The Global Fumaric Acid Market has been projected to grow at the CAGR of 8.4% market during 2017-2025. In 2016, the market has generated the revenue of $ 370.5 million and is expected to reach $ 764.8 million in terms of revenue by 2025.
Growing health awareness among the population 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 and 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 automobile and marine industry.
Market Segment Insights
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. 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, cleansing agents and animal feed are reported to experience steady demand during the forecast period from 2017 to 2025.
For the purpose of this study, the global fumaric acid market is regionally categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa markets. These regional markets are further sub-segmented into top country level markets that majorly determine the regional industry trends. Asia Pacific accounted for the largest share of global fumaric acid market in 2016. It accounted for more than 30% share of global fumaric acid market. 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. North America was the second largest market for fumaric acid in 2016. Europe accounted for more than 20% share of global fumaric acid market in 2015.
Market Competition Assessment:
The major players currently operating in the global fumaric acid market include AshImprovement Technology, Bartek Ingredients, Changzhou Yabang Chemical Co., Ltd, Dastech International Inc., Fuso Chemicals, Nippon Shokubai Co., Ltd., Polynt S.P.A., Prinova LLC, Thirumalai Chemicals, and Tianjin Bohai Chemicals.
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
Chapter 2 Executive Summary
2.1 Fumaric Acid Market Portraiture
2.2 Global Fumaric Acid Market, by Application, 2016 ($ Million)
2.3 Global Fumaric Acid Market, by Geography, 2016 (Value %)
Chapter 3 Global Fumaric Acid Market Analysis
3.1 Global Fumaric Acid Market Overview
3.2 Prevalence of Fumaric Acid
3.3 Market Dynamics
3.3.1 Market Drivers
22.214.171.124 Increasing per-capita disposable income and preference of convenience food
126.96.36.199 Stringent environmental regulations to reduce carbon emissions
3.4 Attractive Investment Proposition
3.5 Competitive Analysis: Global Fumaric Acid Market, 2015 (Value %)
Chapter 4 Global Fumaric Acid Market Analysis, by Application, 2015-2025 ($ Million)
4.2 Food & Beverages
4.3 Unsaturated Polyester Resin (UPR)
4.4 Alkyd Resins
4.5 Printing Inks
4.6 Paper Sizing
4.7 Others (Animal Feed, Cleansing Agent, etc.)
Chapter 5 Global Fumaric Acid Market, by Geography, 2015-2025 ($ Million)
5.1 North America (U.S. & Canada)
5.2 Europe (U.K., Germany & Rest of Europe)
5.3 Asia Pacific (China, Japan, Singapore, South Korea and Rest of APAC)
5.4 Latin America (Mexico, Brazil and Rest of LATAM)
5.5 Middle East and Africa
Chapter 6 Company Profiles
6.1 AshImprovement Technology
6.2 Bartek Ingredients
6.3 Changzhou Yabang Chemical Co., Ltd
6.4 Dastech International Inc.
6.5 Fuso Chemicals
6.6 Nippon Shokubai Co., Ltd.
6.7 Polynt S.P.A.
6.8 Prinova LLC
6.9 Thirumalai Chemicals
6.10 Tianjin Bohai Chemicals