According to a report from Grand View Research, the global market for bio-succinic acid is expected to reach $992.9 million by 2020, growing at a CAGR of 23.3 percent from 2014 to 2020. The recognition of succinic acid, as a potential platform chemical by the U.S. Department of Energy, has resulted in significant opportunities in replacement applications, particularly in maleic anhydride and adipic acid, for bulk volume industrial applications such as bioplastics, polyurethanes and engineering plastics.
BDO was the largest application market for bio-succinic acid, with estimated volume of 19,877.5 tons in 2013, expected to grow at an estimated CAGR of 38.3 percent from 2014 to 2020. Cost-effective bio-succinic acid would result in the substitution of maleic anhydride for the manufacturing of BDO and downstream derivatives such as GBL and PBT, which are extensively used in the engineering plastics industry. Polybutylene succinate (PBS) is expected to be the fastest growing application, at an estimated CAGR of 38.9 percent from 2014 to 2020, on account of increasing bioplastics demand, particularly in Europe and North America.
Global Demand for Bio-succinic Acid to Reach 593,400 Tons by 2020
Published March 31, 2014
Related Breaking News
Related Paint & Coatings Manufacturer News