Portland, Oregon -- The global bio-succinic acid market is expected to grow at a compound annual growth rate (CAGR) of 45.6% in volume terms between 2013 and 2020 - reaching more than 700kT/year, according to a new report.
In value terms the market was estimated to be worth $115.2m (EUR83.5m) in 2013 and is expected to grow to $1.1 billion by 2020, say researchers.
The increase in demand for bio-based chemicals is due to the rising cost of crude oil and the adoption of bio-succinic acid in newer industrial applications such as 1,4-Butanediol, PBS, polyester polyols (polyurethane) and plasticisers, the study found.
The report, Bio-succinic Acid Market - Size, Share, Trends, Opportunities, Global Demand, Insights, Analysis, Research, Report, Company Profiles, Segmentation and Forecast, 2013 – 2020, was carried out by Allied Market Research.
