Bio-succinic Acid Market to have an impressive CAGR of 45.6%
Portland, OR (PRWEB UK) 22 May 2014 -- Big Market Research gets its latest report that is published by AMR titled "Bio-succinic Acid Market - Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 - 2020." This report would help the bio succinic market participants in analyzing future trends and prove to be advantageous for developing strategies.
This well analyzed report by AMR, projects the global bio succinic acid market to stand at $1.1 billion by 2020, registering a CAGR of 45.6% during 2013 - 2020. Report reveals that in the year 2013, this market was valued at$115.2 million. Factors that should be credited for the growth of this bio succinic acid market are rise in demand for bio succinic acid, rising prices of crude oil, newer industrial application such as 4-Butanediol (BDO), PBS, polyester polyols (polyurethane), and plasticizers
To view the complete report, visit the website at http://www.bigmarketresearch.com/bio-succinic-acid-market.
Succinic acid is widely used as an intermediate chemical for a wide range of applications such as industrial, food, cosmetics, and pharmaceuticals. Common source of succinic acid at industrial level was fossil fuel until lately. However, petroleum based succinic acid shows considerable carbon footprint during manufacturing process. By developing bio-based succinic acid from agricultural feedstock, carbon footprints can be reduced to a large extent.
"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," state Allied Market Research analysts.
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"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," add analysts. Moreover, stable feedstock prices would lead to steady adoption of bio-succinic acid.
Bio-succinic acid finds wide application in the field of non-industrial applications such as food, pharmaceuticals and cosmetics. In terms of revenue and volume, BDO remains as an important application segment under bio-succinic acid market. Also, greater use of bio succinic acid over maleic anhydride would boost this market. However, the report identifies alkyd resins application segment to grow fastest with a CAGR of 93.6% during 2013-2020.
According to this report, Europe is and would generate highest revenue by 2020. This is due to the strict regulatory imposition on the use of certain hazardous chemicals, which pose as a threat to environment and human life. Hence, to fulfill the requirements, companies are shifting to greener alternatives (bio-succinic acid). Asia Pacific would grow fastest to achieve a CAGR of 49.5% during the forecast period.
The report has profiled some of the key players of the market such as BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi, BASF, RoquetteFreres S.A., Purac and Reverdia.
Segments covered in the report:
BY APPLICATION
Industrial Application
1, 4-Butanediol (BDO)
Polyester Polyols
PBS
Plasticizers
Solvents & lubricants
Alkyd Resins
Resins, coatings, pigments
De-icer solutions
Food Application
Pharma Application
Cosmetics Application
Others
BY GEOGRAPHY
North America
Europe
Asia Pacific
RoW
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