Bio Succinic Acid Market Top Industry Trends: Forecasts and Strategies for 2024-2030
Bio Succinic Acid Industry Trend
Rise in carbon footprints, and more usage of locally available raw materials drive the growth of the global bio succinic acid market.
WILMINGTON, DELAWARE, UNITED STATES, July 17, 2024 /EINPresswire.com/ -- The global Bio Succinic Acid market, valued at $126.80 million in 2020, is projected to reach $235.02 million by 2030, growing at a CAGR of 6.41% from 2021 to 2030.
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Prime Determinants of Growth:
Drivers:
- Volatility in fossil fuel prices
- Rise in carbon footprints
- Increased usage of locally available raw materials
Restraints:
- High price of bio succinic acid
- Lengthy extraction processes
Opportunities:
- Increased adoption in bio-plastics and other applications
Market Segmentation:
By End Use:
Industrial Segment:
- Held the highest market share in 2020 (>40%)
- Key driver: Demand for polyurethane, tetrahydrofuran, polybutylene
Cosmetics Segment:
- Projected to have the highest CAGR of 7.5% (2021-2030)
- Driver: Increased demand for organic products
Regional Insights:
Asia-Pacific:
- Dominated the market in 2020 (nearly 40% share)
- Fastest CAGR of 6.8% during the forecast period
- Growth drivers: Eco-friendly nature and rise in allergic reactions to synthetic dyes
Other Regions Analyzed:
- North America
- Europe
- LAMEA
Leading Market Players:
- BASF SE
- Bio Amber
- DSM
- Kawasaki Kasei Chemicals
- Mitsubishi Chemical Holdings
- Mitsui Chemicals
- Myriant
- Purac
- Reverdia
- Roquette Freres S.A.
This report provides a comprehensive analysis of the bio succinic acid market, offering valuable insights into key growth drivers, market segmentation, regional analysis, and the competitive landscape.
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