Succinic Anhydride Market Scope, Size, Share, Trends, Forecast by 2030

Global Succinic Anhydride Market: Overview

Succinic anhydride is an organic, white, crystalline solid. It is soluble in chloroform, ethanol, and carbon tetrachloride and slightly soluble in water. On commercial scale, succinic anhydride is manufactured by catalytic hydrogenation of maleic anhydride. Succinic anhydride is considered a polar molecule due to proximity of three oxygen atoms at the top of the molecule of succinic anhydride. Due to this proximity, the oxygen atoms attract the electron density toward themselves, but away from carbon atoms at the base. Due to the polarity of succinic anhydride, it has been conveniently used as a chemical intermediate for downstream chemical derivatives in the production of various resins, plastics, coatings, and pharmaceutical products. The global succinic anhydride market is anticipated to witness robust growth in the next few years, due to increasing use of succinic anhydride as a cross-linking agent in ion-exchange membranes and as a curing agent for polyester resins as well as epoxy resins.

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Global Succinic Anhydride Market: Drivers & Restraints

Succinic anhydride is commonly used in the manufacture of polymeric materials including alkyd, molding, casting, laminating resins; adhesives; specialty elastomers, cross-linking agents; and curing agents. Succinic anhydride is also used in applications in the pharmaceuticals industry; for instance, it is used in the formulation of chemotherapeutic agents, anti-hemorrhagic drugs, vitamins A and B6, anticonvulsants, steroids, and muscle relaxants. Succinic anhydride is employed in the production of herbicides, insecticides, and plant growth regulators. Succinic anhydride is also used as an intermediate in the manufacture of starch modifiers and as a chemical intermediate in the production of dyestuffs. Succinic anhydride is expected to witness substantial demand in end-use industries including pharmaceutical, agriculture, and industrial manufacturing between 2019 and 2027.

Succinic anhydride serves as a building block for a few bio-based, thermosetting polyester coatings. Rise in the demand for bio-based plastics is likely to drive the global succinic anhydride market during the forecast period. Succinic anhydride is likely to witness significant demand for use in the manufacture of organic flame-retardant materials; esters, flavors, and fragrances; photographic chemicals, dyes, lubricant additives, and surface-active agents during the forecast period. However, stringent regulatory framework associated with the toxicity of succinic anhydride may affect the market negatively in the near future. Fluctuations in prices of raw materials are projected to hamper the global succinic anhydride market in the next few years. For instance, in May 2018, Ashland announced a price rise to US$ 0.06/lb. for maleic anhydride, a key raw material used in the production of succinic anhydride, in the North America market. Increasing demand for and limited supplies of maleic anhydride may restrict the market during the forecast period. Based on application, the global succinic anhydride market can be classified into pharmaceuticals, food, medical, agricultural, industrial, and others.

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Global Succinic Anhydride Market: Regional Outlook

In terms of region, the global succinic anhydride market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to be a significant market for succinic anhydride during the forecast period. Asia Pacific is also expected to hold a large share of the global market in the near future. Upward trends in the manufacturing sector in Asia Pacific is likely to have a positive impact on the succinic anhydride market in the region during the forecast period.

Global Succinic Anhydride Market: Key Players

Key manufacturers operating in the global succinic anhydride market are Tokyo Chemical Industry Co., Ltd., Novomer Inc., ESIM Chemicals, Triveni Chemicals, Polynt, Hefei TNJ Chemical Industry Co., Ltd., and Parchem Fine & Specialty Chemicals.