Succinic Acid Market

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• The Global Succinic Acid Market presently holds a
  valuation of 160.8 million and is projected to
  reach 301.4 million by the conclusion of 2032.
  Anticipated data reveals that the consumption of
  succinic acid is set to grow at a Compound Annual
  Growth Rate (CAGR) of 6.5 from 2022 to 2032.
• The heightened utilization of polyurethane and
  tetrahydrofuran is poised to act as a catalyst
  for succinic acid sales within the industrial
  sector. According to a recent analysis conducted
  by Fact.MR, the succinic acid market is
  primarily expected to experience significant
  growth due to the rising demand for succinic
  acid in the pharmaceutical and personal care
  industries.
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• In a world increasingly concerned about
  environmental sustainability, the global market
  for succinic acid is experiencing an
  unprecedented surge in demand. This biodegradable
  and renewable chemical compound is at the
  forefront of the green revolution, making
  significant inroads across various industries.
• The Rise of Sustainable Chemicals
• The shift towards sustainability is no longer a
  mere trend but a critical imperative for
  industries worldwide. Sustainable chemical
  alternatives have gained prominence as companies
  seek ways to reduce their environmental
  footprint. Succinic acid, also known as amber
  acid, is emerging as a star player in this
  transformative movement.
• Succinic acid, with its eco-friendly properties,
  is perfectly aligned with the principles of a
  circular economy. It is produced through
  microbial fermentation of renewable feedstock
  sources such as corn, wheat, and sugarcane. This
  contrasts sharply with conventional
  petrochemical-based acids, which contribute
  significantly to greenhouse gas emissions and
  deplete fossil fuel reserves.
• Applications Across Diverse Industries
• One of the key drivers behind the surge in
  succinic acid demand is its versatility. It finds
  applications in various sectors, including
• Biodegradable Plastics Succinic acid is a
  fundamental building block for the production of
  biodegradable polymers like polybutylene
  succinate (PBS) and polyethylene succinate (PES).
  These plastics offer an environmentally friendly
  alternative to conventional plastics that persist
  in the environment for centuries.

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• Agriculture In agriculture, succinic acid is
  used to improve nutrient absorption in plants,
  promoting healthier crop growth while reducing
  the need for chemical fertilizers.
• Competitive Landscape
• Major succinic acid manufacturers are actively
  pursuing strategies such as mergers,
  acquisitions, collaborations, and partnerships
  to broaden their global business footprint.
• Succinic acid suppliers are also channeling
  investments into the expansion of their
  production facilities to boost capacity and meet
  the surging demand across various industry
  sectors.
• In August 2021, LCY Biosciences, a prominent
  player in the succinic acid production industry,
  announced the production of 18 KT of bio-based
  succinic acid at their facility in Sarnia,
  Ontario, Canada. It's worth noting that this
  plant was formerly under the ownership of
  BioAmber and produced 8 KT at the time.
• Key Segments Covered in Succinic Acid Industry
  Research
• By Type
• Petro-based Succinic Acid
• Bio-based Succinic Acid
• By End Use
• Industrial Sector
• Coatings
• Food Beverages

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