Europe Bio-Based Succinic Acid Market was valued at USD 145 million in 2022 and is projected to reach USD 415 million by 2030, growing at a CAGR of 14.2% from 2024 to 2030.
The European bio-based succinic acid market is experiencing significant growth, driven by the increasing demand for sustainable and eco-friendly alternatives across various industries. In 2023, the market generated a revenue of USD 44.8 million and is projected to grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2030, reaching an estimated USD 96.0 million by 2030.
Bio-based succinic acid, derived from renewable resources, serves as a versatile platform chemical with applications in multiple sectors:
Industrial Applications: Bio-succinic acid is utilized in producing intermediates like 1,4-butanediol (BDO), tetrahydrofuran, and polybutylene terephthalate, which are essential in manufacturing adhesives, solvents, sealants, resins, elastomers, coatings, plastics, and lubricants. In 2023, the industrial end-use segment dominated the market with a revenue share exceeding 41.68%.
Pharmaceuticals: The pharmaceutical sector accounted for nearly 17.42% of the market revenue in 2023. Bio-succinic acid is employed in drug formulations aimed at enhancing cardiovascular health and blood flow.
Biodegradable Plastics: With a growing emphasis on sustainability, bio-succinic acid is integrated into the production of biodegradable polymers, offering eco-friendly alternatives to conventional plastics.
Personal Care and Cosmetics: The compound is used in formulating personal care products, aligning with the consumer shift towards natural and sustainable ingredients.
Several factors are propelling the demand for bio-based succinic acid in Europe:
Environmental Regulations: Stringent environmental policies in Europe are encouraging the adoption of bio-based chemicals to reduce carbon footprints and reliance on fossil fuels.
Technological Advancements: Innovations in fermentation and electrochemical processes have enhanced the efficiency and cost-effectiveness of bio-succinic acid production.
Circular Economy Initiatives: Projects like LUCRA aim to transform organic waste into valuable bio-based succinic acid, supporting the circular bioeconomy and resource efficiency.
However, challenges persist:
Cost Competitiveness: Bio-based succinic acid production costs may be higher than traditional methods, posing challenges in price-sensitive markets.
Infrastructure Limitations: Limited infrastructure for large-scale production can hinder the ability to meet high-volume industrial demands.
Market Competition: Conventional succinic acid remains a strong competitor, especially in applications where cost considerations outweigh sustainability benefits.
Despite these challenges, opportunities abound:
Integration in Biodegradable Plastics: The rising demand for biodegradable plastics presents avenues for incorporating bio-succinic acid into sustainable polymer production.
Expansion in Pharmaceutical Applications: The pharmaceutical industry offers potential for bio-succinic acid in various drug formulations, contributing to market growth.
Research Collaborations: Partnerships focused on novel applications of bio-succinic acid can lead to diversified product offerings and expanded market reach.
In conclusion, the European bio-based succinic acid market is poised for substantial growth, driven by environmental initiatives, technological advancements, and a shift towards sustainable industrial practices. While challenges like cost competitiveness and infrastructure limitations exist, the market offers significant opportunities for integration into various applications, aligning with global sustainability goals.
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BASF
DowDuPont
Koninklijke DSM
Mitsui Chemicals
BioAmber
Corbion
Myriant
Roquette
Lixing Chemical
Anqing Hexing Chemical
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe Bio-Based Succinic Acid Market
Food and Beverages
Pharmaceutical Industry
Biodegradable Plastics
Cosmetics and Personal Care Products
Chemicals and Adhesives
Automotive
Industrial Equipment
Electronics and Electrical
Textiles
Agriculture and Fertilizers
Bio-Based Succinic Acid Powder
Liquid Type Bio-Based Succinic Acid
Bio-Based Succinic Acid Blends
Corn-based Succinic Acid
Sugarcane-based Succinic Acid
Sugar Beet-based Succinic Acid
Cellulose-based Succinic Acid
Fermentation-based Production
Chemical Synthesis
Catalytic Transformation
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Europe Bio-Based Succinic Acid Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe Bio-Based Succinic Acid Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe Bio-Based Succinic Acid Market, By Type
6. Europe Bio-Based Succinic Acid Market, By Application
7. Europe Bio-Based Succinic Acid Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Europe Bio-Based Succinic Acid Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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