Fumaric Acid Market To Witness Rapid Growth In Demand During 2022 - 2032 : Fact.MR

As per industry analysis on fumaric acid by - Fact.MR market research and competitive intelligence provider, the business is anticipated to be valued at US$ 440 Mn by 2021 end, expanding at a healthy CAGR of 6.7% over the forecast period 2022-2032.

With growing research and development activities, the scope of application of fumaric acid has gone beyond the main food and beverage industry. It is widely used for cosmetic applications, where it regulates the pH value of various cosmetic products and maintains the acidic nature of the product. This has pushed the sales of fumaric acid at a steady pace in the cosmetic industry, especially in body cleansing lotions.

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Moreover, another aspect driving the fumaric acid market is the growing use of unsaturated polyester resins and paints, in the construction and the automotive industries. Fumaric acid is an essential ingredient in the manufacturing of paints, alkyd resins and unsaturated polyester resins. In food industry, rising use of fumaric acid in bakery products is expected to supplement the growth of the global market. Due to its crystalline nature, colorless and odorless properties, fumaric acid is best suited for bakery products which enhances flavors and supports the preservation of bakery products.

Using top down and bottom up approach, Fact.MR has inferred the production volume of fumaric acid would grow above 503 Kilo Tons by the end of the period of assessment. The rate of production of fumaric acid is projected to expand at a volume CAGR of 6.4% during the period of forecast, 2022-2032, which is supported by growing acceptance of fumaric acid in several end user applications in the said period.

Fumaric acid Market Key Segments

By Extraction Type
Fumaria Officinalis
Maleic Anhydride
Fermentation

By End Use Industry
Food and Beverage
Cosmetic
Pharmaceutical
Chemical

By Application
Food Additives
Rosin Paper Sizes
Unsaturated Polyester Resins (UPR)
Alkyd Resins
Animal Feed
Others

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Key Takeaways from Study

Extraction of fumaric acid using fermentation is expected to witness an upsurge as it provides high quality and effective fumaric acid produce.
Rate of adoption of fermentation is anticipated to go beyond 8% during the forecast period.
Pharmaceutical and cosmetic industries have shown similar consumption rate of fumaric acid. However, higher sale of fumaric acid in pharmaceutical applications has been witnessed, as compared to cosmetics.
Food and beverage continues to lead the global market with maximum market share
With respect to applications, fumaric acid is widely used in food additives and unsaturated polyester resins.
Moreover, animal feed is another application area where the consumption of fumaric is expected to grow at a higher rate during the period of forecast. It is projected to grow at 8.7% throughout the analysis period, 2021-2031
"Substitutes like Citric Acid & Maleic Acid Impose Threats to the Growth of Fumaric Acid Market" says a Fact.MR analyst.

Winning Strategy

Manufacturers have been focusing on strategic collaborations to increase their revenue earnings and subsequently market share for fumaric acids. Leading market players have also been investing in product development in terms of quality. There are numerous market players operating across the globe, Bartek Ingredients, Thirumalai Chemicals, Polynt S.P.A, Nippon Shokubai Co. Ltd., Tianjin Bohai Chemicals, The Chemical Company, Wego Chemical Group and Changzhou Yabang Chemical Co. Ltd.

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This release was published on openPR.