Fumaric Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1578
Global Fumaric Acid Market Size will observe a surge in demand owing to an expansion in the food processing industry. The product is white in color or colorless and available in dry powder, liquid and pellet large crystals.
Adoption of convenience food coupled with ready-to-drink beverages is enhancing the global fumaric acid demand. Changing lifestyles, increasing disposable income, developing economies, purchasing power parity, rising number of working women are some of the factors that has augmented global fumaric acid demand. The global food and beverages industry was valued over 3 trillion in 2016.
Increasing demand for health and sport drinks is likely to augment further opportunity for global fumaric acid market in the forecast period. People by the day are getting health conscious to maintain a good and healthy lifestyle. Due to increasing number of diseases caused by unhealthy eating habits, people are getting more inclined towards consuming protein rich diet over junk food. Demand energy, cereals and nutritional bars is increasing rapidly which in turn is enhance the opportunities for fumaric acid market in near future.
Stringent environmental regulations associated with unsaturated and alkyd polyester resins in North America and Europe can majorly hamper the growth and impact the fumaric acid market in the forecast period. Furthermore, inhalation of the product may result in irritation and infection in nose and throat resulting in severe cold and sneezing. Over dosage of fumaric acid may also result in kidney damage.
On the basis of application, the global fumaric acid market is segmented as food & beverages, rosin paper sizes, unsaturated polyester resins (UPR), alkyd resins, and others. The product is responsible for flavor enhancement, preservation and maintaining the pH level in food and beverages. The shift in the trend from unhealthy and junk eating to nutritional diet consumption and health consciousness among consumers is likely to influence the food processing industry. Also, the introduction of wide range of flavors in exotic and ethnic food and beverages will uplift the fumaric acid market in the coming years.
Rosin paper sizes is one of the important segment driving the fumaric acid market. Due to rising usage of alkaline paper making which acts as a substitute to the rosin paper sizes, the market demand for rosin paper sizes is likely to decline in the forecast period. Unsaturated polyester resins (UPR) are expected to exhibit a decent growth over the forecast period owing to its increasing application in end-user industries such as tank & pipes, marine and aerospace. Other applications of fumaric acid include plasticizers, lubricating oil, pharmaceuticals, feed additives and lacquers.
Considering the regions, Asia Pacific was a noteworthy regional fumaric acid market on the basis of demand in 2016 and is expected to remain the same in the coming few years. In Asia Pacific, China witnessed the largest fumaric acid market demand owing to huge demand from the food & beverages industry and growth of the plastic industry. Growing remodeling and construction activities in the Asia Pacific is set to boost the regional fumaric acid demand. Following Asia Pacific is the North America being another considerable regional fumaric acid market and is likely to witness a decline in the demand owing to the stringent government regulations regarding alkyd resin uses. In North America, the U.S. encompasses for the largest market demand for the product. Europe is also likely to foresee a decline in the regional fumaric acid market demand owing to stagnation and market saturation in the end-use industry. Due to growing food & beverages industry in the Middle East, fumaric acid market is set to witness a steady growth in the forecast period.
Prominent players operating in the global fumaric acid market include Fuso Chemicals, Nippon Shokubai, Tianjin Bohai Chemicals, The Chemical Company, Wego Chemicals & Mineral Corp, U.S. Chemicals, Changzhou Yabang Chemical, Xilong Chemical, Thirumalai Chemicals, Dastech International Incorporation, Polynt S.P.A, Prinova, BASF SE, Arkema and Huntsman Corporation to name a few.
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