The application fields of succinic acid in my country are very wide, and the market size is gradually expanding.

Succinic acid, also known as succinic acid, is an organic dicarboxylic acid that widely exists in animals, plants and various microorganisms, and plays an important role in the metabolism of animals and plants. Succinic acid appears as colorless crystals at room temperature, is soluble in water, and slightly soluble in acetone, ethanol, ether, glycerin and other solutions. As an important organic chemical raw material, succinic acid has a wide range of applications and is mostly used in medicine, agriculture, food, industry and other fields.

At present, the production process of succinic acid is gradually mature and can be roughly divided into electrochemical method, biological fermentation method, etc. Among them, the electrochemical method mainly uses n-butane as raw material, synthesizes maleic anhydride and then produces it through processes such as electrolytic reduction or catalytic hydrogenation. However, the reaction conditions of this method are relatively harsh and the production cost is high; the cost of biological fermentation method is It is lower and has less environmental pollution. However, due to foreign technical limitations, domestic technological breakthroughs have not yet been achieved. Therefore, electrochemical method is still the mainstream production process for the production of succinic acid in my country.

As an important organic chemical raw material, succinic acid can not only be directly used in food, industry, medicine and other fields, but also can be converted into butylene adipate (PBSA), γ-butyrolactone, Butylene terephthalate (PBST), synthetic polybutylene succinate (PBS), tetrahydrofuran, etc., among which, synthetic polybutylene succinate (PBS), adipate (PBSA) is the core raw material of biodegradable plastics. With the gradual improvement of my country’s environmental awareness and the implementation of policies such as the “Plastic Restriction Order”, the market penetration rate of biodegradable plastics has gradually increased and the market size has gradually expanded. In 2022, the market size of biodegradable plastics in my country will be 16.349 billion yuan.

According to the “2023-2028 Succinic Acid Industry Venture Investment Situation and Investment and Financing Strategy Guidelines Report” released by the Industrial Research Center, As one of the basic raw materials of biodegradable plastics, succinic acid’s market demand has gradually increased. Against this background, the size of my country’s succinic acid market has shown a trend of increasing year by year. From 2014 to 2022, my country’s succinic acid market size will increase from 247 million yuan to 1.615 billion yuan, with an average annual compound growth rate of 26.45%.

Industry analysts said that there are many companies in my country’s succinic acid market, and foreign companies mainly include SuccinityGmbH, BioAmber, DSM, Reverdia, Myriant, Purac, etc. Large-scale domestic companies mainly include Landian Biotech, Sanxin Chemical, Feiyang Chemical, Eco-Bio, Jinbaoyu Technology, Huaheng Biotech, Huajun Chemical, Jinhui Zhaolong, Hexing Chemical, and HSBC Chemical industry, etc. Foreign succinic acid companies started earlier, have stronger R&D capabilities, more advanced production technology, and higher market shares. Domestic succinic acid companies have insufficient R&D capabilities and there is still a certain gap between production technology and international advanced technology levels, resulting in weak market competitiveness. As my country’s succinic acid enterprises’ independent research and development capabilities gradually improve and production technology continues to advance, their market competitiveness is expected to increase in the future.