LONDON–(BUSINESS WIRE)–#BiosuccinicAcidMarket–The bio-succinic acid market is expected to grow by USD 1.67 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the bio-succinic acid market in optimistic, probable, and pessimistic forecast scenarios.
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The bio-succinic acid market will witness a Neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Bio-succinic Acid Market Participants:
BASF SE operates its business under various segments such as chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers bio-succinic acids which can be used as an alternative to petrochemical raw materials.
Koninklijke DSM NV
Koninklijke DSM NV operates its business under four segments, which include nutrition, materials, innovation center, and corporate activities. The company offers bio-succinic acid, which is used in various applications.
LCY Chemical Corp.
LCY Chemical Corp. operates its business under various segments such as TPE, PP, methanol and solvent, and copper foils. The company offers bio-succinic acid, which is used in various applications.
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Bio-succinic Acid Market 2020-2024: Segmentation
Bio-succinic acid market is segmented as below:
- Polyester Polyols
- Alkyd Resins
- North America
- South America
The bio-succinic acid market is driven by volatility in crude oil prices. In addition, other factors such as increasing use of bio-succinic acid in 1,4-butanediol (BDO) production are expected to trigger the bio-succinic acid market toward witnessing a CAGR of about 25% during the forecast period.
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.