For the Quarter Ending March 2025
North America
In Q1 2025, the North American Succinic Acid market followed a bearish price trend, shaped by declining upstream feedstock costs, global shipping disruptions, and trade tensions. Despite stable production in China, geopolitical uncertainties—such as U.S. tariffs on Chinese imports and retaliatory measures—created volatility in global trade flows. Supply chains were further strained by port congestion, fluctuating freight rates, and severe weather across Asia, impacting delivery schedules.
However, U.S. imports of Succinic Acid from China rose sharply due to pre-tariff stockpiling, ensuring adequate regional inventory levels. On the demand side, Succinic Acid consumption showed mixed performance. While the mass-market cosmetics segment declined due to weaker sales from major brands, the premium beauty sector grew steadily, with an increased focus on sustainable, bio-based ingredients aligning with evolving consumer preferences for clean beauty products. In pharmaceuticals, demand remained firm, bolstered by continued innovation, especially in biologics and API production, and domestic manufacturing initiatives by leading players.
Overall, despite external pressures, the market sustained moderate demand growth across core sectors, driven by long-term sustainability goals and the consistent role of Succinic Acid in cosmetics and pharmaceutical formulations.
APAC
During the first quarter of 2025, the Asian Succinic Acid market displayed a mixed price trend, shaped by shifts in feedstock dynamics, supply chain disruptions, and downstream demand. January began with a price decline, primarily driven by ample stock levels, declining feedstock costs for Benzene and n-butanol, and cautious market sentiment amidst a contracting Chinese manufacturing sector. The cosmetics segment faced demand pressures due to weak sales from major brands, although the pharmaceutical sector maintained steady consumption. In February, prices rebounded slightly as manufacturing activity recovered post-Spring Festival, and demand in premium skincare and pharmaceutical applications supported market fundamentals. However, limited feedstock Benzene supply and escalating geopolitical tensions—particularly new U.S. tariffs on Chinese imports—introduced volatility. By March, the market saw a renewed price decline as feedstock cost support softened due to easing crude oil prices, and regional logistics faced headwinds like port congestion and fluctuating freight rates. Despite reduced exports and slower global trade, downstream demand stayed resilient, especially from Asia’s growing wellness and pharmaceutical sectors. Overall, Q1 ended with a stable-to-weak price sentiment, underpinned by solid demand and ongoing supply chain complexities.
Europe
In Q1 2025, the European Succinic Acid market experienced a sustained bearish price trend, largely influenced by weakening upstream cost support, persistent logistical challenges, and fluctuating downstream demand. January began with a decline in prices as reduced demand, especially from the pharmaceutical sector, and easing feedstock costs for Benzene and n-butanol prompted price corrections. Despite stable production from key Asian exporters and a resilient European cosmetics sector, adverse winter weather hampered port operations, disrupting imports. In February, prices fell further as ocean freight rates dropped and carrier capacity was slashed by 30% on the Far East to Europe routes. At the same time, limited feedstock Benzene availability and geopolitical tensions, including new U.S. tariffs, contributed to market volatility. However, Succinic Acid demand remained firm, driven by growth in premium and sustainable cosmetics and renewed pharmaceutical demand under the Critical Medicines Act. In March, prices declined again amid shipping disruptions, port congestion in Europe, and easing upstream costs following OPEC+'s decision to unwind crude production cuts. Despite supply chain hurdles and external trade pressures, demand from the cosmetics and pharmaceutical sectors stayed consistently strong, underpinned by innovation and sustainability trends, ensuring steady downstream consumption throughout the quarter.
For the Quarter Ending December 2024
North America
In the North American region, Succinic Acid prices experienced a notable overall decrease of 11% during the fourth quarter of 2024, driven by a combination of steady supply and moderate demand across key sectors. Production and supply rates were stable in the key Asian exporter China, despite some slowdowns due to rising input and energy costs. The market saw a firm supply of Succinic Acid, bolstered by ample stocks and stable feedstock availability.
However, moderate to low offtakes, particularly from downstream industries, put downward pressure on prices. Demand from the cosmetics sector remained robust, especially in the U.S., driven by strong e-commerce sales during the holiday season. The paints and coatings sector also saw increased demand due to a shift toward environmentally friendly products.
