Indian bio succinic acid market is estimated to grow at a significant growth rate of 27.0% over the forecast period from $11.0 million in 2018. Indian bio-succinic acid market is expected to rise primarily due to the growing food processing and packaging industry in India. The food sector in India has been significantly emerging as a high-profit and high-growth sector as it holds high potential for value addition, primarily under the food processing industry. According to the India Brand Equity Foundation (IBEF), the food processing industry in India accounts for a total of 32% of India’s total food market. The food processing sector in India has contributed nearly 14% to India’s GDP in 2018. It signifies the importance of the food processing sector in India. As the food processing industry grows along with rising demand on-the-go packaged convenience food in the country, it surges an extensive demand for the food packaging industry with it. The country has witnessed the demand for biodegradable polyesters such as PBS for packaging applications in the food industry which is expected to fuel the bio-succinic acid market in the country.
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Indian market of bio-succinic acid is segmented on the basis of applications and raw-materials. Bio-succinic acid has been extensively used in the chemical industry. On the basis of application, the market is further classified into chemical industry, pharmaceutical industry, food & beverage industry, and others. Chemical industry is further broadly classified into 1,4-Butanediol (BDO), plasticizers, polybutylene succinate (PBS), solvent and lubricant, and polyols. Chemical industry dominated the global bio succinic acid market in 2018 and is estimated to follow the same trend over the forecast period. This is due to large demand for bio succinic acid for the production of 1,4-BDO, PBS and other polymers. As per OMR analysis, global BDO production industry takes around 55.0% of the total bio succinic acid in terms of revenue in 2018.
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A full Report of Indian Bio Succinic Acid Market is Available at: https://www.omrglobal.com/industry-reports/indian-bio-succinic-acid-market
Indian Bio Succinic Acid Market Segmentation
By Application
- Chemical Industry
- Pharmaceutical Industry
- Food & Beverage Industry
- Others (Cosmetic Industry)
By Raw Material
- Corn
- Sugarcane
- Cassava
- Others (Coffee Husk)
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