- Bio-succinic acidstands obtained from the tissues of animals and plants. It serves as a replacement for petroleum based succinic acid. Bio-succinic acid also acts as an alternative to maleic anhydride which is utilized in the generation of chemical commodities. Some of the common sectors across which bio-succinic acid finds use are resins, bio-plastics, coatings, surfactants, pharmaceuticals, bio-polymers, etc.
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The United States Energy Department deems succinic acid as one of the twelve topmostchemical building blocks. Succinic acid faces escalating demand across its application and consumer sectors. Conversely, the utilization of petroleum based succinic acid as a subsidiary in producing different chemicals is restricted. This is owing to price volatility of petroleum based succinic acid. Such an apprehension causesthe detection of biologically produced succinic acid. The worldwide bio-succinic acid market stays projected to grow considerably in the seven years ahead.
The prime drivers of the bio-succinic acid market include volatility in the costs of fossil fuels, boost in carbon footprints and rising inclination towards locally accessible unprocessed materials. Moreover, amplifying demand for green chemicals would stimulate the utilization of bio-succinic acid across different application sectors. Bio-succinic acid remains being utilized mainly as a substitute to petrol based succinic acid in some applications. These applications are inclusive of de-icer solutions, solvents and lubricants, food, plasticizers, cosmetics, etc.
Intensified demand for bio-succinic acid in the aforementioned applications is also likely to fuel the demand for the bio-succinic acid market.Moreover, the higher costs of crude oil, augmentation inspendings for green chemicals, magnified demand for renewable chemicals and boosting support by the government are predicted to drive the sales of the bio-succinic acid market through the forecast phase. Conversely, higher costs and prolongedextraction procedures of bio-succinic acidare likely to limit the development of the market over the coming years.
The utilization of hereditarily engineered bacterial stains for the manufacture of bio-succinic acid is deemed a fiscally striking and bio-friendly option in comparison to petrochemicals. The bio-succinic acid market is anticipated to rise at a decentCAGR during 2012 to 2018.Boosting demand for biodegradable plastics is also estimated to propel the market forward. The rising requirement for green alternatives, substitution of butane based maleic anhydride and enhancement in the procedures of bio-refining serve as future prospects for the bio-succinic acid market.
The worldwide market is fragmented into two categories. These include applications and geographical regions.
The bio-succinic acid market, in view of applications, is segmented intopolyester polyols, BDO, PBS/PBST, alkyd resins and plasticizers. Other applications, like food preservatives, individual care, pharmaceutical and solvent also exist. BDO was the biggest application in 2013. It occupied more than 35 percent of the global consumption. Polyester polyols were the second biggest bio-succinic acid market application that year.
The geographical regions are Europe, rest of the world, North America and Asia Pacific. Europe was the biggest bio-succinic acid market in 2013. The region captured nearly 50 percent share. Asia Pacific was the second biggest market. It captured nearly 30 percent of the worldwide consumption. This region is predicted to experience the swiftest bio-succinic acid market developmentduring 2014 to 2020.
Information Source: Grand View Research
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