Global Bio-Succinic acid expected to reach $1.1 billion by 2020
Portland, Oregon (PRWEB UK) 21 May 2014 -- Research Beam publishes a report titled "Bio-succinic Acid Market - Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 - 2020".
To get full report visit at http://www.researchbeam.com/bio-succinic-acid-market.
The report expects global bio-succinic market to reach $1.1 billion by 2020. Further, in terms of volume, it is expected to grow with a CAGR of 45.6%. One major factor that is working positively for the growth of Bio-succinic acid market is the propelled demand for bio-based chemicals. Further, factors such as rising crude oil prices, adoption in newer industrial applications, namely 1,4-Butanediol (BDO), PBS, polyester polyols (polyurethane), and plasticizers would also boost the market growth.
Succinic acid finds wide application as an intermediate in sectors such as industrial, food, cosmetics, and pharmaceuticals. Succinic acid derived from livestock shows larger amount of carbon footprint. However, procuring succinic acid from livestock would efficiently address the concern of carbon footprint.
"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.
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At present, Bio-succinic acid finds application in sectors such as pharmaceuticals, cosmetics and food. However, the report states that BDO would remain the highest application segment of bio-succinic acid market in terms of both volume and revenue. This is largely due to use of BDO as an intermediate chemical for THF (tetrahydrofuran), PBT (polybutylene terephtalate), and polyurethanes.
Due to stringent policies and laws, report forecasts Europe to be the maximum revenue generator during the forecast period. Asia Pacific is projected to have a CAGR of 49.5% during the estimated period.
The report gives complete view on major firms that dominate the market. They are listed below:
BioAmber
Myraint
DSM
Mitsui & Co
Mitsubishi
BASF
RoquetteFreresS.A
Purac
Reverdia
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