The latest report by IMARC Group, titled “Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global fumaric acid market size reached US$
740.5 Million in 2022. Fumaric acid or trans-butenedioic acid is a white crystalline compound produced by the oxidation of furfural with the help of chlorate in the presence of a vanadium catalyst. It can also be found in lichens, Icelandic moss, and bolete mushrooms. Fumaric acid helps in the production of energy from food in the form of ATP. It is the strongest organic food acid as it contains a higher relative sourness than other acidulants. Due to its long-lasting sourness and flavor, fumaric acid decreases the pH levels with minimal added sources when used as a food additive. As a result, fumaric acid finds extensive application in various end-user industries such as food and beverages, paper processing, printing inks, and polymer resins.
Global Fumaric Acid Market Trends:
The market is primarily driven by the rising popularity of processed food and ready-to-drink beverages. In addition, fumaric acid is widely utilized in the food and beverage industryas an acidulant, preservative, flavor enhancer, and pH adjusting agent in various food products. In addition, the rising health consciousness among individuals is increasing the preference for a nutritional diet, which has augmented the consumption of sports and health drinks that contain fumaric acid. Along with this, fumaric acid is employed in the production of unsaturated polyester resin (UPR) and alkyd resins. consequently, with the global rise in automobile production, fumaric acid-based UPR is used in the manufacturing of body panels for heavy and light-duty vehicles. Moreover, manufacturers are producing bio-based fumaric acidwith the need to develop new processes based on renewable sources. On account of these factors, the market value is expected to reach US$ 980.4 Million by 2028, exhibiting a CAGR of
4.71% during the forecast period (2023-2028).
- Based on the application, the market has been segmented into food additives, rosin-sized sheathing paper, unsaturated polyester resins, alkyd resins, and others. Currently, food additives represent the biggest application segment.
- On the basis of the end use industry, the market has been classified into food and beverages, cosmetics, pharmaceutical, chemical, and others.
- Region-wise, Asia Pacific holds the leading position in the market. Other major regions are North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Bartek Ingredients Inc., Dastech International, Fuso Chemical Co., Ltd., Polynt, Prinova Group, Changzhou Yabang Chemical Corporation Limited, Nippon Shokubai, The Chemical Company, Thirumalai Chemicals, U.S. Chemicals, Wego Chemical Group, and Huntsman Corporation.
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