Spain bio succinic acid market is estimated to grow at a significant growth rate of 20.0% over the forecast period from $7.0 million in 2018. Spain is one of the major economies of Europe, with around $1.4 trillion economy in 2018 as per World Bank. Spain is expected to contribute significantly to the growth of the market owing to the established plastic industry in the country. As per the US Commercial Service, there are more than 35,000 plastic industries operating in the country. In 2017, the country produced about 5.3 million tons of plastic material including standard bioplastics, plastics, technical, thermosets and other representing 7% of total European plastic production. Bioplastics have reported the growth in demand due to increasing pressure from international organizations to avoid plastic products that are non-decomposable. As the investment in the development of advanced bioplastics increases in the country, it is expected to promote the growth of the bio-succinic acid market in the future.
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Spain 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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Spain 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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