According to Stratview Research, the succinic acid market size is projected to grow from USD 232.24 million in 2021 to USD 438.35 million by 2028, at a CAGR of 9.4% during the forecast period. The growth of the market is attributed to the increasing demand for succinic acid in a variety of end-use industries, such as food and beverages, pharmaceutical, personal care, and plastic.

Succinic acid is a versatile organic compound with a wide range of applications. It is a precursor to a variety of chemicals, including 1,4-butanediol (BDO), polybutylene succinate (PBS), and adipic acid. BDO is used to produce polyurethanes, which are used in a variety of applications, such as foams, elastomers, and coatings. PBS is a bioplastic that is used in food packaging, textiles, and medical devices. Adipic acid is used to produce nylon, which is used in a variety of applications, such as textiles, carpets, and engineering plastics.

The increasing demand for bioplastics is a key driver for the growth of the succinic acid market. Bioplastics are made from renewable resources, such as sugarcane, corn, and potatoes. They are a more sustainable alternative to petroleum-based plastics. This growth is expected to drive the demand for succinic acid, which is a key component of bioplastics.

The food and beverages industry is another major end-user of succinic acid. Succinic acid is used as a flavoring agent, acidifier, and preservative in food and beverages. It is also used to produce succinic esters, which are used as flavors and fragrances in cosmetics and personal care products.

The pharmaceutical industry is also a major consumer of succinic acid. Succinic acid is used as a solvent, chelating agent, and excipient in pharmaceutical formulations. It is also used to produce succinimide, which is used as an anticonvulsant and antidepressant.

The growth of the succinic acid market is being hindered by the high cost of production. Succinic acid is currently produced from petroleum-based feedstocks, which are expensive. However, there is a growing trend towards the production of succinic acid from renewable resources, such as sugarcane and corn. This trend is expected to reduce the cost of production and boost the growth of the market in the coming years.

The global succinic acid market is fragmented, with a few large players dominating the market. The major players in the market include Mitsubishi Chemical Holdings, Showa Denko K.K., Anqing Hexing Chemical Co. Ltd., Reverdia, and Gadiv Petrochemical Industries Ltd. These players are investing in research and development to develop new applications for succinic acid and to reduce the cost of production. They are also expanding their production capacity to meet the growing demand for succinic acid.

The succinic acid market is expected to grow at a significant rate in the coming years. The growth of the market is being driven by the increasing demand for bioplastics, the food and beverages industry, and the pharmaceutical industry. The growth of the market is also being supported by the development of new applications for succinic acid and the reduction in the cost of production.