French "specialty chemicals" recently reported that the global industry analysis company (GIA) has released a report on the world's acid market. The report predicts that the global succinate Market Size in 2018 will reach 104300 tons.
It is understood that succinate is used in chemical, pharmaceutical, food and agricultural chemicals, a kind of important basic materials for many times. Due to the high volatility of oil prices, the high production costs of succinate, as a substitute for the production of succinate by the fossil fuel, is gradually rising, because it can reduce greenhouse gas emissions by 50%. At present, the market demand for green chemicals has been increasing, which has led to the demand of bio - acid.
Renewable or bio based succinic acid is applied as butanediol (BDO) production, act as poly butyl ether glycol (PTMEG), poly (butylene terephthalate) (PBT) and tetrahydrofuran (THF) intermediates and is likely to replace to butane as raw material of maleic anhydride.
The study also notes that the world's largest market for succinate. Moreover, driven by strong growth in emerging markets such as China and India, the Asia Pacific region is expected to become the fastest growing regional market.