Market Challenges And Opportunities

Succinic Acid Market Outlook – Increasing Pharmaceutical Applications to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the anticipated growth in pharmaceutical industry, especially in developing countries such as China and India. According to IBEF, US$ 55 billion will be generated by the Indian pharmaceutical industry by 2026. In addition to this the growing medical tourism in India has boosted the growth of succinic acid market in the region. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Various applications of succinic acid in pharmaceutical, inks and dyes are fueling the growth of succinic acid market, especially in Asia Pacific and Middle East regions. Development of bio-based succinic acid for various applications is a key strategy adopted by the major players in the succinic acid market. BioAmber, a leading manufacturer of succinic acid which has application in the production of industrial lubricants, paints and coatings, cosmetics and personal care products, sealants, adhesives, artificial leathers, food and flavor additives, biodegradable plastics, nylons, dyes & pigments, phthalate-free plasticizers and pharmaceutical compounds. Some of the major companies operating in the global succinic acid market include Mitsubishi Chemical Holdings, Kawasaki Kasei Chemicals Ltd., BioAmber, Myriant , Reverdia (Netherlands), Succinity, Nippon Shokubai, , Linyi Lixing Chemical Co., Ltd, , Anhui Sunsing Chemicals, and Gadiv Petrochemical Industries Ltd.