According to the latest report by IMARC Group, titled “Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 631 Million in 2018. Fumaric acid is a dicarboxylic acid with the formula C4H4O4 which is formed by the oxidation of succinic acid by succinate dehydrogenase. It is found in eukaryotes, bolete mushrooms, lichens and Iceland moss in the form of a fine white or colorless crystalline powder. Apart from this, it is also produced by the human body when skin is exposed to direct sunlight. Characterized by a sour taste, it is used for the preparation of a variety of food products. Apart from being used as a food additive, it also forms an essential component in the production of medicines, industrial dyes, printing inks, animal feed and polyester resins.
Market Drivers:
Fumaric acid is utilized in the food and beverage industry as an acidulant, preservative, flavor enhancer and pH controller. The escalating sales of convenience food and the rising popularity of ready-to-drink beverages is catalyzing its demand. Besides this, increasing incidences of lifestyle diseases coupled with the growing health consciousness amongst consumers have augmented the consumption of sports and health drinks which contain fumaric acid. Moreover, this acid is being employed in the construction sector for the manufacturing of unsaturated polyester resins that are further used in the production of auto parts and reinforcement panels. Furthermore, the need to develop new processes based on renewable sources has led manufacturers to produce bio-based fumaric acid. However, the process costs almost double the cost of fumaric acid derived from benzene. Improvement in this process along with progress in technology is expected to drive the market growth. On account of these factors, the market is projected to reach a value of US$ 855 Million by 2024, growing at a CAGR of around 5% during the forecast period (2019-2024).
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Market Summary:
Market Breakup by Application
1. Food Additives
2. Rosin-Sized Sheathing Paper
3. Unsaturated Polyester Resins
4. Alkyd Resins
5. Others
On the basis of applications, food additives are the most popular application segment. Other major applications include rosin-sized sheathing paper, unsaturated polyester resins, alkyd resins and others.
Market Breakup by End-Use Industry
1. Food and Beverages Industry
2. Cosmetics Industry
3. Pharmaceutical Industry
4. Chemical Industry
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Based on end-use industries, the market has been categorized into food and beverages, cosmetics, pharmaceutical, and chemical. Amongst these, fumaric acid is mostly used in the food and beverage industry.
Market Breakup by Region
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific holds the leading position in the market.
Competitive Landscape
The competitive landscape of the market has been analyzed in the report. Some of the key players operating in the market include Bartek Ingredients Inc., Fuso Chemical Co., Ltd., Polynt, Prinova Group, Dastech International, Changzhou Yabang Chemical Co. Ltd., Nippon Shokubai, The Chemical Company, Thirumalai Chemicals, Wego Chemical Group, U.S. Chemicals and Huntsman Corporation.
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