The global fumaric acid market, valued at approximately US$500 million in 2021, is poised for a stable growth trajectory in the coming years. The remarkable progress of the processed food industry has created a fertile ground for business opportunities for fumaric acid manufacturers.
Increasing Industrial Applications Drive Market Growth
The versatile applications of fumaric acid, driven by its functional properties, continue to bolster its demand. Fumaric acid plays a vital role in unsaturated polyester resins (UPRs), where it maintains the stability of the unsaturated molecular chain. The rising demand for UPRs, owing to their applications in manufacturing filled plastic products, fiber-reinforced plastics, and their superior strength, recyclability, corrosion resistance, and heat resistance, has made them integral in the construction sector, marine industry, aerospace, and defense. Furthermore, UPRs derived from fumaric acid are extensively used in manufacturing body panels for both light and heavy-duty vehicles, further boosting the demand for fumaric acid in this sector.
Processed Food Industry Drives Significant Expansion
Fumaric acids adoption in the food processing industry is a major driver of its market growth. This safe additive is commonly used in processed foods to enhance stability and tartness. It provides flavor enhancement and long-lasting sourness due to its hydrophobic properties, making it a valuable addition to processed meat products like bacon and canned meat, as well as frozen food products, particularly in smoked meat and seafood. Fumaric acids low molecular weight also enhances its buffering capacity compared to other additives such as citric acid, making it economically advantageous in processed food production. The stable growth of the global food and beverage industry is expected to create significant opportunities for the fumaric acid market in the years ahead.
Asia Pacific Emerges as a Leading Market
The burgeoning economies of Asia Pacific are poised for substantial growth in the use of fumaric acid. Countries such as India, Japan, and China are witnessing increasing applications of fumaric acid in various sectors, including food and beverage, construction, pharmaceuticals, cosmetics, and chemicals. Additionally, fumaric acids use in treating autoimmune diseases and in oral pharmaceutical formulations is contributing to market growth. The rising demand for convenience food products, driven by an increase in GDP per capita and a growing consumer base, is expected to further favor the fumaric acid market in Asia Pacific. The regions significant growth in the food and beverage industry, coupled with fumaric acids approval as a suitable food additive, is expected to drive market expansion.
Competitive Landscape
Leading companies in the fumaric acid market are actively investing in capacity expansions to strengthen their positions. For example, in April 2022, Bartek Ingredients announced the construction of a state-of-the-art facility for food-grade fumaric acid and malic production, aiming to double its production capacity and maintain its position as a world leader in fumaric acid and malic acid production.
Key players in the 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.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/fumaric-acid-market
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COMTEX_442126577/2840/2023-10-19T11:15:55
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