Market Overview: The global Fumaric Acid market is projected to experience a growth rate of 5.1%, increasing from USD 669.0 million in 2019 to USD 974.4 million in 2027. The market for fumaric acid is expanding due to the growing concern for a healthier lifestyle and the improved living standards in developing nations. The high adoption of convenience foods and ready-to-drink beverages is boosting market demand.
Furthermore, the increasing demand for health and sports drinks will also impact the product’s demand. The introduction of nutritional supplements like cereals and bars is providing profitable opportunities for market players. Fumaric acid is also employed as a medium in the production of bio-based polymers and is being explored as a replacement for Maleic Anhydride in various applications.
However, it’s important to note that fumaric acid can pose health hazards, including coughing, gastrointestinal upset, skin flushing, and kidney damage. Additionally, the sudden impact of the COVID-19 pandemic has hindered growth by disrupting production and supply chains.
Extraction Type Analysis: The rising use of fumaric acid as a raw material in the polymer industry and the continuous increase in the cost of petroleum-based acids have sparked interest in the fermentation process for producing this compound from renewable resources. The fermentation process yields 85% fumaric acid, while the maleic anhydride process yields 112%; the former raw material is three times cheaper. Submerged fermentation systems, along with product recovery techniques, have achieved economically attractive yields and productivities.
Get a sample copy of the Fumaric Acid Market report: https://www.reportsanddata.com/download-free-sample/2974
Due to the rising prices of fossil feedstock, fermentatively produced fumaric acid could become a more cost-effective alternative to petrochemically based Maleic Acid for use in unsaturated dibasic acid in polyester resins in the near future. Future prospects for improving fumaric acid production include metabolic engineering approaches to achieve low pH fermentations.
Application Insights: Unsaturated polyester resin (UPR) holds a significant share of the fumaric acid market in 2019. UPR is used in the production of filled plastic products and fiber-reinforced plastics, including tanks, sanitary ware, gratings, pipes, and high-performance components for the marine and transportation industries, such as fenders, closures, body panels, boat hulls/decks, and other large glass fiber-reinforced plastic items.
UPR also finds application in coatings and adhesives. The demand for UPR is closely tied to construction and remodeling activity, both residential and non-residential, as well as motor vehicle production. Global demand for UPR is robust, with particularly strong growth in Asia.
End Use Industry Outlook: Fumaric acid enhances the quality and reduces the cost of many food and beverage products. It is used in various food items such as wheat and corn tortillas, refrigerated biscuit dough, sourdough and rye bread, fruit juice and nutraceutical drinks, gelling aids, gelatin desserts, pie fillings, and wine.
In rye and sourdough, it acts as an instant flavoring agent. In confectioneries, fumaric acid extends the shelf life of acid-coated candies as it does not absorb moisture during storage and distribution. This helps maintain a low moisture level, which prevents sucrose inversion.
Confectionery in the U.S. is a significant industry with a household penetration rate of 98.8% in the country. It has an economic output of USD 44.6 billion, with 1,300 manufacturing facilities in all 50 states. This data pertains to the U.S. alone, which holds the largest share globally, indicating the extensive use of fumaric acid in the sector.
Regional Overview: The Asia Pacific is known as a manufacturing hub, where several manufacturers have established plants to meet the increasing demand. Chemical companies have entered the Indian market due to factors such as the availability of affordable land and labor. The use of the acid in chemicals, especially in the production of resins and paints, has driven market demand in the region.
Moreover, the food and beverage industry is witnessing substantial growth, with various food innovations and the emergence of health products. This has increased the use of fumaric acid in the production of energy drinks, health beverages, and other food products. Fumaric acid is used to preserve the quality and texture, taste, and color of food.
The growth in market demand is high in this region due to the increasing demand for processed food and ready-to-drink beverages, rising living standards, and robust growth in construction and remodeling.
Market Dynamics: Fumaric acid plays a vital role in the manufacture of energy drinks, stabilizing beverages and maintaining their quality over time. The growing consumption of energy drinks by athletes is expected to increase in the coming years due to the emphasis on healthy living.
Fumaric acid serves as an acidulant, pH controller, and flavor enhancer in the food and beverage industry, and the popularity of processed food is projected to drive market demand. The food and beverage industry is forecasted to grow with a CAGR of 5.2% during the forecast period.
Currently, fumaric acid is chemically produced from maleic anhydride, which is in turn derived from butane. However, as petroleum prices rise rapidly, maleic anhydride, as a petroleum derivative, has also seen an increase in price. Nonetheless, the sharp drop in petroleum prices during the COVID-19 crisis may boost the demand for fumaric acid production using maleic anhydride.
Fumaric acid finds applications in bath products, hair and skincare products, and makeup. It serves as a binder, buffering agent, bulking agent, pH adjuster, skin conditioning agent, and viscosity-increasing agent in the cosmetic industry. The industry accounted for a market share of 26.2% in 2019.
The high demand for fumaric acid in the United States, Canada, and Mexico, driven by the increasing demand for bread and tortillas, is expected to boost the market in North America.
Key Players: The major manufacturers of fumaric acid include Prinova LLC, Dastech International Inc., Bartek Ingredients, Polynt S.P.A, Thirumalai Chemicals, Fuso Chemicals, Xilong Chemical Company Ltd., Tianjin Bohai Chemicals, Nippon Shokubai Co. Ltd., and The Chemical Company.
These companies have implemented various strategies related to the market from 2017 to 2020. Notably, Bartek Ingredients announced an expansion of its Malic Acid capacity in March 2020. In July 2019, Thirumalai Chemicals approved the establishment of a subsidiary in the United States to set up a Food Ingredients manufacturing facility, including malic and fumaric acid production.
Start-up and Deals Landscape: The industry offers multiple growth opportunities, attracting startups offering innovative products and technologies. Some startups entering the market include Global Green Creations, Axiom Chemicals Pvt. Ltd., Nexgen Chemical, and Paarichem Resources LLP.
Mergers and acquisitions are integral to the Fumaric Acid industry, with TorQuest Partners acquiring Bartek Ingredients Inc. in November 2018.
Explore Trending Reports:
Osteosynthesis Devices Market-https://www.globenewswire.com/news-release/2019/12/11/1959603/0/en/Osteosynthesis-Devices-Market-To-Reach-USD-11-04-Billion-By-2026-Reports-And-Data.html
Cyanocobalamin Market-https://www.globenewswire.com/news-release/2020/03/25/2006494/0/en/Cyanocobalamin-Market-To-Reach-USD-210-4-Billion-By-2027-Reports-and-Data.html
Acute Myeloid Leukemia Therapeutics Market-https://www.globenewswire.com/news-release/2020/07/22/2066107/0/en/Acute-Myeloid-Leukemia-Therapeutics-Market-To-Reach-USD-3-56-Billion-By-2027-Reports-And-Data.html
Angiotensin II receptor blockers Market-https://www.globenewswire.com/news-release/2019/03/06/1749065/0/en/Angiotensin-II-Receptor-Blockers-Market-To-Reach-USD-9-61-Billion-By-2026-Reports-And-Data.html
Request a customization of the report: https://www.reportsanddata.com/request-customization-form/2974
Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press Release: https://www.reportsanddata.com/press-release
