Fumaric Acid Market Growth Analysis | 2023-2028

Market Insights

The fumaric acid market was estimated at USD 593.51 million in 2022 and is likely to grow at a CAGR of 4.18% during 2023-2028 to reach USD 763.67 million in 2028.

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What is fumaric acid?

Fumaric acid is an organic compound that has a fruit-like taste. Fumaric acid is extensively used as a food additive. It is also known as trans-butene-dioic acid.

Market Dynamics

The fumaric acid market is experiencing significant growth due to several factors that are driving its demand in various industries. Some of the key factors contributing to the expansion of the fumaric acid market include-

• Expanding use in the polymer industry – Fumaric acid is used in the production of unsaturated polyester resins (UPRs), which are used in the production of products like paints, coatings, etc. The growing use of UPRs across various industries is expected to drive the demand for fumaric acid in the polymer industry.
• Growing Food and Beverage Industry: Fumaric acid is used as an acidulant and acidity regulator or pickling agent in the food and beverage industry. According to the Food and Agriculture Organization of the United Nations (FAO), feeding the world population in 2050 would call for increasing overall food production by ~70%. With the rising global population, the demand for processed food is increasing, leading to higher consumption of fumaric acid.
• Shift towards natural ingredients – Consumers are shifting towards natural and clean label ingredients in the food and beverage industry. Fumaric acids are naturally found in fruits and vegetables and can replace synthetic acidulants. The demand for fumaric acids is rising since the demand for natural and healthier products grows.

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Segments' Analysis

By Application Type

Based on the application type, the market is segmented as food and beverage processing, rosin paper sizing, unsaturated polyester resin, alkyd resin, personal care & cosmetics, and others. The food and beverage processing segment is likely to dominate the market, as fumaric acid is the most used food additive for keeping processed food stable. Also, this additive decreases the pH value with minimum additional sourness.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for fumaric acid during the forecast period, driven by China. Also, the high demand for packed foods, increasing per-capita income, and growing population to also contribute to the region’s growth over the next five years.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Product Type

• Food Grade
• Technical Grade

By Application Type

• Food and Beverage Processing
• Rosin Paper Sizing
• Unsaturated Polyester Resin
• Alkyd Resin
• Personal Care & Cosmetics
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major fumaric acid manufacturers are-

• Anmol Chemicals
• Bartek Ingredients Inc.
• ESIM Chemicals
• FUSO CHEMICAL CO. LTD
• Merck KGaA
• Polynt
• Shanghai Changmao Biochemical Engineering Co., Ltd.
• Thirumalai Chemicals Ltd,
• UPC Group
• Yongsan Chemicals Inc.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.