The potential for bio-succinic acid market is in the replacement of existing succinic acid and adoption in newer industrial application areas, namely, 1,4-butanediol (BDO), PBS, polyesterpolyols (polyurethane), alkyd resins and plasticizers.
Portland, Oregon (PRWEB UK) 20 May 2014
Allied Market Research publishes a latest report titled "Bio-succinic Acid Market - Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 – 2020."
To view full report visit at http://www.alliedmarketresearch.com/bio-succinic-acid-market.
The report forecasts the global bio-succinic acid market to reach a figure of $1.1 billion by 2020. In terms of volume, it is expected to register a CAGR of 45.6% from 2013-2020. Rising demand of bio-based chemicals is driving the market growth. Additionally, rising crude oil prices, adoption in newer industrial applications, namely 1,4-Butanediol (BDO), PBS, polyester polyols (polyurethane), and plasticizers would propel the growth of bio-succinic acid market.
Succinic acid is used as an intermediate chemical for a wide range of applications such as industrial, food, cosmetics, and pharmaceuticals. Until now, common source of succinic acid at industrial level was fossil fuel. However, due to significant amount of carbon footprint displayed by petroleum based acid, demand to procure succinic acid from livestock is rising.
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"The potential for bio-succinic acid market is in the replacement of existing succinic acid and adoption in newer industrial application areas, namely, 1,4-butanediol (BDO), PBS, polyesterpolyols (polyurethane), alkyd resins and plasticizers. These factors together will provide faster growth thrust to the market," states Allied Market Research analyst Sarah Clark. "Presently, price of bio-succinic acid may hinder market growth as it costs higher than petroleum based succinic acid. However, mass production and improvement in production techniques will quickly address the cost viability issue of the bio-succinic acid market," adds Ms. Clark. Moreover, lower volatility of feedstock prices will add to its stable adoption in various application segments.
In terms of non-industrial applications, report segments the bio-succinic acid market into food, pharmaceuticals and cosmetics. However, BDO leads in terms of revenue and volume under application segment. This can be credited to the higher application of BDO as an intermediate chemical in production of THF (tetrahydrofuran), PBT (polybutylene terephtalate), and polyurethanes. Further, the amount of volume consumed in comparison to maleic anhydride would also work positively for the growth of bio-succinic acid market.
In terms of Geographical analysis, report predicts that Europe would generate maximum revenue until 2020 due to stringent regulations regarding the use of harmful chemicals. Asia Pacific would be the fastest growing market with a CAGR of 49.5% during the analysis period.
The report provides comprehensive view on significant companies that dominate the market. They are listed below.
Mitsui & Co
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