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Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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
  • Others
     

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
  • Others
     

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
  • Europe
  • 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.

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million
Segment Coverage Application, End-Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Properties
    4.3    Key Industry Trends
5   Global Fumaric Acid Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Application
    5.5    Market Breakup by End-Use Industry
    5.6    Market Breakup by Region
    5.7    Market Forecast
6   Market Breakup by Application
    6.1    Food Additives
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Rosin-Sized Sheathing Paper
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Unsaturated Polyester Resins
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Alkyd Resins
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Others
        6.5.1    Market Trends
        6.5.2    Market Forecast
7   Market Breakup by End-Use Industry
    7.1    Food and Beverages Industry
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Cosmetics Industry 
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Pharmaceutical Industry
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Chemical Industry
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Others
        7.5.1    Market Trends
        7.5.2    Market Forecast
8   Market Breakup by Region
    8.1    Asia Pacific
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    North America
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Europe
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   Global Fumaric Acid Industry: SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses 
    9.4    Opportunities
    9.5    Threats
10  Global Fumaric Acid Industry: Value Chain Analysis
    10.1    Overview
    10.2    Research and Development
    10.3    Raw Material Procurement
    10.4    Manufacturing
    10.5    Marketing
    10.6    Distribution
    10.7    End-Use
11  Global Fumaric Acid Industry: Porters Five Forces Analysis
    11.1     Overview 
    11.2     Bargaining Power of Buyers
    11.3     Bargaining Power of Suppliers 
    11.4     Degree of Competition
    11.5     Threat of New Entrants
    11.6     Threat of Substitutes
12  Global Fumaric Acid Industry: Price Analysis
    12.1     Price Indicators
    12.2     Price Structure
    12.3     Margin Analysis
13  Fumaric Acid Manufacturing Process
    13.1    Product Overview
    13.2    Raw Material Requirements
    13.3    Manufacturing Process
    13.4    Key Success and Risk Factors
14  Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Bartek Ingredients Inc.
        14.3.2    Dastech International
        14.3.3    Fuso Chemical Co., Ltd.
        14.3.4    Polynt
        14.3.5    Prinova Group
        14.3.6    Changzhou Yabang Chemical Co. Ltd.
        14.3.7    Nippon Shokubai
        14.3.8    The Chemical Company
        14.3.9    Thirumalai Chemicals
        14.3.10   U.S. Chemicals
        14.3.11   Wego Chemical Group
        14.3.12   Huntsman Corporation

List of Figures

Figure 1: Global: Fumaric Acid Market: Major Drivers and Challenges
Figure 2: Global: Fumaric Acid Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Fumaric Acid Market: Breakup by Application (in %), 2022
Figure 4: Global: Fumaric Acid Market: Breakup by End-Use Industry (in %), 2022
Figure 5: Global: Fumaric Acid Market: Breakup by Region (in %), 2022
Figure 6: Global: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 7: Global: Fumaric Acid Industry: SWOT Analysis
Figure 8: Global: Fumaric Acid Industry: Value Chain Analysis
Figure 9: Global: Fumaric Acid Industry: Porter’s Five Forces Analysis
Figure 10: Global: Fumaric Acid (Food Additives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Fumaric Acid (Food Additives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Fumaric Acid (Rosin-Sized Sheathing Paper) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Fumaric Acid (Rosin-Sized Sheathing Paper) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Fumaric Acid (Unsaturated Polyester Resins) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Fumaric Acid (Unsaturated Polyester Resins) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Fumaric Acid (Alkyd Resins) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Fumaric Acid (Alkyd Resins) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Fumaric Acid (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Fumaric Acid (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Fumaric Acid (Food and Beverage Industry) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Fumaric Acid (Food and Beverage Industry) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Fumaric Acid (Cosmetics Industry) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Fumaric Acid (Cosmetics Industry) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Fumaric Acid (Pharmaceutical Industry) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Fumaric Acid (Pharmaceutical Industry) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Fumaric Acid (Chemical Industry) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Fumaric Acid (Chemical Industry) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Fumaric Acid (Other Industries) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Fumaric Acid (Other Industries) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Asia Pacific: Fumaric Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Asia Pacific: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: North America: Fumaric Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Europe: Fumaric Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Europe: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Middle East and Africa: Fumaric Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Middle East and Africa: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Latin America: Fumaric Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Latin America: Fumaric Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Fumaric Acid Manufacturing: Process Flow

List of Tables

Table 1: Fumaric Acid: General Properties
Table 2: Global: Fumaric Acid Market: Key Industry Highlights, 2022 and 2028
Table 3: Global: Fumaric Acid Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Fumaric Acid Market Forecast: Breakup by End-Use Industry (in Million US$), 2023-2028
Table 5: Global: Fumaric Acid Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Fumaric Acid: Raw Material Requirements
Table 7: Global: Fumaric Acid Market Structure
Table 8: Global: Fumaric Acid Market: Key Players


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Key Questions Answered in This Report

The global fumaric acid market was valued at US$ 740.5 Million in 2022.

We expect the global fumaric acid market to exhibit a CAGR of 4.71% during 2023-2028.

The rising adoption of nutrient-rich food products among health-conscious individuals, along with the increasing demand for fumaric acid to stabilize and enhance the flavor and aroma of these products, is primarily driving the global fumaric acid market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for fumaric acid.

Based on the application, the global fumaric acid market has been segmented into food additives, rosin-sized sheathing paper, unsaturated polyester resins, alkyd resins, and others. Among these, food additives currently hold the majority of the total market share.

Based on the end-use industry, the global fumaric acid market can be divided into food and beverages industry, cosmetics industry, pharmaceutical industry, chemical industry, and others. Currently, the food and beverage industry exhibits a clear dominance in the market.

On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global fumaric acid market include 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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