Succinic Acid Price Trend

Succinic Acid Prices December 2023

In USA, toward the end of Q4, freight was running high through the Panama Canal, leading to rise in the prices of imported products. Furthermore, the water levels of the Panama Canal and Mississippi river decreased which led to insufficiencies in the supply chains and therefore in local markets. At the end of the Q4, 2023, the import quotation succinic acid CFR Texas in the USA was around $1745/mt.

China’s Qilu Petrochemical factory faced a fire accident on December 23rd in Shandong Province, which created supply issues for n-butanol feedstock and impaired production from succinic acid main bulk producer China. Concurrently, the market observed a better performance from the local fabric industries as a result of the surge in consumer spending and the rise in sales from the local retail sector on the closing month of the year. At the end of the term in China, the Qingdao succinic acid FOB quotations brought in USD 1585/MT while in South Korea succinic acid CFR Busan prices were USD 1615/MT.

In Germany, towards the end of the fiscal year, the regional market continuing to experience restricted supplies due to challenges in the supply chain. The Asian exporting countries stopped supplying their region besides a rise in wave traffic after the Houthi rebels in Yemen have attacked the ships in the Red Sea and it caused the commercial vessels to reroute to the Cape of Good Hope. At the end of the Q4, the import quotations in Germany succinic acid CFR Hamburg stood at USD 1765/MT.

Succinic Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Succinic Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of succinic acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of succinic acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of succinic acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing succinic acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Succinic Acid Market Analysis

The global succinic acid market size reached US$ 176.2 Million in 2023. By 2032, IMARC Group expects the market to reach US$ 315.8 Million, at a projected CAGR of 6.70% during 2023-2032.

• Succinic acid acts as the major consolidating link of different industrial sectors due to its versatility. It is a major method of the creation of biodegradable plastics, pharmaceuticals, and food additives. As per the data from the U.S. Department of Energy, succinic acid market is anticipated to exhibit compound annual growth rate (CAGR) of 24.5% during a period extending from 2020-to 2027. The spurt is predominantly labeled to shift towards the sustainable substitutes for the regular petrochemical-based products. Industries start to see that succinic acid as a good alternative that not only can meet environmental expectations but also perform at a high level. With growing global regulations on the magnitude to curtail greenhouse gas emissions in line with environment conservation, succinic acid is coming out as prominent figure promoting more environmentally friendly industrial procedures.
• The development of regulations with the intention to limit carbon print has in effect been driven by the high demand for the price of the green alternatives which include succinic acid. The European Environment Agency issues regular reports forecasting a substantial rise in the share of Europe in the succinic acid market, which is expected to reach a global worth of $489 million by 2025. This growth is caused by its relevance to steer the economy shifting towards a circular model. One of many advantages of succinic acid is that it is obtained from renewable resources and it is biodegradable, which is in-line with the theories of sustainable development. While reaching for the environmental standards, the succinic acid plays a vital role for replacement of the fossil fuels and for diminishing the adverse weather effects with different segments of industry.
• Succinic acid production, from renewable resources, is in line with the worldwide trend of sustainability and efficiency in resource use. The United Nations Industrial Development Organization recognizes the growing investment in bio-based succinic acid production as one of the major forces behind sustainable industrial development. Contrasted with traditional petrochemical ways, bio-based production lines would be a greener alternative with a 35% decrease in greenhouse gas emission. Biomass and waste streams serve as useful feedstocks for succinic acid production which provides an opportunity to valorize renewable resources and decrease reliance on fossil fuels. Governments and industries are becoming more aware of protecting the planet and therefore transitioning towards the alternatives of bio-based materials to minimize negative environmental impacts and create a better future. Succinic acid's role in this transition highlights its capacity as the main factor of the global economy renewable resource utilization development.

Succinic Acid News

The report covers the latest developments, updates, and trends impacting the global succinic acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in succinic acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the succinic acid price trend.

