The US bio succinic acid market is estimated to grow at a significant growth rate of 21.0% over the forecast period from $48.0 million in 2018. The US is one of the major markets for bio-succinic acid. The increasing use of bio succinic acid in different sector such as, chemicals, polybutylene succinate (PBS), pharmaceutical, food & beverages, plastic, and packaging are the major factors for a significant market share in the region. Moreover, the stricter regulations for the usage of petroleum-based products due to their harmful environmental effects, and continuous reducing fossil fuel reserve has boosted the demand for bio-based platform chemicals.
Crude glycerol is the major by-product in the manufacturing of bio-diesel. Continuous R&D and technological advancements are providing opportunities for bio-based platform chemicals. The US has divided 66 chemicals into petrochemicals, intermediates, polymers & rubber, fertilizers, inorganic chemicals, and specialties. Polymers are being used in various industries including food packaging, and agriculture, chemical industry. Food packaging companies are shifting towards biopolymers for packaging material due to growing environmental concerns and stringent government regulations.
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The US 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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US 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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