According to the latest report by IMARC Group, titled “Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global fumaric acid market size reached US$ 740.5 Million in 2022. Fumaric acid, also known as trans-butenedioic acid, is a chemical compound that is a white crystalline solid and occurs naturally in certain fruits and plants. It has enhanced stability and compatibility with other substances, which makes it an attractive choice for diverse applications. Besides this, it assists in enhancing the flavor by offering a tangy taste in various food products. As it aids in enhancing the shelf life and improving the colors of certain products, the demand for fumaric acid is rising across the globe.
Global Fumaric Acid Market Trends:
At present, the rising utilization of fumaric acid in the pharmaceutical sector for the formulation of medications for various health conditions, such as psoriasis and multiple sclerosis, represents one of the major factors impelling the growth of the market. Additionally, the increasing employment of fumaric acid in the plastic industry for manufacturing resins and polymers is strengthening the growth of the market. Apart from this, the growing employment of fumaric acid due to the rising demand for processed and convenience food products among the masses around the world is offering a positive market outlook. Moreover, the increasing adoption of fumaric acid to enhance the durability and performance of the final product is bolstering the growth of the market. Besides this, the rising demand for fumaric acid as a raw material for manufacturing automotive coatings is supporting the growth of the market. Furthermore, key players are introducing fumaric acid that is produced through bio-based processes, which reduces the overall carbon footprint and reliance on conventional petrochemical methods. Looking forward, the market value is projected to reach US$ 980.4 Million by 2028, expanding at a CAGR of 4.71% during 2023-2028.
- Based on the application, the market has been segregated into food additives, rosin-sized sheathing paper, unsaturated polyester resins, alkyd resins, and others. At present, food additives dominate the market.
- On the basis of the end-use industry, the market has been classified into food and beverages, cosmetics, pharmaceutical, chemical, and other industries. Presently, the food and beverages industry represents the biggest market share.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific enjoys the leading position in the market.
- 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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