Fumaric Acid Market is expanding at a CAGR of 6.3% from 2016 to 2022- Credence Research
As stated in a recently published information by Credence Research “Fumaric Acid Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the fumaric acid market was valued at US$ 3.70 Bn in 2015, and is expected to reach US$ 5.69 Bn by 2022, expanding at a CAGR of 6.3% from 2016 to 2022.
Fumaric acid which is also known as trans-butenedioic acid is witnessed to experience high demand from various applications in the global market. The benefits such as increasing the shelf life of food and flavor enhancement among others are the major factor for high demand from the food and beverages industry. The growing demand for unsaturated polyesters resins from the automobile industry is another factor promoting the growth of global fumaric acid market.
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Growing health awareness among the population has led to adoption of nutritional diets. This has increased the demand for processed foods and drinks. Therefore, high demand for fumaric acid is observed, as it is used as preservative for processed foods and drinks. Rise in use of automobiles in emerging economies is expected to increase automobile industry in Thailand and Indonesia. Rising economic conditions in the countries such as China and India has led to high demand for unsaturated polyester resins thereby leading to growth of fumaric acid in the market. The benefits such as flavor stability, persistent sour taste, and greater buffering capacity among other benefits are expected to offer high opportunities for industrial applications in the market.
Food & Beverages was leading the application segment with more than 25% share of global fumaric acid market. The beneficial properties of fumaric acid such as flavor enhancer, preservative and pH controller are expected to boost market demand from the food 7 beverages industry. Fumaric acid is used in the production of bakery, breads, confectionary, desserts, etc. Hence, high demand for fumaric acid is reported from the food industry.
Unsaturated polyester resins accounted to be the second largest application segment in 2015 and is expected to retain its market position during the forecast period. High demand for unsaturated polyester resins from the automobile and marine industries has led to increased production and demand for fumaric acid. Other application such as alkyd resins, printing inks, paper sizing, animal feed and cleansing agents are also projected to offer high opportunities for growth of fumaric acid market during the forecast period from 2016 to 2022.
Major players involved in the production and sales of fumaric acid are focusing on synthesis of fumaric acid through fermentation processes globally. To increase market opportunities, the major weapon used by small as well as major players is backward and forward integration. In-house synthesis of fumaric acid will help reduce cost of raw material and will add to the product portfolio of the company. Hence, strong competition is observed between the prominent and major players in the market.
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Manufacture of various food products
Potential substitute to tartaric acid and citric acid
Developments in the automobile sector
Opportunities for growth in construction and paints & coatings market
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