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Succinimide Market Size Forecast to Reach Around $300 Million by 2025

succinimide market size forecast to reach around 300 million by 2025

Succinimide Market S

iCrowdNewswire   Feb 2, 2021  2:00 PM ET

Succinimide Market size is forecast to reach around $300 million by 2025, after growing at a CAGR of 6.1% during 2020-2025. Succinimides are cyclic imides with wide industrial application and also known as 2,5-Pyrrolidinedione. Surging demand of succinimides from pharmaceuticals industries for the synthesis of Anticonvulsant drugs is driving the growth of the Succinimide market size. Apart from pharmaceutical applications, succinimide is also used in the liquid crystal display and in the production of water-soluble copolymers and polymers. Thus, increasing use of succinimide compounds in lubricants and detergent dispersants for fuel oil also augments the growth of the Succinimide market share during the forecast period

Succinimide Market Segment Analysis – By Type

Polyisobutylene succinimide segment holds the largest share of more than 40% in the succinimide market in 2019. Polyisobutylene succinimides are produced by reacting polyisobutylene succinic anhydrides with amine. They are widely used to make dispersants that are used in tailor-made formulations to meet the challenging demand of engine oil. Polyisobutylene succinimide reduces the formation of deposits on metal surface and inhibit soot agglomeration due to stable micelle formation. Polyisobutylene succinimide have a low order of acute toxicity based on the oral and dermal studies in animals. They do not undergo photodegradation. Owing to the above factors, demand for polyisobutylene is expected to grow during the forecast period.

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Succinimide Market Segment Analysis – By Application

Oil additive segment is projected to grow with the fastest CAGR of around 8% in the succinimide market during the forecast period. Succinimides are widely used as detergent dispersant additive for gasoline and diesel engine oil. The use of succinimide help fuel and lubricants enhance the speed, strength, cleanliness, and durability of the vehicle. Detergent and dispersants are used to prevent the accumulation of varnish like deposits on the wall of the cylinder and also neutralizes the harmful effects of corrosive acids that are formed by the combustion of diesel and gasoline fuels. Succinimide dispersants keep vital engine parts clean along with prolonging the engine life and also help to maintain a proper emissions and good fuel economy. According to the U.S Energy Information Administration, total gasoline consumption in the United States accounted for about 58% of the total transportation sector energy consumption in 2019. Thus, huge gasoline demand further fuels the growth of succinimide market.

Succinimide Market Segment Analysis – By End-Use Industry

Based on the end-use industry, pharmaceutical segment holds the largest share of more than 30% in the succinimide market in 2019. Succinimides are extensively used in the formulation of central nervous system (CNS) depressants, analgesic, and anticonvulsant drugs for the treatment of anxiety, panic, acute stress, pain, sleeping disorders, and absence seizure. According to World Health Organization (WHO), over 300 million people were estimated to suffer from depression globally which was equivalent to 4.4% of the world’s population in 2015. Changing life style and deteriorating health condition of people has accelerated the use of succinimide for the production of anticonvulsant drugs.
COVID-19 proved to be a major challenge for the succinimide market. Industries are shuttered all around the world. Disruption of supply chain and decrease in purchasing capital has lowered the production and sales of automotive. According to the Society of India Automobile Manufacturers (SIAM), passenger vehicle sales declined by 51% to 143,014 units in March 2020. Whereas, the sales of commercial vehicles crashed 88% to 13,027 units. Decrease in demand for automobiles has minimized the use of succinimide compounds in the fuel oil, substantially hampering the growth of this market.

Succinimide Market Segment Analysis – By Geography

Asia Pacific has dominated the succinimide market with a share of more than 40% in 2019 followed by North America and Europe. Rapid Industrialization coupled with growing population is driving the growth of succinimide market in developing nations. In addition to pharmaceutical applications, N-alkyl and N-aryl succinimides are used as fungicides. Decreasing agricultural landmass and rise in food demand has escalated the use of succinimides as fungicides. According to China’s Ministry of Natural Resources, the country’s arable land declined by 60,900 hectares and fell to 134.86 million hectares in 2017, subsequently owing the need of fungicides for better agricultural output. Moreover, succinimide are also used to form covalent bonds between protein or peptide and plastic. Thus, growing use of plastics for packaging fuel the growth of succinimide market.

