1 Top 3 Companies in the Global Market
The top three market players for the year 2022 are Shandong Land Biological Technology Co., Ltd., LCY Biosciences Inc, and BASF. Shandong Land Biological Technology Co., Ltd. led with a significant market share of 9.44%, followed by LCY Biosciences Inc with 7.30%, and BASF with 5.64%. Shandong Land Biological Technology Co., Ltd. is dominance in the succinates market, with LCY Biosciences Inc and BASF also holding considerable shares, indicating their influence and competitive positions within the industry.
Figure Top 3 Market Share of Succinates Companies in 2022
Table Major Players Production Value (M USD) Share in 2022
|
|
2022 |
|
Shandong Land Biological Technology Co., Ltd. |
9.44% |
|
LCY Biosciences Inc |
7.30% |
|
BASF |
5.64% |
2 Key Players in the India Market
Muby Chemicals emerged as the leading player with a substantial market share of 34.96%, followed by Manus Aktteva Biopharma LLP with 12.81%. The remaining players collectively accounted for 52.23% of the market. This distribution underscores Muby Chemicals’ strong presence in the Indian succinates market, while Manus Aktteva Biopharma LLP also holds a significant share, reflecting a concentrated market structure where these two players have a considerable impact on the industry dynamics.
Table India Major Players Value Market Share in 2022
|
|
2022 |
|
Muby Chemicals |
34.96% |
|
Manus Aktteva Biopharma LLP |
12.81% |
|
Others |
52.23% |
|
Total |
100.00% |
3 Analysis of Shandong Land Biological Technology Co., Ltd.
Shandong Land Biological Technology Co., Ltd. is a company established in 2012 with a focus on producing bio-based succinic acid through fermentation and utilizing succinic acid to manufacture bio-based PBS biodegradable plastic. The company has seen a notable increase in production from 2020 to 2023, with production rising from 1.58 K tons in 2020 to an estimated 10.52 K tons in 2023, demonstrating a significant growth in its manufacturing capabilities and market presence within the succinates industry.
Figure Shandong Land Biological Technology Co., Ltd. Production and Growth Rate
4 Analysis of LCY Biosciences Inc
LCY Biosciences Inc., established in 1965 and headquartered in Taiwan, is a company with over 40 years of experience in the petrochemical industry. The company’s production of succinates has experienced a significant increase from 3.26 K tons in 2020 to 6.97 K tons in 2023, reflecting a substantial growth in production and highlighting the company’s expanding role in the succinates market.
Figure LCY Biosciences Inc Production and Growth Rate
