The North American bio succinic acid market is estimated to grow at a significant growth rate of 21.0% over the forecast period from $55.0 million in 2018. The North American bio-succinic acid market has been witnessing considerable growth owing to the growing use of bio-based succinic acid in chemical and pharmaceutical industries. Due to the wide application area of bio-succinic acids which are being used as a substitute in major industries of the region such as chemical, pharmaceutical, agriculture, and food packaging sector among others are the factors that fuel the growth of the bio succinic acid market during the forecast period. Due to its desirable mechanical properties and biodegradable nature, the application area is expanding at a significant rate in the US and Canada. Therefore, the polymer is being considered as a renewable and economical substitute for convention plastic parts with its remarkable chemical and mechanical properties.
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North American countries are the major consumers of polymers, rubbers, and plastics due to the wide application area. To maintain a common industry classification system, countries of North America have created the North American Industry Classification System (NAICS). NAICS has divided the economy into 20 segments by product criteria. Plastics and rubber products manufacturing has been categorized into 326 subsectors of the manufacturing segment. Thus, the wide adoption of bio succinic acid among these consumers propels the growth of the market.
The North American 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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North American 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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