Bio-succinic Acid Industry Overview
The global bio-succinic acid market size was valued at USD 110.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.6% from 2022 to 2030.
The demand for bio-succinic acid is anticipated to be driven by increased demand for bio-based products as they are harmless to humans and the environment. The market for bio-succinic acid is highly competitive due to the presence of a number of multinationals that are engaged in various production, research, and development activities constantly. The market has a variety of products that are in demand and their demand is expected to grow exponentially. Various competitive strategies are likely to increase the competitive rivalry in the future as well.
Gather more insights about the market drivers, restrains and growth of the Global Bio-succinic Acid Market
Succinic acid is a natural acid type, which is used in food, skincare, and pharma products. The usage of this product is not limited only to products, but also to the human body as it is used in various chemical processes. The acid is helpful to reduce joint pain and arthritis pain by applying it to the skin. It reduces the signs of aging and is very helpful in reducing any scars on the skin.
The increasing concerns over the usage of chemicals that are harmful to the human body as well as the environment in various industries have led to finding substitutes for the same. The production of succinic acid involves the application of many other chemicals. As a result, it has a negative effect on the surroundings and the environment at large. This led to the rise in demand for substitutes for the acid. One such substitute is bio-succinic acid.
The production of bio-succinic acid helps in reducing climate change. The acid which replaces the use of petrochemicals ensures a clean environment through the usage of waste streams. Bio-succinic acid is looked upon as a perfect substitute for many chemicals that may damage the environment.
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Key Companies profiled:
Some prominent players in the global bio-succinic acid market include
- BASF SE
- Roquette Freres
- Myriant Corporation
- Kawasaki Kasei Chemicals
- Mitsui & Co., Ltd.
- Mitsubishi Chemical Corporation
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