Fumaric acid market that was approximately US$500 Mn in 2021 is poised to see a stable growth trajectory through the period of projection. Remarkable progress of the processed food industry has become a hotbed of business opportunities for fumaric acid manufacturers.
Increasing Industrial Applications to Influence Fumaric Acid Market Growth
Applications of fumaric acid owing to its functional properties continue to influence its demand. For instance, fumaric acid is widely used in unsaturated polyester resins to maintain stability of the unsaturated molecular chain. Furthermore, demand for unsaturated polyester resins (UPRs) has been gaining high traction since the past few years on the back of its growing applications such as manufacturing of filled plastic products, and fibre-reinforced plastics. In addition, unsaturated polyester resins offer superior strength and recyclability along with corrosion and heat resistance. This has propelled their use as appropriate bonding agents in the construction sector, marine industry, and aerospace and defence. Additionally, UPRs derived from fumaric acid are widely used in manufacturing of body panels of both light and heavy duty vehicles. This aspect, coupled with growing automotive sector is likely to spur demand for UPRs, in turn driving need for fumaric acid, fuelling the growth of fumaric acid market. That said, its use in the manufacturing of unsaturated polyester resins is expected to bode well for the fumaric acid market.
Adoption of Fumaric Acid by Processed Food Industry to Significantly Stimulate Fumaric Acid Market Expansion
Use of fumaric acid in food processing has been one of the major factors driving fumaric acid market. Fumaric acid, considered as safe by regulatory authorities, is a commonly used additive used in processed foods to maintain their stability and induce tartness as it is sourer as compared to other food additives. Moreover, the use of fumaric acid as an additive tends to result in flavour enhancement and provides long-lasting sourness owing to hydrophobicity of the product. In addition, the low molecular weight of fumaric acid enhances its buffering capacity than other additives such as citric acid.
Fumaric acid is also added in processed meat products such as bacon and canned meat. It is also added in frozen food products, particularly in smoked meat products and seafood to enhance flavour and stabilize the product under different changing environment conditions and temperatures. Overall, use of fumaric acid results in economic production of processed foods as less quantity of the acid is sufficient to impart tartness and preservation. That said, stable growth in the food and beverage industry worldwide is expected to pave potential avenues for the fumaric acid market, reflecting an optimistic scenario in the coming years.
Emerging Economies in Asia Pacific Likely to Lead Global Fumaric Acid Market
Developing nations in Asia Pacific are expected to reflect momentous growth with respect to use of fumaric acid in the coming years. Asian countries such as India, Japan, and China continue to showcase higher market attractiveness on the back of growing applications of fumaric acid in food and beverage industry, construction, pharmaceuticals, cosmetics, and chemical sectors. Moreover, use of fumaric acid in treating autoimmune diseases such as psoriasis, and oral pharmaceutical formulations continue to influence market growth. Furthermore, rising demand for convenience food products backed by stable increase in GDP per capita and increasing consumer pool are likely to favour growth of the fumaric acid market in Asia Pacific. Fumaric acid has gained significant traction in the food and beverage industry as an effective acidulant and has been approved as a suitable food additive used for acidity regulation and as a food preservative. This factor coupled with significant growth in the food and beverage industry in the region is expected to augur well for the fumaric acid market in Asia Pacific.
Fumaric Acid Market: Competitive Landscape
Companies involved in the manufacturing and distribution of fumaric acid continue to invest in capacity expansions to strengthen their position in the market. For instance, in April 2022, Bartek Ingredients announced the construction of new state-of-the-art facility for food grade fumaric acid and malic production. This facility is one the biggest manufacturing plants that the company is investing in with the main objective to double the production capacity to maintain its position as a world leader in fumaric acid and malic acid.
A few of the major players in global fumaric acid market include Polynt, Yantai Hengyuan Bioengineering, Bartek Ingredients, Fuso Chemicals, Prinova LLC, Dastech International Inc., Xilong Chemical Company Ltd., Thirumalai Chemicals, Nippon Shokbai Co. Ltd., Wego Chemicals & Mineral Corp., Changzhou Yabang Chemical Co. Ltd., and Tianjin Bohai Chemicals.
The Global Fumaric Acid Market Is Segmented As Below:
By End-use Industry
Key Elements Included In The Study: Global Fumaric Acid Market
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