Latest developments in the succinic acid industry:

• In August 2021, LCY Biosciences, the leading player in the bio-succinic acid production, announced its milestone of 18 KT bio-based succinic acid in Sarnia, Ontario, Canada. Instead of 8KT which was the output at the period when the company was under ownership of BioAmber, the output volume has significantly gone up. LCY Biosciences' expansion corroborates the rapidly increasing global demand of green alternatives across multiple sectors and succinic acid being one of the key leads for sustainable practices shift. The company’s eagerness to ramp up its production facility testifies to the direction of the industry towards renewable chemicals and holds out promise for newer developments in the bio-based chemistry market.
• In September 2021, Kemira announced the construction of ASA (alkenyl succinic anhydride sizing agent) production plant as an investment in China. An additional production line will be incorporated into the current structure where increased production of ASA from Kemira will be achieved. The investment project consists of optimizing the manufacturing capacity as well as the production technology at Kemira's advanced facility in Nanjing, Jiangsu province. Kemira plans to strengthen ASA production as much as possible with the intention of rising to the occasion in a scenario where there is increasing demand for quality sizing agents in the paper and pulp industry. By so doing it will take over bigger part of the market and have more influence as a leading provider of innovative chemical solutions on the global market.

Product Description

Succinic acid, a dicarboxylic acid, attracts a fresh wave of interest for its multisided applications throughout the different industries. Its applicability is much broader than that of being the base chemical for forming different compounds to also playing a fundamental role in formation of biodegradable plastics, medicines, and food additives. Succinic acid can be sourced from both petrochemical sources and renewable sources, and thus it becomes a sustainable substitute taking into consideration the environment. The function of nanoscale materials as building blocks or agents for green chemistry initiatives combined with its biocompatibility makes it an attractive candidate for a range of applications. Moreover, the position of succinic acid in also promoting sustainability is congruous with the world's endeavors to decrease carbon emissions and embrace circular economy. While industries pursue green ways in their production processes, succinic acid is unveiled to be an effective route to fulfill both the environmental and financial aims. Their research work and development discoveries demonstrate its relevance in green chemistry and being a major player in clean industrial procedures.

Regional Coverage

The report provides a detailed analysis of the succinic acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the succinic acid price trend.

Global Succinic Acid Price

The report offers a holistic view of the global succinic acid pricing trends in the form of succinic acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of succinic acid but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed succinic acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Succinic Acid Price

The succinic acid prices in Europe were seen to experience ups and downs mainly due to some factors in Q3 2023. Initially, the El Nino effect, which was the cause of the disruptions in the Asian product supply chain, led to extended logistics for the importation of goods coming from Asia. Besides that, the demand of dried Polyester manufacturers also decreased, because of the slowdown in the textiles sector. At the mid-quarter, the demand of buyers reduced due to decreased absorption of food acidity regulator, added some pressure to the prices. These two factors together have led to turbulence in the price dynamics during the quarter, as the supply chain disruptions were also accompanied by decreased demand.

This analysis can be extended to include detailed succinic acid price information for a comprehensive list of countries.

North America Succinic Acid Price

In North America, in the final quarter of 2023, there were price fluctuations of succinic acid as a result of moderate demand and supply characteristics. Apart from this, the sellers were able to maintain the prices as the import expenses went up. But toward the mid-quarter, there were unstable prices while exhibiting a bearish trend that resulted from improved supply as well as poor demand from the food sector corresponding to high inflation. Thus, the predictions of someone stepping up in the final quarter of the year to spend more on infrastructure and industrial activity offered a hope for the recovery of prices in the short term.

Specific succinic acid historical data within the United States and Canada can also be provided.

Middle East and Africa Succinic Acid Price

The report explores the succinic acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on succinic acid prices for countries can also be provided.

Asia Pacific Succinic Acid Price

Sucinic acid prices in Asia Pacific have demonstrated varied responses in the Q3 2023 of the Asia Pacific region. Initially, trade balancing due to matching demand and supply disrupted the supply chain, which led to longer supply chains, that affected the price. And there was a moderate decrease in the orders placed by the food sector with the low amount of acidity regulators’ consumption per unit. These influences were the main factors that led to the various pricing effects being in place during the quarter in the area. Nevertheless, the developments included in government plans of streamlining logistics and stimulus measures led to the signals of price stabilization and potential growth in emerging markets as the quarter was coming to an end.

This succinic acid price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Succinic Acid Price

The analysis of succinic acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of succinic acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting succinic acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The succinic acid price charts ensure our clients remain at the forefront of the industry.