With a large and constantly increasing manufacturer pool, the global bio-based succinic acid market is demonstrating a highly competitive business landscape. According to a new report by Transparency Market Research (TMR), the leading players in this market, including Koninklijke DSM N.V, Myriant Corp., Roquette Frères S.A., Corbion N.V, BASF SE, and BioAmber Inc., are focusing on finding new approaches to increase their production scale. From adopting advanced technologies with low ecological footprints to actively pursuing bio-based methods succinic acid production, manufacturers are leaving no stones unturned to remain in the competition. Moreover, they are also taking up various organic and inorganic marketing strategies to enhance their visibility in the global market, states the report.
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The report evaluates the opportunity in the global bio-based succinic acid market to rise at an exceptional CAGR of 20.00% during the period from 2017 to 2026. By the end of the forecast period, the overall valuation of this market is likely to reach US$900 mn. The increasing popularity of bio-based succinic acid as a cost-efficient alternative of petroleum-based production methods used for the manufacturing of various derivatives is boosting the growth of this market, significantly.
North America to Overtake Europe
The report considers Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa as the main regional bio-based succinic acid markets. Among these, Europe occupied the leading position in 2017. However, this regional market is likely to lose ground TO North America in the near future. The increasing concentration of key producers of bio-based succinic acid in North America, especially the U.S., will drive the North America market to dominance over the forthcoming years. Both the regions, together will hold two third of the worldwide market over the period of the forecast. The increasing research activities and the augmenting number of commercial manufacturing units and development centers will support the growth of these regional markets.
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Among others, Asia Pacific will display considerable growth potential in the years to come. The easy availability of raw material and the presence of low-cost labor are attracting many of the leading players towards Asia Pacific, especially India and China. The rise in the number of production units will propel the Asia Pacific bio-based succinic acid market in the long run, reports the market study.