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Global Bio-succinic Acid Market 2019-2023 - 35% CAGR Projection Over the Next Five Years - Technavio

March 14, 2019
The global bio-succinic acid market is expected to post a CAGR of over 35% during the period 2019-2023 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--Mar 14, 2019--The global bio-succinic acid market is expected to post a CAGR of over 35% during the period 2019-2023, according to the latest market research report by Technavio.

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The global bio-succinic acid market is expected to post a CAGR of over 35% during the period 2019-2023 (Graphic: Business Wire)

A key factor driving the growth of the market is the increasing use of bio-succinic acid in 1,4-butanediol (BDO) production. BDO is extensively used as a solvent to produce chemicals such as y-butyrolactone, tetrahydrofuran, 2-pyrrolidone, and N-methyl-2- pyrrolidone. It is also used as a starting material to produce polymers, such as polyesters, polyurethanes, and polyethers. Factors such as the fluctuating prices of fossil fuel-based raw materials and the growing focus on technological advances to reduce carbon emissions are compelling manufacturers to produce BDO using renewable bio-based raw materials such as bio-succinic acid.

As per Technavio, the growing use of bio-succinic acid in solvent-based liquid polyester resins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bio-succinic acid market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

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Global bio-succinic acid market: Increasing use of bio-succinic acid in solvent-based liquid polyester resins

Bio-succinic acid increases the bio-based content of resins, such as polyester, alkyd, and urethane and is widely used in the production of solvent-based liquid polyester resins. Moreover, bio-succinic acid-based solvents help in reducing the volatile content of resins.

“Bio-based monomers and oil-based acrylic acid assist bio-succinic acid in synthesizing ultraviolet-curable acrylates. Bio-succinic acid-based coatings also help in preventing metals from corrosion and is used to improve the performance and functionality of powder coating resins,” says an analyst at Technavio.

Global bio-succinic acid market: Segmentation analysis

This market research report segments the global bio-succinic acid market by applications (BDO, polyester polyols, plasticizers, alkyd resins, and others) and geographical regions (APAC, Europe, MEA, North America, and South America).

The BDO segment held the largest market share in 2018. Bio-succinic acid is widely used in the production of BDO. BDO is extensively used in industries such as engineering plastics, coatings, pharmaceuticals, cleaning products, adhesives and sealants, and solvents. It is also used in manufacturing monomeric plasticizers, polybutylene terephthalate, and polyester glycols of low molecular weight.

The European region dominated the market in 2018 with the largest share of the global bio-succinic acid market. The dominance can be attributed to the growth of industries such as construction, F&B, chemicals, agriculture, and pharmaceutical, in this region. Also, the high import of bio-succinic acid, growing consumption, and the presence of several industries are further augmenting growth, especially in countries such as Germany, Italy, and the UK.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

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CONTACT: Technavio Research

Jesse Maida

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SOURCE: Technavio Research

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PUB: 03/14/2019 09:07 AM/DISC: 03/14/2019 09:06 AM

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