Fumaric Acid Market
Fumaric Acid Market By Extraction Type (Fumaria Officinalis, Maleic Anhydride, Fermentation), By Application (Food Additives, Rosin Paper, Alkyd Resins), By End-Use (Food & Beverage, Cosmetics, Pharmaceutical) & By Region - Global Market Insights 2023-2033
Analysis of Fumaric Acid Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Fumaric Acid Market Outlook (2023-2033)
The global fumaric acid market is estimated to be valued at US$ 501.9 million in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach US$ 969.0 million by the end of 2033.
The growing food & beverage industry is likely to dominate fumaric acid consumption during the forecast period. It is widely used as a preservative in the food & beverage industry. Fumaric acid find multiple applications in the plasticizer, polymer, petrochemical, paint, and rubber industry.
Estimated Market Value (2023E)
US$ 501.9 Million
Forecasted Market Value (2033F)
US$ 969.0 Million
Global Market Growth Rate (2023-2033)
North America Market Share (2023)
East Asia Market Growth Rate (2023-2033)
Europe Market Growth Rate (2023-2033)
Market Share of Top Companies
Key Companies Profiled
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Historic and Future Path for Fumaric Acid Market
Food & beverage is the leading application of fumaric acid over the years. Fumaric acid is widely used as a preservative and for flavor enhancement in food & beverage applications. Escalating demand for convenience food is anticipated to fuel the consumption of fumaric acid in the coming years.
- Short Term (2023-2026): Increasing consumer preference for various types of drinks is likely to drive the fumaric acid market in the coming years as it is widely used as a preservative in the beverage industry.
- Medium Term (2026-2029): Increasing demand for paints in the construction industry especially from emerging economies is anticipated to create high demand for fumaric acid in the medium term, as fumaric acid is used in the production of paints.
- Long Term (2029-2033): Efforts by market players to cover wide catchment areas and gain high-profit margins are likely to drive the fumaric acid market in a long run.
Market Dynamics Overview
“Food & Beverage Industry to Boost the Demand for Fumaric Acid”
The food & beverage industry is anticipated to capture a significant market share in the fumaric acid market. Increasing demand for various types of drinks in developed as well as developing countries is likely to increase demand for fumaric acids as it is widely used in the beverage industry as a preservative.
The rise in disposable income is considered the key factor for the growth of the food & beverage industry across the globe, which has increased demand for fumaric acid. Increasing demand for convenience food requires food additives and preservatives which pave the way for the fumaric acid market growth.
Growing consumption of wine across the globe especially in extremely cold weather conditions is likely to create a significant opportunity for the growth of fumaric acid. Fumaric acid is an additive to improve the wine’s microbiological stability and its freshness.
“Strict Government Regulation to Hamper the Fumaric Acid Market Growth”
Strict government regulation on the use of fumaric acid to reduce carbon emissions is anticipated to have a negative impact on the growth of the fumaric acid market during the forecast period.
Over the period, manufacturing companies have invested heavily in research and development for introducing bio-based fumaric acid which can help to reduce carbon footprint and is likely to have an adverse impact on the growth of the fumaric acid market.
Stringent environmental regulations owing to environmental concerns in developed countries from North America and European Union are anticipated to hinder the demand for fumaric acids in the paint industry.
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Why the US is Likely Increase Demand for Fumaric Acid in the Coming Years?
Fumaric acid is widely used as an acidulant in the food & beverage industry across the U.S. The U.S. is the second-largest market for fumaric acid after China. The consumption of fumaric acid in the U.S. is anticipated to grow at a CAGR of 7.0% between 2023-2033.
The increasing food & beverage industry in the U.S. is driving the sales of fumaric acid. In the U.S. demand for wines or beverages is high. This is likely to increase demand for fumaric acid as it is widely used as an additive in the manufacturing of wines and other beverages.
What Makes China a Prominent Market for Fumaric Acid?
China is likely to have a significant market share in the fumaric acid market and is expected to grow at 7.2% CAGR in the forecast period.
The increasing food & beverage industry in China is anticipated to have a positive impact on the growth of the fumaric acid market. Increasing consumer preference for various types of wine and juices created high demand for fumaric acid in China as it is widely used as a preservative in the beverage industry.
Increasing investment in the construction and infrastructure industry has created high demand for paints. China’s construction industry is valued at over US$ 4.5 trillion in 2022 and is expected to grow at a significant growth rate, owing to increasing urbanization and industrialization. This is expected to create high demand for fumaric acids as it is widely used in the manufacturing paint industry.
How Food & Beverage Industry is Likely to Dominate the Fumaric Acid Market?
The food & beverage industry plays a major role in pushing the fumaric acid market. Fumaric acid is widely used in nutrients dense food to preserve and enhance the taste and aroma of the food. The rising demand for wines, juices, energy drinks, and processed food is expected to create growth opportunities for fumaric acid manufacturers.
Why Growing Consumption UPR in the Construction Industry to Drive the Fumaric Acid Market?
The global demand for the unsaturated polyester resin is highly influenced by global economic conditions and heavy dependency on the resins by the construction of residential as well as commercial activities and vehicle production.
UPR is widely used in the construction industry in the production of concrete, coatings, anchoring grout, and mortars whereas, in the automotive industry, it is used as a body filler for the reconstruction and repairing of vehicles.
The increase in automobile production in China, India, Indonesia, and Brazil is anticipated to boost unsaturated polyester resin production.
Market Titans Key Strategies
Prominent fumaric acid market players are Bartek Ingredients, Thirumalai Chemicals, Polynt S.P.A, Nippon Shokubai Co. Ltd, Tianjin Bohai Chemicals, The Chemical Company, Wego Chemical Group, Changzhou Yabang Chemical Co. Ltd.
Market leading players in the fumaric acid market are focusing on improving their production capacity to meet the growing demand from various end-use industries and producing high-quality fumaric acid.
For instance :
- In April 2022, Bartek Ingredients invested US$ 160.0 million in the under-construction world's largest malic and food-grade fumaric acid production plant. This will strengthen Bartek Ingredient's global position and enhance its customer base.
Fact.MR has provided detailed information about the price points of key manufacturers of fumaric acid positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Fumaric Acid Industry Research
By Extraction Type :
- Fumaria Officinalis
- Maleic Anhydride
By Application :
- Food Additives
- Rosin Paper
- Unsaturated Polyester Resins (UPR)
- Alkyd Resins
- Animal Feed
By End-Use Industry :
- Food & Beverage
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global fumaric acid market is anticipated to be valued at US$ 501.9 million in 2023.
During 2023-2033, sales of fumaric acid increased at 6.8% CAGR.
The Europe market is anticipated to grow at a CAGR of 6.7% between 2023-2033.
The food & beverage industry holds the maximum market share in the fumaric acid market.
China is anticipated to grow at the highest CAGR of 7.2% in the forecast period.
Bartek Ingredients, Thirumalai Chemicals, Polynt S.P.A, Nippon Shokubai Co. Ltd, Tianjin Bohai Chemicals, The Chemical Company, and Wego Chemical Group are some of the prominent manufacturers in the fumaric acid market.