“According to a new report published by Introspective Market Research, Succinic Acid Market by Source, Application, and End-Use Industry, The Global Succinic Acid Market Size Was Valued at USD 182.94 Million in 2023 and is Projected to Reach USD 333.51 Million by 2032, Growing at a CAGR of 6.9% from 2024 to 2032.”

Succinic acid is a versatile organic acid widely used as a chemical intermediate in various industrial and commercial applications. It is utilized in the production of solvents, plasticizers, polyurethanes, resins, coatings, food additives, and pharmaceuticals. Traditionally derived from petrochemical sources, succinic acid is increasingly being produced through bio-based fermentation processes, offering sustainability and reduced environmental impact.

The growing emphasis on green chemistry and renewable raw materials has significantly increased the demand for bio-based succinic acid. Compared to conventional petrochemical alternatives, bio-based succinic acid offers lower carbon emissions, biodegradability, and cost-efficiency in long-term production. These advantages make it a preferred choice across multiple industries, including food & beverage, pharmaceuticals, personal care, and industrial manufacturing.

Furthermore, rapid industrialization, expansion of the chemical sector, and rising adoption of eco-friendly materials are supporting market growth. Technological advancements in fermentation processes and increasing investments in sustainable chemical production are expected to further strengthen the global succinic acid market during the forecast period.

Market Segmentation

The Succinic Acid Market is segmented into Source, Application, and End-Use Industry.
By Source, the market is categorized into Bio-based and Petro-based.
By Application, the market is categorized into Chemical Intermediates, Solvents & Lubricants, Food Additives, Pharmaceuticals, and Others.
By End-Use Industry, the market is categorized into Food & Beverage, Pharmaceuticals, Chemical Industry, Personal Care, and Others

Growth Driver

The primary growth driver of the succinic acid market is the increasing demand for bio-based and sustainable chemicals across industries. Governments and regulatory bodies worldwide are promoting the adoption of eco-friendly chemical alternatives to reduce carbon emissions and dependence on fossil fuels. Bio-based succinic acid aligns with these sustainability goals and is increasingly replacing petrochemical-derived acids in industrial applications. Additionally, rising awareness among manufacturers regarding environmental responsibility and cost-effective production methods is further driving the demand for succinic acid globally.

Market Opportunity

A significant market opportunity lies in the expanding applications of succinic acid in biodegradable plastics and biopolymers. With the rising demand for sustainable packaging solutions and eco-friendly materials, succinic acid is gaining traction as a key raw material in bio-based polymers and resins. Emerging economies are also witnessing increased industrial production and infrastructure development, creating new avenues for succinic acid consumption. Continuous R&D activities aimed at improving fermentation efficiency and reducing production costs are expected to unlock substantial growth opportunities in the coming years.

Detailed Segmentation

Succinic Acid Market, Segmentation

The Succinic Acid Market is segmented on the basis of Source, Application, and End-Use Industry.

Source

The Source segment is further classified into Bio-based and Petro-based. Among these, the Bio-based sub-segment accounted for the highest market share in 2023. Bio-based succinic acid is increasingly preferred due to its lower environmental impact, renewable feedstock usage, and compliance with global sustainability standards. Growing investments in biotechnology and fermentation processes have enhanced production efficiency, making bio-based succinic acid commercially viable and attractive for multiple industrial applications.

Application

The Application segment is further classified into Chemical Intermediates, Solvents & Lubricants, Food Additives, and Pharmaceuticals. Among these, the Chemical Intermediates sub-segment accounted for the highest market share in 2023. Succinic acid is extensively used as a building block in the production of resins, polyurethanes, plasticizers, and coatings. The rising demand from the chemical manufacturing sector and expanding industrial applications continue to drive the dominance of this segment.

Some of The Leading/Active Market Players Are

• BASF SE (Germany)
• DSM (Netherlands)
• Roquette Frères (France)
• Mitsui & Co., Ltd. (Japan)
• BioAmber Inc. (Canada)
• Myriant Corporation (USA)
• Kawasaki Kasei Chemicals Ltd. (Japan)
• Lanxess AG (Germany)
• Mitsubishi Chemical Corporation (Japan)
• Corbion N.V. (Netherlands)
• Polynt Group (Italy)
• Anhui Sunsing Chemicals Co., Ltd. (China)
• Spectrum Chemical Manufacturing Corp. (USA)
• Tokyo Chemical Industry Co., Ltd. (Japan)
and other active players.

Key Industry Developments

In March 2024, several chemical manufacturers announced capacity expansions for bio-based succinic acid production to meet rising global demand.
These expansions focus on improving fermentation technologies and scaling up sustainable chemical manufacturing, enabling companies to strengthen their market presence and reduce production costs.

In September 2023, leading players invested in R&D collaborations aimed at enhancing the efficiency of bio-based succinic acid synthesis.
These initiatives are expected to improve yield rates, reduce raw material dependency, and accelerate commercialization across pharmaceutical and industrial applications.

Key Findings of the Study

• Bio-based succinic acid dominates the market due to sustainability benefits
• Chemical intermediates remain the leading application segment
• Asia-Pacific holds a significant market share driven by industrial growth
• Rising demand for eco-friendly chemicals is a key growth driver
• Technological advancements continue to shape market trends

More Info:- https://introspectivemarketresearch.com/reports/succinic-acid-market/

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