Succinimide Market Drivers

Surging uses of Succinimide as direct electroless silver plating on electronic equipment’s

In electronic equipment’s, Succinimide binds the simple metal ions and helps in the formation of complexions. It also retains the more noble ions in the solution preventing their immersion deposition. Moreover, Silver has lowest specific resistance, thus they are widely used as a surface treatment material for various electronic parts. It is difficult to apply a plating of uniform thickness for minute parts of complex structure by electroplating, which further leads to the problem of uniform current distribution. In order to achieve uniform plating thickness demand for electroless plating on semiconductors and printed circuit boards has increased. Whereas, the Electroless silver plating is done using imidazole as the reducing agent and succinimide as the complexing agent. According to the Industry association for Printed Circuit Boards, North American printed circuit board shipments in April 2019 increased by 6.6% compared to April 2018. Increase in disposable income has boosted the demand of electronic gadgets such as computer, mobiles, air conditioners etc. which in turn augments the use of succinimide.

Increasing health concerns and government expenditure on healthcare

Succinimide find wide applications including antispasmodic, bacteriostatic, muscle relaxant, hypotensive, and antibacterial in healthcare sector. The use of Succinimide like anticonvulsants help to increase the seizure threshold, inhibit T-type calcium channels, and inhibit the three-cycle per second thalamic ‘spike and wave’ discharge in absence seizures. As, Anticonvulsants are widely used to treat absence seizures. Furthermore, increasing health concerns and government spending on healthcare is boosting the growth of succinimide market. World Health Organization estimated that between 2000 and 2017, global health spending in real terms grew by 3.9% a year. Additionally, according to the National Health Expenditure Accounts (NHEA), U.S. health care spending grew by 4.6 percent and reached $3.6 trillion in 2018. Also, in 2019, Australian Government announced a $5 billion, 10-year investment plan for the Medical Research Future Fund (MRFF) as a part of its 2019–20 budgets to support Australian health and medical research.

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Succinimide Market Challenges

Harmful effects on human health and government regulations on plastics

Although succinimide find wide range of application in Pharma industries, it also causes gastrointestinal distress, headache, dizziness, and skin rashes when consumed more or in direct contact. Furthermore, succinimides are used in synthesis of plastics, but government restrictions on the use of plastic lower the demand of succinimide, which in turn hamper the growth of the market. For instance, California introduced regulation known as SB270 in July 2015 for prohibiting the use of plastics. Tanzania also banned the importation, production, sale, and use of plastic bags in May 2019.

Succinimide Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the succinimide market report. In 2019, the market of succinimide has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the succinimide market are Zhejiang Deqing Yinyuan Chemical Industry Co., Ltd, Jiangsu Nanjing Shenning Chemical Co., Ltd., Halides Chemicals Pvt. Ltd., Sigma-Aldrich, MP Biomedicals, LLC Tokyo Chemical industry Co. Ltd., Shandong Tianyu Fine Chemical Co., Ltd., Aurum Pharmatech LLC, Glentham Life Sciences Ltd. among others.

Acquisitions/Technology Launches

In February 2019, Strides Pharma Global Pte. Limited received an approval for Ethosuximide Softgel Capsules USP, 250 mg from the United States Food & Drug Administration (USFDA). This approval has allowed Strides Pharma Inc., to strengthen their position in the US market.

In April 2016, Avet Pharmaceuticals Inc. launched Ethosuximide 250mg soft gelatin capsules. This launch adds to Avet’s robust portfolio of generic oral solid products.

Key Takeaways

The Chinese government ambitious “Made in China 2025” plan to achieve independence from foreign supply for semiconductors and integrated circuits is likely to boost the growth of succinimide market. For instance, Succinimides are used as an electroless silver plating solution for electronic parts.

Increasing health concerns and huge spending of government on healthcare also fuel the growth of succinimide industry.

According to the World Trade Organization, global trade will fall by between 13% and 32% in 2020 due to the outbreak of COVID-19 pandemic. The pandemic results in lockdown and discontinuation of global supply chain further hamper the growth of succinimide market.

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https://www.industryarc.com/Report/18538/north-american-polyisobutylene-market.html

B. Polyisobutylene Market

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