Despite these positive trends, export growth remained sluggish, especially from China, with imports into the U.S. witnessing a decline, partially due to tariff concerns and slower-than-expected trade from major exporters. The overall decrease in prices reflected a balance of steady supply, cautious demand, and the global economic backdrop, including inflationary pressures and geopolitical factors influencing market conditions.
APAC
In the final quarter of 2024, Succinic Acid prices experienced an overall decrease of 6% in the Asian region, reflecting moderate demand coupled with stable supply conditions. Production rates remained steady, supported by sufficient feedstock supplies and a slight upward trend in crude oil prices, which helped maintain production levels despite some cost pressures. The availability of stocks was ample, contributing to moderate to low offtakes from downstream industries. The cosmetics sector saw resilient demand, driven by an increase in retail sales and the rising popularity of men’s skincare, especially in digital platforms. This supported the demand for Succinic Acid in personal care formulations. However, the food and pharmaceutical sectors faced subdued demand due to lower food prices and reduced inflation, which impacted Succinic Acid consumption in these industries. Exports saw some growth, particularly to ASEAN markets, though overall export growth was slower than in previous months. Exports to Russia showed a noticeable decline, reflecting geopolitical factors and other market dynamics. The paints and coatings sector also saw increased demand, driven by Asia's expanding market, while China's export volumes in coatings grew significantly. The overall market was characterized by steady supply, but the lack of strong demand growth across key sectors contributed to the price decline during the quarter.
Europe
Similarly, in the European market, the Succinic Acid market experienced a consistent downward trend during Q4 of 2024, with prices decreasing by 9% overall compared to the previous quarter. This decline was largely attributed to a combination of factors, including stable production rates and ample stock availability, which led to lower demand from downstream industries. While Succinic Acid production remained steady in key regions, such as China, and supply levels were firm, demand across several sectors showed signs of weakness. In particular, the food sector saw moderate consumption rates, and the cosmetics sector experienced a slight decrease in demand due to rising scrutiny and increasing costs. Additionally, the European construction sector’s ongoing contraction weakened demand for adhesives and sealants negatively impacted Succinic Acid consumption to PU foam. Export growth from China slowed, and logistical disruptions, including storm-related rail congestion and port delays in Europe, further impacted supply dynamics. Overall, these factors, combined with a decline in manufacturing activity in the Eurozone, contributed to the 9% reduction in Succinic Acid prices during the quarter.
For the Quarter Ending September 2024
North America
In Q3 2024, the Succinic Acid price trend oscillated in the North American region, showcasing moderate sentiments in the market. At the beginning of the quarter, prices witnessed a notable increase, driven by a combination of factors influencing the market dynamics. Factors such as steady demand, limited supplies, and cost support from feedstock Benzene and affected supplies due to hurricanes in the region contributed to the overall bullish market sentiment, highlighting a stable and robust pricing landscape for Succinic Acid in the region.
In the middle of the third quarter, Succinic Acid production rates improved in the exporting Asian region because of the improved availability of feedstock supplies. The offtakes were moderate, and market players reduced their quotations. The correlation in price changes demonstrated a positive sentiment, with an almost 3% decrease in mid-Q3.
Towards the end of Q3, the impact of Hurricane Helene resulted in reduced manufacturing activities and demand from end-user industries and an increase in domestic stockpiles. The market players again reduced their quotations. The quarter-ending price in the USA stood at USD 1810/MT of Succinic Acid CFR Texas and the overall quarter-on-quarter percentage surge of 11% further solidified this growth trajectory in Q3 2024.
APAC
Like the North American region, the Succinic Acid price trend in the APAC region has been characterized by a fluctuating pricing environment. Initially, the quarter witnessed a significant surge in demand for Succinic Acid from various industries, particularly the cosmetics and personal care sectors. This uptick in demand, coupled with moderate supply levels, led to a bullish market sentiment. Additionally, cost support from feedstock Benzene and n--butanol contributed to the rise in production costs of Succinic Acid during the period. However, towards the end of the quarter, the Succinic Acid price trend shifted movement and prices witnessed a decline due to improved inventory levels in the region. At the same time, the resumption of Crude Oil supply from Libya in September 2024 resulted in increased refinery run rates and feedstock Benzene supplies availability, which negatively impacted the production costs. The quarter-ending price for Succinic Acid FOB Qingdao in China stood at USD 1490/MT after a 5% increase in previous quarter prices, reflecting the overall positive pricing environment and upward trend in market prices.
