GVR Report cover Fumaric Acid Market Size, Share & Trends Report

Fumaric Acid Market Size, Share & Trends Analysis Report By Application (Food & Beverages, Rosin Paper Sizes, Unsaturated Polyester Resins, Alkyd Resins), By Region, And Segment Forecasts, 2015 - 2022

  • Report ID: 978-1-68038-374-4
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global fumaric acid market demand was 245.4 kilo tons in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% during the forecast period. Rising popularity of processed food and demand for ready-to-drink beverages is expected to remain a key factor driving the growth. Fumaric acid acts as an acidulant, preservative, flavor enhancer, and pH adjusting agent in food and beverages application. Rising standard of living coupled with economic development particularly in Asia Pacific countries such as China and India is projected to fuel consumption of processed food and beverages, which in turn is expected to augment global market growth. Rising preference for nutritional diet consumer health consciousness are expected to positively influence the demand for processed food and beverages. This factor is expected to drive the demand for fumaric acid.

Fumaric Acid Market demand, by region

Introduction of wide variety flavors including exotic and ethnic flavors in food and beverages market is projected to drive the demand for fumaric acid. Increasing construction and remodeling activities in developing economies of Asia Pacific and Latin America is expected to drive the demand for Unsaturated Polyester Resin (UPR).

Fumaric acid is consumed in the production of UPR and alkyd resins. Demand for paints is 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 growth of the fumaric acid market.

Global rise in automobile production is projected to impact the market positively. Fumaric acid based UPR is used in manufacturing body panel for heavy and light duty vehicles. Increasing application in pharmaceuticals is also expected to augment growth of the global market. 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 syrups and snacks. This, in turn, is expected to create growth opportunities in near future.

Stringent government regulations owing to growing environmental concern to reduce carbon footprints into the atmosphere are expected to hinder global fumaric acid market growth. Increasing investments in research to develop bio-based fumaric acid is expected to provide key opportunities for industry participants.

Popularity of nutritional bars and cereals is also expected to provide lucrative opportunities to the 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. Market participants have huge opportunities to capitalize owing to above-mentioned factor.

Fumaric Acid Market Trends

Unhealthy eating habits and inactive lifestyles are leading to an increase in the prevalence of lifestyle disorders such as hypertension, diabetes, and obesity, among the general public. Furthermore, the rise in the number of health-conscious people is fueling the demand for nutrient-dense foods treated with fumaric acid to preserve and enhance flavor and aroma. The rising demand for alcoholic beverages, energy drinks, and processed foods is expected to contribute to market growth.

Fumaric acid is used to add texture and stabilize the dairy products like eggnog and chocolate milk to help improve the flavor. It is also used to make processed cheese and cheese substitutes. Furthermore, the fumaric acid is extensively used in seafood to improve its shelf life. Since consumer awareness of the nutritional benefits from seafood is rising, the demand for canned fish and seafood has steadily increased. The growing food industry is expected to supplement the growth of the fumaric acid market as well.

However, government laws regulating the manufacturing of unsaturated polyester and alkyd resins is expected to restrict the market growth. Furthermore, due to the low product yield and productivity, the traditional fermentation with fumaric acid is expensive. The availability of substitutes at a lower rate in the market is expected to challenge the market's expansion.

Chemical synthesis based on petroleum is the primary source of fumaric acid production. The rising investment in bio-based fumaric acid development from renewable resources is expected to offer lucrative opportunities for the fumaric acid market.

Application Insights

Food and beverage was the leading application segment over the past few years. Fumaric acid is used for preservation and flavor enhancement in food and beverages application. Increasing demand for convenience food is expected to continue driving the segment growth over the forecast period.

Introduction of energy drinks and bars is projected to further fuel the food and beverage application segment. Rosin paper sizes was the second largest application segment in 2014. This segment is projected to witness 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.

Fumaric Acid Market share, by application

Increasing application of UPR in end-use industries such as aerospace, marine, and tank and pipes are expected to drive the market growth over the forecast period. Other application areas of fumaric acid include feed additives, pharmaceuticals, lubricating oil, plasticizers, and lacquers.

Stringent environmental regulations owing to environmental concerns particularly in key regions of Europe and North America are expected to hinder the demand for alkyd resins. However, increasing demand for paints used in construction of residential and commercial buildings are likely to boost the market grwoth over the forecast period.

Regional Insights

Asia Pacific was the leading regional market in terms of demand in 2014 and is expected to continue its dominance over the forecast period. High demand for convenience food coupled with an increase in per capita middle-class disposable income and population explosion is expected to drive the regional product demand. Growing construction and remodeling activities in Asia Pacific are also expected to further fuel the growth. Rising automotive industry in emerging economies of Asia Pacific such as Thailand and Indonesia are expected to drive the regional market.

Fumaric Acid Market Trends by Region

North America was the second largest regional market 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 product demand owing to market saturation in end-use industries.

Key Companies & Market Share Insights

The market is moderately concentrated and dominated by a 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.

Key market participants are also focusing on capacity expansion and acquisitions owing to global increase in food and beverage consumption and growth of construction activity. Leading companies such as Bartek Ingredients, Polynt S.P.A, and Nippon, are present across the value chain manufacturing both maleic anhydride and fumaric acid.

Recent Development

In April 2022, Bartek Ingredients, the world's largest producer of malic acid and food-grade fumaric acid started building an advanced, vertically integrated facility that is expected to be the world's largest malic and production facility of food-grade fumaric acid. The project is anticipated to increase Bartek's capacity and strengthen the company's position as the world's leading producer of fumaric acid and malic when it is completed in the fourth quarter of 2023.

Fumaric Acid Market Report Scope

Report Attribute

Details

Revenue forecast in 2022

USD 764.8 million

Growth rate

CAGR of 6.1% from 2015 to 2022

Base year for estimation

2014

Historical data

2012 - 2013

Forecast period

2015 - 2022

Quantitative units

Revenue in USD million/billion and CAGR from 2015 to 2022

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

Segments covered

Application and region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada

Key companies profiled

Bartek Ingredients; Prinova LLC; Polynt S.P.A; Fuso Chemicals; 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.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Fumaric Acid Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2007 to 2020. For this study, Grand View Research has segmented the global fumaric acid market report based on application and region:

Global Fumaric Acid Market Segmentation

  • Fumaric Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2007 - 2020)

    • Food & Beverages

    • Rosin Paper Sizes

    • Unsaturated Polyester Resins (UPR)

    • Alkyd Resins

    • Others

  • Fumaric Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2007 - 2020)

    • North America

      • U.S.

      • Canada

    • Europe

    • Asia Pacific

    • Central & South America

    • Middle East & Africa

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