245.2 tonnes, experiencing a growth of 8.7% (2019-2022).

The Petro-based segment is leading the Global Succinic Acid Market by Type in 2022; thereby, achieving a market value of $270.4 million by 2030. The substitution for adipic acid in the production of polyurethane is the utilization of petro-based succinic acid. By oxidizing the methyl groups of butane to the corresponding carboxy group, the petro-based variant is generated. Plasticizers and flavor enhancers for an extensive array of packaged food items are among the numerous applications for which it is utilized. Market expansion is expected to be fueled by the expanding needs of the industrial, personal care, and food & beverage sectors.

The Coatings segment is experiencing a CAGR of 9% during (2023 - 2030). The growing need from the construction and automotive sectors is the cause of this. Succinic acid is extensively utilized as a precursor substance in coatings due to its ability to impart sheen, rigidity, and rapid curing rate to the surface. Increased infrastructure expenditure by governments in countries such as the United States, India, and China is anticipated to stimulate demand further. Additionally, escalating urbanization and construction activity are anticipated to fuel demand. The relocation of automotive manufacturing from Europe to portions of Asia-Pacific is anticipated to stimulate the growth of the automotive industry in this region and increase coating demand.

Full Report: https://www.kbvresearch.com/succinic-acid-market/

The Europe region dominated the Global Succinic Acid Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $178.2 million by 2030. The North America region is anticipating a CAGR of 9.1% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 10.2% during (2023 - 2030).