Bio-Succinic Acid Market to Reach $1.1 bn
The global bio-succinic acid market volume is expected to grow at an annual rate of 45.6 percent between 2013 and 2020. Market revenue was estimated to be $115.2 million in 2013 and is expected to grow to $1.1 billion by 2020, according to “Bio-succinic Acid Market – Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 – 2020.”
Allied Market Research has released the study, which says the increase in demand for bio-based chemicals is the major driver for this market. In addition, rising crude oil prices, adoption in newer industrial applications namely, 1,4-Butanediol (BDO), PBS, polyester polyols (polyurethane), and plasticizers will enable faster growth of the market.
Succinic acid is used as an intermediate chemical in industrial, food, cosmetics, and pharmaceuticals applications. The common source of succinic acid at industrial level was fossil fuel. However, petroleum based succinic acid shows a significant carbon footprint during manufacturing.
Bio-succinic acid is currently being adopted the most in non-industrial applications such as food, pharmaceuticals and cosmetics.
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