Global Succinic Acid Consumption Had Increased From 28495 Ton In 2013 To 50276 Ton In 2017
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Succinic acid is an important raw material used in PBS/PBST, resins, coatings & pigments, food & beverage, pharmaceuticals and polyester polyols etc. During all those fields, resins, coatings & pigments are the largest application. In 2017, global succinic acid consumed in resins, coatings & pigments was 23570 ton.
Currently, there are two kinds of succinic acid including bio-based and petro-based.
Large-scale bio-based succinic acid was first produced in Cassano Spinola, Italy, operated by Reverdia, the joint venture between DSM and Roquette Freres. The facility, which uses a yeast-based fermentation process, has a 10,000 tonnes/year capacity producing a plant-based succinic acid marketed under the brand Biosuccinium. From then on, most suppliers have started bio-based succinic acid production. Currently, global major bio-based succinic acid suppliers include BioAmber, GC Innovation America, Reverdia and Succinity GmbH.
Though bio-based succinic acid becomes a popular environmental product, there are still few petro-based succinic acid suppliers, such as Mitsubishi Chemical, Kawasaki Kasei Chemicals, Nippon Shokubai, Feiyang Chemical, Sunsing Chemicals and Jinbaoyu Technology.
Currently, petro-based succinic acid production is less than that of bio-based succinic acid. According to our research, production of petro-based succinic acid and bio-based succinic acid were separately 22068 MT and 28208 MT in 2017. We predict that bio-based succinic acid have great market potential.
Regionally, global major succinic acid consumption regions are Europe, North America, and Asia-Pacific. In 2017, Asia-Pacific is the largest consumption region with consumption of 23186 MT.
During past five years, global succinic acid consumption had increased from 28495 ton in 2013 to 50276 ton in 2017, with a CAGR of 15.25%. In the future, we predict that global consumption will be 97099 ton by 2024.