The global market for
bio-succinic acid is expected to reach USD 992.9 million by 2020, growing at a
CAGR of 23.3% from 2014 to 2020. The recognition of succinic acid, as a
potential platform chemical by the U.S. Department of Energy, has resulted in
significant opportunities in replacement applications, particularly in maleic
anhydride and adipic acid, for bulk volume industrial applications such as
bioplastics, polyurethanes and engineering plastics.
BDO was the largest application
market for bio-succinic acid, with estimated volume of 19,877.5 tons in 2013,
expected to grow at an estimated CAGR of 38.3% from 2014 to 2020.
Cost-effective bio-succinic acid would result in the substitution of maleic
anhydride for the manufacturing of BDO and downstream derivatives such as GBL
and PBT, which are extensively used in the engineering plastics industry. Polybutylene
succinate (PBS) is expected to be the fastest growing application, at an
estimated CAGR of 38.9% from 2014 to 2020, on account of increasing bioplastics
demand, particularly in Europe and North America.
Request to Sample of This Report @ http://www.grandviewresearch.com/industry-analysis/bio-succinic-acid-market
Further Key findings from the study suggest:
- The global demand for bio-succinic acid was 51,000 tons in 2013 and is expected to increase to 593,400 tons by 2020, growing at a CAGR of 32.2% from 2014 to 2020.
- Polyester Polyols was the second largest application market for bio-succinic acid, and accounted for 10.67% of global demand in 2013. The use of polyester polyols in the manufacturing of polyurethanes coupled with the growing demand for polyurethanes for downstream application industry is expected to be a major driver for bio-succinic acid market.
- Bio-succinic acid can be used as a replacement to various phthalate-based plasticizers, which is expected to unlock significant potential over the forecast period. The European Union has banned the use of certain phthalate plasticizers in production of PVC, spurring a race for the development of alternates to phthalate plasticizers. The plasticizers market is the largest addressable market for bio-succinic acid, being a potential replacement to phthalic anhydride and adipic acid in plasticizer manufacturing.
- Europe was the largest market for bio-succinic acid in 2013, accounting for 49% of the global consumption. The region has witnessed increased preference towards the use of bio-based materials which is expected to be a key driver for the growth of bio-succinic acid market.
- Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 33.9% from 2014 to 2020. The growing application industry in countries such as India and China is expected to be the key consumer of bio-succinic acid over the next six years. In addition, the high cost of petroleum based products is a major factor contributing to development of bio-based products in the region.
- The market was highly consolidated in 2013 with only four companies manufacturing bio-succinic acid on a commercial scale. BioAmber, Reverdia, Myriant and Succinity were commercial manufacturers of bio-succinic acid in 2013 with Succinity being the largest in terms of installed capacity.
For the purpose of this study, Grand View Research has
segmented the global bio-succinic acid market on the basis of application and
region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For More Information,
Visit Grand
View Research
Contact:
Sherry James
Corporate Sales Specialist, U.S.A.
Grand View Research, Inc.
United States
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Blog Site: http://www.grandviewresearchinc.blogspot.in/
No comments :
Post a Comment