Fumaric Acid Market Is Projected To Be Around $0.72 Billion By 2025
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A research study titled, “Fumaric Acid Market by Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the fumaric acid market is projected to be around $0.72 billion by 2025.
The global fumaric acid market was worth USD 0.41 billion in the year of 2016 and is anticipated to reach approximately USD 0.72 billion by 2025 while registering itself at a compound annual growth rate (CAGR) of 6.35% over the forecast period. Fumaric acid is also known as trans-butenedioic acid. This crystalline white substance is a chemical compound having formula as HO2CCH=CHCO2H. It is one of two kinds of unsaturated isomeric dicarboxylic acids; the other kind is maleic acid. In maleic acid, the carboxylic acid groups are cis (Z) whereas in fumaric acid they are Trans (E). Fumaric acid tastes like a fruit. The esters and salts of fumaric acids are recognized as fumarates. Initially, Fumaric acid was made from succinic acid. A conventional combination includes oxidization of furfural utilizing chlorate in the company of a catalyst which is vanadium-based. Presently, industrial production of fumaric acid is typically depending on the isomerisation of maleic acid with catalysts in aqueous solvents at small pH. Naturally, fumaric acid exists in Iceland moss, bolete mushrooms, lichen, and others. Fumaric acid is used in several end-user industries like paper processing, food and beverages, polymer resins, and printing inks. Beverages and food sector is one of the biggest customers of fumaric acid plus it is prone to track an analogous trend over the forecast years. Fumaric acid is utilized in beverages, desserts, bakery products, jellies & jam, and confectionaries among others.
The global fumaric acid market is projected to experience considerable growth during the forecast period owing to extensive demand from buildings and construction, and food and beverages market. In food and beverages market, food preservation and safety together with rising preference for processed foods was the key driving factor for the fumaric acid demand. Fumaric acid is employed as a pH adjustor, flavor enhancer, acidulant and others in food and beverages. In plastics market, fumaric acid is utilized in alkyd resins and unsaturated polyester resin. These resins are utilized in the construction & buildings market. Other key end-users of fumaric acid are printing inks, rosin paper sizes, and healthcare & medical. Growing demand for health and sports drinks is expected to render a key growth opportunity for fumaric acid over the forecast years. Additionally, nutritional bars like cereal and energy bars present a further major growth chance for fumaric acid with the requirement intended to rise in the coming years. Though, environmental policies associated with unsaturated polyester and alkyd resins in North America and Europe can have a wide impact on the global market and also might hamper the fumaric acid market growth over the forecast years.
The major market players for the global fumaric acid market are Fuso Chemicals Polynt S.P.A., Prinova LLC, Bartek Ingredients, Polynt S.P.A., Dastech International Inc., Thirumalai Chemicals, Xilong Chemical Company Ltd, Tianjin Bohai Chemicals, The Chemical Company, Wego Chemicals & Mineral Corp., Nippon Shokbai Co. Ltd, U.S. Chemicals LLC, and Changzhou Yabang Chemical Co. Ltd. By application, the market industry is classified as; Rosin Paper Sizes, Food & Beverages, Unsaturated Polyester Resins (UPR), Alkyd Resins and Others. Geographically, the global fumaric acid market is segmented in regions which are; Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the fumaric acid market
- The global fumaric acid market was valued around USD 0.41 billion in 2016 and is projected to reach roughly USD .072 billion by the end of 2025 while maintaining a compound annual growth rate (CAGR) of 6.35% during the forecast period.
- North America region was the second biggest market and is expected to experience growth rates around 4.1% during forecast period. Rising demand of sports drink predominantly in the United States is anticipated to fuel regional market. European regional market is prone to cross USD 80 million by 2020 due to rising consumption of convenience food.
- In 2013, Asia Pacific region has dominated the market with a 61.5% share and is likely grow at superior rates till 2020. Escalating disposable earnings and inclination towards the convenience food because of hectic lifestyle is anticipated to boost the regional market demand.
- The Fairly fused fumaric acid market comprises domestic companies and MNCs, which involves Bartek Ingredients, Prinova LLC, Prinova LLC and Polynt S.P.A. Other major companies are Thirumalai Chemicals, Dastech International Inc, Nippon Shokubai and U.S. Chemicals LLC.