Growing health awareness among the population in both the developed and developing economies has changed the food consumption patterns of people. The busy lifestyle of people has led to high demand for processed foods and drinks. People now prefer nutrition over tasty food which has given rise to increased demand for packaged food products. Fumaric acid is used on a large scale in the food industry. 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.
Fumaric acid is used in the production of unsaturated polyester resins which are on high demand from the automobile and marine industry. Growing demand for vehicle coupled with rising disposable income of people are the major factors contributing to the growth of automobile industry. High demand for unsaturated polyesters from the automobile and marine industry is therefore expected to drive growth of global fumaric acid market. Other applications such as alkyd resins, cleansing agents, printing inks, paper sizing, etc, are also anticipated to fuel demand for fumaric acid in the market. Among the applications stated above, food & beverages accounted to be the largest application of fumaric acid and is expected to retain its market position during the forecast period from 2016 to 2023.
Fumaric Acid market was valued at US$ 370.5 Mn in 2015 and is expected to reach US$ 569.7 Mn by 2023, growing at a CAGR of 6.3% during the forecast period 2016-2023.
Purpose of the Report
The purpose of this strategic research study titled “Global Fumaric Acid Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global fumaric acid market.
Target Audience
USP and Key Offerings
The report titled “Global Fumaric Acid Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” offers strategic insights into the global fumaric acid market along with the market size and estimates for the duration 2015 to 2023. The said research study covers in-depth analysis of multiple market segments based on end-user applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading fumaric acid vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global fumaric acid market, of growth, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.
Food & beverages accounted for the largest share of global fumaric acid market in 2015. 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 2015.
Increasing demand for unsaturated polyester resins from industries such as marine, automobile, aerospace, etc. have led to high demand for UPR in the market. Rising demand for automobiles from the emerging economies such as Asia Pacific, especially China and India are expected to fuel demand for unsaturated polyester resins, thereby contributing to the growth of global fumaric acid market. Hence, UPR is expected to boost high market demand for fumaric acid and is expected to retain its position in the near future due to rising developments globally. Applications such as alkyd resins, printing inks, paper sizing and others which include cleansing agents and animal feed are reported to experience steady demand during the forecast period from 2016 to 2023.
Asia Pacific accounted for the largest share of global fumaric acid market in 2015. It accounted for more than 30% 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. North America was the second largest market for fumaric acid in 2015. The region is anticipated to experience moderate growth due to strict regulations on usage of alkyd resins for industrial applications in the region. Europe accounted for more than 20% share of global fumaric acid market in 2015. High demand for fumaric acid is reported from Germany and France due to presence of automobile industry in the countries. Middle East & Africa and Rest of the World are also expected to boost market growth for fumaric acid during the forecast period from 2016 to 2023 due to increasing construction activities in the regions.
Hismation: Fumaric Acid
Fumaric acid is an organic acid which is easily found in nature. It is also known as trans-butenedioic acid which is a white crystalline compound. This white compound is known to be one among the two isomeric unsaturated dicarboxylic acids and the other is maleic acid. Fumaric acid tastes sweet and is also known as fumarates.
The roots of fumaric acids come from 1946 when it was used as a non-toxic additive in baking powders and beverages, based on its purity. Fumaric acid is a substitute to tartaric acid and is occasionally replaced by citric acid for its taste. Fumaric acid esters were introduced to the market in late 1950’s by a German chemist Schweckendiek for treatment of an autoimmune disease known as Psoriasis. The chemist used a standard protocol for psoriasis and made use of fumaric acid esters both topically and orally. After then these esters and fumaric acid was used for several industrial applications.
Initially, fumaric acid was produced from succinic acid through oxidation of furfural using chlorate and vanadium based catalyst. In the current scenario, fumaric acid is produced from catalytic isomerisation of maleic acid in aqueous solutions at a very low pH. Maleic acid is easily available as hydrolysis product of maleic anhydride which is produced by catalytic oxidation of either butane or benzene.
Naturally fumaric acid is found in bolete mushrooms, fumitory, Iceland moss and lichens. It is an intermediate in the citric acid cycle which is carried on by the cells to produce energy from food. This cycle is also known as the KREBS cycle. The human skin has a natural tendency of producing fumaric acid in skin on exposure to sunlight. Not only humans and animal life but it is also known to be the essential part in plant’s life.
Fumaric acid has a wide range of applications in the market. It is used as a preservative, flavor enhancer and is also used as a building block for resins and polymers. Therefore, food, plastic, construction and personal products industry are responsible for high contribution to the growth of fumaric acid market. Lately, fumaric acid is also produced from biomass through fermentation. Production of fumaric acid through fermentation process has lowered the costs and made it available for many new chemical and allied industries.
Fumaric acid provides large number of benefits for its use in various industries. Some of the benefits are long lasting sour taste at pH ranging less than 4.5, greater buffering capacity, better flavor stability, antimicrobial effects at low pH etc. These benefits have led to high demand for fumaric acid from the food and beverages industry. Another application which is driving the demand for fumaric acid in the market is unsaturated polyester resins and alkyd resins. Growing automobile industry has led to high demand for unsaturated polyester resins, thereby promoting growth of fumaric acid. Other applications which make used of fumaric acid are animal feed, cleansing agents, confectionaries, bakery, etc. Therefore, fumaric acid is expected to offer many opportunities in the industrial as well as the food sector in the market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Fumaric Acid market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
