Global fumaric acid market demand was 225.2 kilo tons in 2012. Global increase in processed food popularity coupled with ready-to-drink beverages availability is expected to remain a key driving factor for fumaric acid market growth over the next six years. Fumaric acid acts as an acidulant and provides preservation, flavor enhancement and pH adjustment in food & beverages application. Rising living standard coupled with economic development particularly in Asia Pacific countries such as China & India is projected to fuel processed food & beverages consumption which in turn is expected to augment global market growth. The shift in trend towards nutritional diet consumption coupled with health consciousness among consumers is expected to positively influence processed food & beverages demand. This factor is expected to drive fumaric acid market growth over the forecast period. The introduction of wide variety flavors including exotic and ethnic flavors in food & beverages market is projected to uplift global fumaric acid demand. Increasing construction & remodeling activities in developing economies of Asia Pacific and Latin America is expected to drive unsaturated polyester resin (UPR) demand. Paints demand is also expected to grow owing to increasing construction activities. Thus, rising construction activities are expected to augment UPR and paints demand which in turn is expected to drive fumaric acid market growth. Fumaric acid is consumed in the production of UPR and alkyd resins.
Global fumaric acid market volume by application, 2012 - 2020 (Kilo Tons)
Global increase in automobile production is projected to impact global fumaric acid market positively. Fumaric acid based UPR is used in manufacturing body panel for heavy and light duty vehicles. Increasing fumaric acid application in pharmaceuticals is expected to augment global market growth. Fumaric acid is also being touted as a potential substitute for synthetic organic acids such as citric acid and tartaric acid for applications in fruit syrup and snacks. This, in turn, is expected to augment global fumaric acid market growth. Stringent government regulations owing to growing environmental concern to reduce carbon footprints into the atmosphere are expected to hinder global market growth. Increasing investments in research to develop bio-based fumaric acid is expected to provide key opportunities for industry participants. The advent of nutritional bars such as cereals and bars is also expected to provide lucrative opportunities to industry participants. Fumaric acid can be used as an intermediate in the production of bio-based polymers and potentially replace maleic anhydride in various applications. Industry participants have huge opportunities to capitalize owing to above-mentioned factor.
Food & beverages were the leading application segment market for fumaric acid over the past few years. Fumaric acid is used for preservation and flavor enhancement in food & beverages application. Increasing demand for convenience food is expected to drive food & beverage application demand. The introduction of energy drinks and bars is projected to fuel fumaric acid demand for food & beverage application. Rosin paper sizes were the second largest application segment in 2013. This application segment is projected to decline owing to increasing use of alkaline papermaking as a substitute. Unsaturated polyester resins are expected to exhibit moderate growth rate over the forecast period. The increasing application of UPR in end-use industries such as aerospace, marine, and tank & pipes are expected to augment fumaric acid market growth over the forecast period. Other fumaric acid applications include feed additives, pharmaceuticals, lubricating oil, plasticizers and lacquers.
Asia Pacific was the leading regional market regarding fumaric acid demand in 2013 and is expected to continue its dominance over the forecast period. Increasing convenience food demand coupled with an increase in per capita middle class disposable income and population expansion is expected to drive fumaric acid demand in this region. . Growing construction & remodeling activities in Asia Pacific is also expected to fuel regional market growth. Rising automotive industry in emerging economies of Asia Pacific such as Thailand and Indonesia are expected to fuel fumaric acid market growth in the region. North America was the second largest regional market for fumaric acid and is expected to witness a decline in demand over the forecast period owing to stringent government regulations regarding the use of alkyd resins. Followed by North America, Europe is also expected to witness a decline in fumaric acid demand owing to market saturation in end-use industries.
The global fumaric acid market is moderately concentrated and dominated by few large players such as Bartek Ingredients, Prinova LLC, Polynt S.P.A and Fuso Chemicals. Other major industry players include Dastech International Inc., Thirumalai Chemicals, Xilong Chemical Company Ltd, Nippon Shokbai Co. Ltd, Tianjin Bohai Chemicals, The Chemical Company, Wego Chemicals & Mineral Corp., U.S. Chemicals LLC and Changzhou Yabang Chemical Co. Ltd. Industry participants are involved in extensive R&D and innovation to widen the scope of application and penetrate regional markets.
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