Global Bio Succinic Acid Market published at Truemarketresearch.com
The U.S. Department of Energy (USDOE) considers succinic acid as one among the top twelve chemical building blocks. Succinic acid, as a platform chemical, is growing in demand in various applications. However, consumption of petroleum based succinic acid, as an intermediate, in manufacturing various chemicals, is limited due to its volatility of price and carbon footprints. These concerns led to the discovery of biological manufacturing of succinic acid. The bio succinic acid market is forecast to grow at a significant rate over the next seven years. The major drivers for this growth will be volatility in fossil fuel prices, rise in carbon footprints, and an interest in using locally available raw materials. Furthermore, increasing global demand of green chemicals will trigger its adoption in wide range of applications, especially, in bio plastics, making it a strong platform chemical. AMR report forecasts global bio-succinic acid market to grow at a CAGR of 45.6% between 2013 and 2020. This market would $1.1 billion by 2020, as per the analysts. To see the detailed report: http://www.truemarketresearch.com/bio-succinic-acid.html "The potential for bio-succinic acid market is in the replacement of existing succinic acid and adoption in newer industrial application areas, namely, 1, 4-butanediol (BDO), PBS, polyesterpolyols (polyurethane), alkyd resins and plasticizers. These factors together will provide faster growth thrust to the market" states Allied Market Research analyst Sarah Clark. "Presently, price of bio-succinic acid may hinder market growth as it costs higher than petroleum based succinic acid. However, mass production and improvement in production techniques will quickly address the cost viability issue of the bio-succinic acid market" adds Ms. Clark. Moreover, lower volatility of feedstock prices will add to its stable adoption in various application segments.
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