Succinic Acid Market to Reach USD 358.6 Million by 2032

According to analysts at Vantage Market Research, the Global Succinic Acid Market size is worth USD 190.2 Million in 2023 and is projected to achieve USD 358.6 Million by 2032, growing at a CAGR (Compound Annual Growth Rate) of 7.3% from 2024 to 2032. The Succinic Market is experiencing rapid growth driven by increasing demand in various end-use industries, such as pharmaceuticals, agriculture, and personal care.

Industry Overview

The market for succinic acid is expanding due to its growing use in the pharmaceutical sector and its function in building and infrastructure projects. Succinic acid is derived from both petroleum and bio-based sources. Additionally, the growing preference for succinic acid over butane-based maleic anhydride in the production of chemicals—including succinic anhydride, plastics, diethylmaleate, polymers, fumaric acid, and glyoxylic acid—traditionally made from butane, is expected to positively impact market expansion.

Europe led the market with market share of 36.2% due to well-established pharmaceutical and chemical industries, along with substantial investments in green technologies. The strong market presence in Europe is also supported by the concentration of major bio-based succinic acid producers and the region's robust research and development capabilities. Succinic acid is well-known for being a crucial component in the production of more than 30 industrial and commercial products, but in order to comply with regulations, greener substitutes like bio-succinic acid are gradually replacing the place of succinic acid. 

Key Takeaway from the Report

• By Type, Petro-based dominated the market in 2023 with market share of 52.2% because of its established production processes and lower cost compared to bio-based alternatives
• Among various End Use Industry, Industrial segment accounted for the largest market share of 40.1% in the market for 2023 owing to its extensive application in the production of various chemicals and materials
• In 2023, Europe led the market, capturing 36.2% market share due to its advanced industrial infrastructure, strong focus on sustainability, and rigorous environmental regulations promoting the use of bio-based chemicals
• The Asia Pacific region is expected to grow at significant CAGR projected throughout the forecast period

Top Companies

• BioAmber Inc.
• Succinity GmbH (a subsidiary of BASF SE)
• Anhui Sunsing Chemicals Co., Ltd.
• Reverdia (a joint venture between DSM and Roquette Frères)
• Nippon Shokubai Co., Ltd.
• Mitsubishi Chemical Corporation
• Thyssenkrupp AG
• Merck KGaA
• R-Biopharm AG

Latest News

Technip Energies Acquires Biosuccinium Technology from DSM to Enhance Sustainable Chemical Portfolio 

• August 2022: Technip Energies has expanded its portfolio of sustainable chemicals by acquiring Biosuccinium technology from DSM. This newly acquired method, commercially referenced, enables the production of bio-based succinic acid (bio-SAc), which serves as a feedstock for manufacturing polybutylene succinate

Beauty Brand BYOMA Launches New Body Line Featuring Nine Innovative Products

• March 2024: The popular beauty brand BYOMA has expanded its product lineup with the introduction of the new BYOMA Body line. This collection includes nine new offerings: Nourishing Body Oil, Smoothing Body Serum, Smoothing Body Polish, Brightening Body Wash, Brightening Body Lotion, Hydrating Body Wash, Hydrating Body Lotion, and Sensitive Skin Body Wash

Researchers Develop Crosslinked Succinic Acid-Based Non-Isocyanate Polyurethanes for Enhanced Corrosion-Resistant Coatings

• 2023: Researchers have developed crosslinked succinic acid-based non-isocyanate polyurethanes (NIPUs) for use in corrosion-resistant protective coatings. They discovered that formulating solvent-based, cross-linkable NIPU coatings with non-toxic solvents such as diethylene glycol diethyl ether significantly improves the water resistance of the coatings