The Italy bio succinic acid market is estimated to grow at a significant growth rate of 20.0% over the forecast period from $10.0 million in 2018. Cohesive government policies along with the presence of key market players in the country are augmenting the market growth. Since May 2018, all single-use plastics are banned, and the Italian Government has imposed fines of up to $500-600 on the use of single-use plastic. Thus, such factors affect the growth of the market during the forecast period. Thus, the key players are significantly contributing to the R&D activities for the manufacturing of bio-based plastics and in turn enhancing the growth of the market. In addition, the key player's contribution to the country is also affecting the growth of the market. For instance, in September 2018, Versalis, a chemical company acquired four bio-based chemical companies in Italy for the development of bio-based chemicals. Thus, such activities by the key players in the country are fueling the bio-succinic acid market growth.
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The Italy market of bio-succinic acid is segmented on the basis of applications and raw-materials. Bio-succinic acid has been extensively used in the chemical industry. On the basis of application, the market is further classified into chemical industry, pharmaceutical industry, food & beverage industry, and others. Chemical industry is further broadly classified into 1,4-Butanediol (BDO), plasticizers, polybutylene succinate (PBS), solvent and lubricant, and polyols. Chemical industry dominated the global bio succinic acid market in 2018 and is estimated to follow the same trend over the forecast period. This is due to large demand for bio succinic acid for the production of 1,4-BDO, PBS and other polymers. As per OMR analysis, global BDO production industry takes around 55.0% of the total bio succinic acid in terms of revenue in 2018.
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Further, the growth of the market is influenced by the presence of bio succinic acid manufacturers across the globe. As of December 2017, the production of bio succinic acid is carried by only a handful of manufacturers including LCY Chemical Corp., Myriant Corp. (GC Innovation America), Succinity GmbH, and Reverdia. Each of these manufacturers of bio-succinic acid has collaborations with a host of other companies on development of new technologies for the production of succinic acid and its derivatives. These market players are extending their product portfolio, increasing their R&D centres, adoption of new development strategies, and advancements in technology for gaining a competitive edge over their competitors.
Italy Bio Succinic Acid Market - Segmentation
• Chemical Industry
• Pharmaceutical Industry
• Food & Beverage Industry
• Others (Cosmetic Industry)
By Raw Material
• Others (Coffee Husk)
• Anqing Hexing Chemical Co., Ltd.
• BASF SE
• Corbion N.V.
• Jin Hui Zhao Long High-Tech Co., Ltd.
• LCY Chemical Corp.
• Merck KGaA
• Mitsubishi Chemical Corp.
• Reverdia V.O.F.
• Roquette Freres SA
• Shandong Landian Biological Technology Co., Ltd.
• Succinity GmbH
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