Fumaric Acid Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032

The report titled 'Global Fumaric Acid Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032' offers strategic visions into the global algae product market along with the market size (Revenue - US$ Mn and Volume - Kilo Tons). Fumaric acid is used in the production of unsaturated polyester resins which are on high demand from the automobile and marine industry. The market for fumaric acid is expected to show sustainable growth due to its benefits and increasing application across various industries.

The fumaric acid market is expected to reach US$ 669.1 Mn by 2024 expanding at a CAGR of 6.7% from 2018 to 2024.

Growing health awareness among the population in both the developed and developing economies has changed the food consumption patterns of people. Fumaric acid is used as a food additive, flavor enhancer and improves the quality of food. It is used as a preservative for packaged foods and is also used in manufacture of bakery, confectionary, desserts, etc. Therefore, food & beverage industry is expected to boost high demand for fumaric acid in the market.

The global Fumaric acid market is segmented on the basis application and geography. Based on the application, the market is segmented into food and beverage, rosin paper sizes, UPR, alkyd resins and others. Food & beverages accounted for the largest share of global fumaric acid market in 2016. Fumaric acid is used as a preservative in the food industry. It is also used as a substitute for tartaric acid and is used as a flavor enhancer in beverage industry. Growing demand for ready to eat food and changing lifestyle of people are some factors driving the growth of fumaric acid market. Unsaturated polyester resin (UPR) was the second largest application of fumaric acid in terms of revenue for the year 2016. By geography, the market is fragmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report.

Amongst the aforementioned regional segments in the global fumaric acid market, Asia Pacific accounted for the largest share of global fumaric acid market in 2015. It accounted around 35% share of global fumaric acid market. The changing lifestyle of people and increased demand for processed food has led to high demand for fumaric acid in the region. Rising disposable income of people is another factor promoting the growth of fumaric acid especially in the countries such as China and India.

Some of the key players operating in the fumaric acid market with more significant product development include and are not limited to Fuso Chemicals, Nippon Shokubai, Tianjin Bohai Chemicals, The Chemical Company, Wego Chemicals & Mineral Corp, U.S. Chemicals, Changzhou Yabang Chemical, Xilong Chemical, Thirumalai Chemicals, Dastech International Incorporation, Polynt S.P.A, Prinova, BASF SE, Arkema and Huntsman Corporation among others.

Market Segmentation:

By Application

• food and beverage
• rosin paper sizes
• UPR
• alkyd resins
• others

By Geography

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America