Global Succinic Acid Market: Overview
- Succinic acid is widely used in various industries such as pharmaceuticals, chemical, and food. Currently, major proportion of succinic acid is derived from petroleum feedstock. A small amount of succinic acid is produced through the fermentation process. N-butane is one of the key raw materials used in the production of succinic acid.
- High cost of production associated with the petroleum-based process is the major challenge facing the succinic acid market. However, the cost of production is expected to decline with the advent of bio-derived succinic acid. This is expected to propel the demand for succinic acid across the globe. Bio-based succinic acid is gaining popularity due to high degree of government intervention to reduce industrial waste and air pollutants.
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- Conventional succinic acid is dependent on petroleum resources for its production; therefore, it is highly affected by petroleum prices. Bio-derived succinic acid also needs to be developed at a low cost. Furthermore, it needs to adhere to improved fermentation processes to compete with its substitutes.
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Rise in Demand for Plasticizers and Polyurethanes Drives Succinic Acid Market
- Rise in demand for Polyurethanes on a global scale is expected to positively impact the demand for succinic acid in the near future. Elastomers, sealants, coatings, and adhesives are major applications driving the demand for polyurethanes. Increase in demand for flexible and rigid Polyurethanes is a prominent factor boosting the demand for polyurethanes.
- Increase in the demand for plasticizers is expected to propel the global demand for succinic acid. Plasticizers are primarily employed as additives in the production of polyvinyl chloride (PVC). PVC is used in various industries. This is driving the plasticizers market. Plasticizers are used for the production of PVC pipes, polyvinyl butyral (PVB), and other products due to its low viscosity and low volatility.
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Regulatory and Environmental Constraints Related to Succinic Acid May Hamper Overall Demand
- Succinic acid is used in various applications such as ester for perfumes and neutralizing agents. Thus, it is released into the environment through waste streams. The conventional production method of succinic acid is also susceptible to fluctuations caused by unpredictable regulatory and environmental constraints around the world. Enactment of stringent government regulations and environmental considerations to reduce greenhouse gasses has been adversely affecting the succinic acid market.
- The Department of Energy (DOE) and Food and Drug Administration (FDA) are some of the U.S. government regulatory standards that control the enactment of regulatory and environmental laws. Several other nations have also introduced numerous acts to protect the environment such as Control of Pollution Act 1974 and Food and Environmental Protection Act in the U.K. India introduced the AIR (Prevention and Control of Pollution) Act in 1981, while Japan introduced Waste Management and Public Cleansing Law in 1970. Various other international acts and policies such as Kyoto Protocol, UN Framework Convention on Climate Change (UNFCCC), and Montreal Protocol also help protect the environment.
- This is anticipated to hamper the global succinic acid market. Furthermore, bio-based succinic acid has been gaining popularity due to the rise in need for bio-degradable and green substitutes to their conventional counterparts.
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