Bio Succinic Acid Market Opportunity and Growth

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.

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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...