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Bio-based Succinic Acid Industry Analysis and Future Growth, Size, Share By 2026
Posted: Jan 23, 2018
Players in the global bio-based succinic acid market are finding more and more interest for products derived from bio-based succinic acid, as its supply reliability is becoming apparent owing to impending production facility erections. A few companies have started seeking novel ways for bio-based succinic acid’s industrial mass production. For example, a technical breakthrough has been introduced, wherein bio-based succinic acid is produced through low pH yeast fermentation process with subsequent downstream processing by direct crystallization. This process is expected to considerably improve the environment footprint and economics of bio-based succinic acid’s production.
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Key market players characterized by TMR’s report include BASF SE, BioAmber Inc., Myriant Corporation, Koninklijke DSM N.V, Corbion N.V, and Roquette Frères S.A.
Global market for bio-based succinic acid has been projected by Transparency Market Research’s new report to showcase a spectacular rise at nearly 20% CAGR during the forecast period (2017-2026). Over US$ 900 Mn revenues will be collected from global sales of bio-based succinic acid by 2026-end.
Modern Biotechnology improving Economics for Bio-based Succinic Acid in Bulk Applications
Bio-based succinic acid has gained immense traction as a replacement for petroleum-based succinic acid on the back of its reduced carbon footprints and environmental benefits. Increasing concentrations in atmospheric greenhouse gases (GHG), surging volatility in oil prices and its supply security, and the necessity to construct a sustainable global economy are altogether likely to lead the transition from current world’s fossil-fuel-based economy to a bio-based economy. Development of cost-effective and highly efficient bio-refineries is a prerequisite for realizing the aim of a bio-based economy. Bio-based product manufacturers have so far tapped into specialty or high-value chemicals market, however modern biotechnology is enabling improvements in economics for bio-based building blocks such as bio-based succinic acid in bulk applications.
Already sought-after in high-value applications, bio-based succinic acid is now gaining huge momentum as a key building block of commodity chemicals. There is immense potential for use of bio-based succinic acid in biotechnological production, along with several applications and derivatives that are currently supported by petrochemicals. Bio-based succinic acid is also capable of being used as a feedstock in production of biodegradable products. In addition, opportunities lie for bio-based succinic acid’s adoption for applications in detergents, pigments, surfactants, and resins. However, high initial capital investments and processing cost remain major challenges in the market. In addition, bio-based succinic acid production has lower yield, along with several byproducts that require expensive separation procedures.
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Key Research Findings from TMR’s Report on Bio-based Succinic Acid Market
1,4 Butanediol will remain the most remunerative application of bio-based succinic acid, with sales projected to account for over two-fifth revenue share of the market by 2026-end. However, bio-based succinic acid will witness the fastest sales expansion for application in production of solvents & coatings, followed by polyester polyols.
Personal care is expected to be the fastest expanding end-user of bio-based succinic acid, while chemical industry will remain the most lucrative end-user of bio-based succinic acid throughout the forecast period. In addition, food industry will continue to be the second largest end-user of bio-based succinic acid.
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