The Latin America, Middle East and Africa Succinic Acid Market would witness market growth of 12.0% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 15,067.8 tonnes, showcasing a growth of 11.6% (2023-2030).
Succinic acid production depends on the availability and cost of raw materials, such as glucose, starch, and molasses. Changes in raw material costs can impact the overall cost of succinic acid production, influencing market dynamics. Stringent environmental sustainability and product safety regulations significantly impact the market. Market players must comply with regulatory standards to ensure product acceptance and market access. Economic conditions and market trends influence the adoption of succinic acid in various industries. Factors such as GDP growth, consumer spending patterns, and overall market stability can affect the demand for succinic acid.
The market is characterized by key players competing for market share. Strategies like mergers and acquisitions, product inventions, and strategic partnerships are crucial in shaping the competitive landscape. Continuous advancements in production technologies, including bio-based processes and green chemistry, directly impact the market. Innovations in fermentation techniques and downstream processing contribute to increased efficiency and reduced environmental impact.
As South Africa invests in infrastructure development, it may find applications in construction materials, adhesives, and coatings used in building projects. Its corrosion inhibition properties make it valuable for applications in water treatment. As industries in South Africa focus on efficient water usage, it can play a role in corrosion prevention. The increasing demand for plastic products in South Africa, particularly in construction and packaging, enhances the market potential for succinic acid. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The Brazil market dominated the LAMEA Succinic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11,895 Thousands by 2030. The Argentina market is showcasing a CAGR of 12.6% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 11.7% during (2023 - 2030).
Free Valuable Insights: The Worldwide Succinic Acid Market is Projected to reach USD 515.8 Million by 2030, at a CAGR of 9.5%
Based on Type, the market is segmented into Petro-based, and Bio-based. Based on End-use, the market is segmented into Industrial, Food & Beverages, Coatings, Pharmaceutical, Personal Care & Cosmetics, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type (Volume, Tonnes, USD Million, 2019-2030)
By End-use (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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