Succinic Acid Market: Information of recent developments and trends.
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· Succinic acid, also known as amber acid, is a key building block of a wide range of secondary chemicals used across applications in the industries such as pharmaceutical, food & beverage, solvents & lubricants, polyurethane, and agriculture. PBS, 1, 4 — BDO and food applications provide major opportunities for succinic acid.
· Succinic acid is mainly of two types- Fossil fuel-based and Bio-based. It mainly depends on the feedstock used to develop the product.
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Information on Market: -
· Reverdia, a major joint venture in succinic acid market, by Royal DSM (a global science-based company in Nutrition, Health and Sustainable Living) and Roquette ( a global leader in plant-based ingredients for Food, Nutrition and Health markets) has been effectively dissolved from 1 April, 2019.
· BioAmber’s new production facility of bio-based succinic acid at Sarnia, Ontario, closes down its facility due to the financial trouble and liquidity crunch it was going through.
· Succinic acid market is shifting towards Bio-based products from fossil-based succinic acid. Major succinic acid market players like Succinity are making changes to accommodate the market trends.
· Succinity has also started a plant at Corbion Purac’s facility at Montmelo, Spain; which will enhance its capacity of Bio-based succinic acid by 10,000 MT.
· Major growth driver of succinic acid market is the shift and technological advancement in the Bio-based succinic acid manufacturing sector, due to awareness about the environment and boost received by the governments of the countries towards environment-based manufacturing process.
· Bio-based succinic acid is definitely the point where the market is shifting to, however, it has its own challenges like high cost of processing, a requirement of large land to grow feedstock, a requirement for nutrient-rich media which raises substrate requirement and cost and it reduces the feasibility of running a large scale manufacturing facility.