Europe
In Q3, the Succinic Acid market in the European region has been characterized by a fluctuating pricing environment. At the beginning of the quarter, prices showcased an upward movement, as the demand was firm from the key downstream pharma sector, while the manufacturing activities were low amid labor shortages during summer holidays in the region. Reduced production with a consistent decline in the Eurozone Manufacturing PMI Index resulted in low supplies to the market and stressed the inventory levels amid firm offtakes. Supply-side dynamics also played a role, as supply availability was moderately low during the summer holidays creating imbalanced demand-supply dynamics. Yet demand failed to match this increase, as The Eurozone's beauty sector demand continued to remain robust, significantly impacting Succinic Acid consumption. Seasonality played a role as summer holidays resulted in labor shortages and reduced manufacturing rates, impacting supply chains. Additionally, concerns about a potential recession in the US affecting the international crude oil market and refinery operations have led to a shortage of feedstock Benzene supplies, impacting Succinic Acid production rates. Conclusively, the quarter concluded with Succinic Acid CFR Hamburg priced at USD 1690/MT, in Germany, after an overall notable surge of 8% in the last quarter's prices, indicating a consistent upward trend.
For the Quarter Ending June 2024
North America
The North American Succinic Acid market experienced price fluctuations and an overall bullish trend during the second quarter of 2024, driven by several factors. Supply chain disruptions, including major plant shutdowns and reduced feedstock availability (particularly Benzene and n-butanol), led to constrained production and higher prices. Additionally, the rise in Crude Oil prices increased production costs, contributing to the bullish pricing environment.
In the USA, where price changes were most pronounced, robust demand from the pharmaceutical Sector. At the same time, firm orders from polymer sectors, especially the Polyurethane segment, boosted Succinic Acid consumption. Seasonal factors, such as increased orders for polyester fibers in summer, further fueled demand.
Overall, Succinic Acid prices rose by 3% in the second half of the quarter compared to the first half, reflecting strong demand and limited supply. By the end of Q2 2024, Succinic Acid was priced at USD 1690/MT CFR Texas. This price level indicates a resilient market, balancing demand surges with ongoing supply constraints.
APAC
In Q2 2024, the pricing environment for Succinic Acid in the APAC region exhibited notable fluctuations. Initially, prices increased due to strong demand from personal care product manufacturers. L'Oréal, for instance, surpassed market expectations with a 9.4% year-on-year rise in total group sales, driven by its strategies in China's premium cosmetics sector. However, during the mid-quarter, prices declined due to sluggish demand from the pharmaceutical manufacturers. This slowdown occurred amid a surge in M&A spending, which hit USD 191 billion in 2023—a 34% increase from the previous year. Significant deals included AstraZeneca's acquisition of Gracell for USD 1.2 billion and Bristol Myers Squibb's USD 800 million agreement with Chinese biotech SystImmune. By the end of the quarter, prices rebounded as buyers increased their offtakes to stock up and mitigate potential supply disruptions due to regional typhoons and monsoons. At the end of the quarter, Succinic Acid prices were witnessed at USD 1460/MT CFR Busan in South Korea, while export prices from China were USD 1420/MT FOB Qingdao.
Europe
In Q2 2024, the European Succinic Acid market experienced price fluctuations driven by several key factors. Increased production from major Chinese suppliers led to ample stock availability, which, combined with weaker demand from downstream industries, put downward pressure on prices. The decline in feedstock n-butanol prices helped mitigate production costs. Although Benzene prices remained firm initially due to geopolitical tensions and OPEC+ crude oil production cuts, prices eased towards the end of the quarter, reinforcing the bearish trend. Additionally, reduced global freight costs, as container traffic avoided congested routes, contributed to lower ocean rates on major trade lanes.
Germany saw the most significant price changes within the region. Reduced demand for Succinic Acid, particularly from the personal care and food sectors due to rising temperatures, contributed to the decline. The Eurozone's manufacturing sector also contracted, with a slower Purchasing Manager's Index and reduced new orders. Supply uncertainties were exacerbated by plant shutdowns at AkzoNobel and SASA Polyester Sanayi in Adana, further decreasing consumption from polymer manufacturers. Seasonal factors contributed to a 4% price drop from the first to the second half of the quarter and a 3% decrease from the previous quarter. By the end of Q2 2024, Succinic Acid prices settled at USD 1580/MT CFR Hamburg, reflecting a persistently negative market sentiment.
