The global fumaric acid market size reached US$
740.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$
980.4 Million by 2028, exhibiting a growth rate (CAGR) of
4.71% during 2023-2028
Fumaric acid is a colorless, crystalline organic compound biologically sourced from lichens, Iceland mosses, eukaryotes, and bolete mushrooms. It helps produce energy from food in the form of adenosine triphosphate (ATP) and is commonly used as a preservative, acidulant, pH adjusting agent, and flavor enhancer in bakery products, confectioneries, energy drinks, and desserts. Besides this, it acts as a substitute for tartaric acid in energy drinks and baking powders. In addition, fumaric acid finds extensive application in the production of pharmaceutical products, cosmetics, animal feed, cleaning agents, synthetic resins, paints, and plastics.
Global Fumaric Acid Market Trends:
Unhealthy dietary patterns and sedentary lifestyles of individuals are leading to the prevalence of various lifestyle disorders, such as obesity, diabetes, and hypertension, among the masses. In addition, significant growth in the health-conscious population is catalyzing the demand for nutrient-rich food products prepared using fumaric acid to stabilize and enhance their flavor and aroma. This can also be attributed to the escalating demand for energy drinks, alcoholic beverages, and processed food items. Furthermore, extensive infrastructural development across the globe and increasing investments in reconstruction, renovation, and remodeling activities are favoring the usage of fumaric acid in the manufacturing of unsaturated polyester resins, alkyd resins, and construction activities. Additionally, the burgeoning automotive industry is catalyzing the demand for fumaric acid-based unsaturated polyester resins (UPRs) in manufacturing the body panels for heavy and light-duty vehicles with enhanced durability and high resistance to chemical corrosion. Moreover, leading industry players are producing bio-based fumaric acid due to the rising need for introducing new processes based on renewable sources. This, in turn, is anticipated to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fumaric acid market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application and end-use industry.
Breakup by Application:
- Food Additives
- Rosin-Sized Sheathing Paper
- Unsaturated Polyester Resins
- Alkyd Resins
Based on the application, the market has been segmented into food additives, rosin-sized sheathing paper, unsaturated polyester resins, alkyd resins and others. Food additives currently represent the biggest application segment.
Breakup by End-Use Industry:
- Food and Beverages Industry
- Cosmetics Industry
- Pharmaceutical Industry
- Chemical Industry
Based on the end-use industry, the market has been segmented into food and beverages, cosmetics, pharmaceuticals, chemicals and others.
Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On a geographical front, the market has been categorized into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market for fumaric acid, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players being Bartek Ingredients Inc., Dastech International, Fuso Chemical Co., Ltd., Polynt, Prinova Group, Changzhou Yabang Chemical Co. Ltd., Nippon Shokubai, The Chemical Company, Thirumalai Chemicals, U.S. Chemicals, Wego Chemical Group and Huntsman Corporation.
|Base Year of the Analysis
||Application, End-Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Bartek Ingredients Inc., Dastech International, Fuso Chemical Co., Ltd., Polynt, Prinova Group, Changzhou Yabang Chemical Co. Ltd., Nippon Shokubai, The Chemical Company, Thirumalai Chemicals, U.S. Chemicals, Wego Chemical Group and Huntsman Corporation
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