Industry Trend Analysis
The global fumaric acid market was valued around USD 0.41 billion in 2016 and is expected to reach roughly USD 0.72 billion by the end of 2025 while registering itself at a compound annual growth rate (CAGR) of 6.35% during the forecast period, owing to the rise in popularity of processed food together with availability of ready-to-drink beverages. Fumaric acid plays the role of a food additive (acidulant) and renders pH adjustment, flavor improvement, and preservation in beverages & food. Increasing economic development together with living standard particularly in developing countries such as India, China is expected to boost the consumption of processed beverages & food which will consecutively augment the growth of the global market. The change in trend for dietary consumption joined with rising health consciousness amongst customers is anticipated to boost the demand of processed beverages & food. This factor is probable to drive the growth of the fumaric acid market during the forecast years. The launching of a wide range of flavors including ethnic and exotic flavors in beverages & food market is anticipated to strengthen the global demand of fumaric acid. Growing remodeling & construction activities in emerging countries of Latin America and Asia Pacific is anticipated to impel the demand of unsaturated polyester resin (UPR) and paints demand which in turn is anticipated to fuel the growth of global fumaric acid market. Fumaric acid is used in the making of alkyd resins and unsaturated polyester resin (UPR). Global augment in automotive production is expected to positively impact fumaric acid industry worldwide. Unsaturated polyester resin (UPR) containing fumaric acid is used in body panel fabrication of light and heavy duty vehicles. Rising fumaric acid uses in pharma applications is projected to augment the growth of global market. Fumaric acid is boasted as a latent alternate for artificial organic acids like tartaric acid and citric acid for using in snacks and fruit syrup. Consecutively it is expected to boost the growth of the global fumaric acid market. Strict government regulations due to increasing ecological concern to trim down carbon footprints into the environment are expected to hamper the growth of global market. Increasing funding for research and development for bio-based fumaric acid is predicted to offer major opportunities for market participants. The innovation of nutritional supplements such as bars and cereals is also projected to provide profitable opportunities to market players. Fumaric acid can be utilized as a medium in the bio-based polymer’s production and potentially substitute maleic anhydride in several applications. Market participants have vast opportunities to take advantage due to factor that is mentioned above.
Application Outlook and Trend Analysis
Beverage and foods were the important application section for fumaric acid market over the precedent few years. Fumaric acid is utilized for flavor enhancement and preservation in Beverage and foods. Increasing convenience food demand is anticipated to fuel Beverage and foods application demand. The launching of energy bars and drinks is expected to boost the demand of fumaric acid for Beverage and foods application. In the year 2013, rosin paper sizing were the subsequent largest application segment. This application section is likely to weaken as a result of its increasing replacement with alkaline papermaking. Unsaturated polyester resins (UPR) are predicted to show fair growth rate during the forecast years. The growing uses of unsaturated polyester resins (UPR) in various industries like marine, aerospace, and pipes & tank are likely to augment the growth of the fumaric acid market over the next few years. Other applications of fumaric acid involve pharmaceuticals, feed additives, lacquers, lubricating oil, and plasticizers.
Regional Outlook and Trend Analysis
In 2013, Asia Pacific region was the top market concerning demand of fumaric acid and is anticipated to persist its supremacy during the forecast period. Rising demand of convenience food together with a rise in middle-class disposable earning as well as population growth is anticipated to drive the demand of fumaric acid in this region. Increasing remodeling and construction in Asia Pacific region is also projected to fuel the growth of the regional market. Growing automobile industry in developing countries of Asia Pacific like Indonesia and Thailand are estimated to boost the market growth of fumaric acid in the area. North America region was the subsequent largest market for the fumaric acid; however it is said to observe a declination in demand during the forecast years due to strict government regulations about the utilization of alkyd resins. After North America, Europe is also anticipated to experience a turn down in demand of fumaric acid due to saturation of the market in various industries.
Competitive Outlook and Trend Analysis
The global fumaric acid market is reasonably dominated by and concentrated in few key players such as Prinova LLC, Bartek Ingredients, Fuso Chemicals and Polynt S.P.A. Other key market players include Thirumalai Chemicals, Dastech International Inc., Xilong Chemical Company Ltd, The Chemical Company, Tianjin Bohai Chemicals, Changzhou Yabang Chemical Co. Ltd, Nippon Shokubai Co. Ltd, U.S. Chemicals LLC, and Wego Chemicals & Mineral Corp. The big players are involved in wide R&D and improvement to extend the scope of application and get across regional markets.
The fumaric acid market is segmented as follows -
Food & Beverages
Rosin Paper Sizes
Unsaturated Polyester Resins (UPR)
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?