Global Fumaric Acid Industry: Key Statistics and Insights in 2024-2032
Fumaric Acid Industry
Summary:
- The global fumaric acid market size reached USD 775.9 Million in 2023.
- The market is expected to reach USD 1,134.5 Million by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest fumaric acid market share.
- Food additives account for the majority of the market share in the application segment as they enhance flavor, improve texture, and extend the shelf life of food products.
- Food and beverages industry holds the largest share in the fumaric acid industry.
- The rising demand for food products is a primary driver of the fumaric acid market.
- The thriving pharmaceutical sector and industrial applications are reshaping the fumaric acid market.
Industry Trends and Drivers:
- Growing Demand for Food Products:
The growing demand for fumaric acid owing to the rising need for numerous food items among individuals is offering a favorable market outlook. Fumaric acid can enhance flavor and preserve food items, making it a key ingredient in products like baked goods, fruit juices, and ready-to-eat (RTE) meals. Fumaric acid works as a potential of hydrogen (pH) regulator, improving the shelf life and stability of food items, which is crucial for manufacturers. Rising preferences for processed and convenience food items, particularly in regions like North America and Europe, are catalyzing the demand for fumaric acid. Additionally, the trend toward using more natural additives over synthetic alternatives is supporting the market growth.
- Thriving Pharmaceutical Sector:
The rising utilization of fumaric acid in the pharmaceutical industry for treating conditions like psoriasis is propelling the market growth. It is a key component in medications used to treat autoimmune diseases, with its immunomodulatory properties making it effective in managing symptoms of these chronic conditions. As more research validates the benefits of fumaric acid in medical treatments, pharmaceutical companies are incorporating it into a broader range of therapeutic applications. Additionally, the growing demand for fumaric acid-based drugs on account of the increasing prevalence of chronic diseases among the masses across the globe is positively influencing the market. The pharmaceutical industry’s consistent expansion drives the growth of the fumaric acid market.
- Industrial Applications:
Fumaric acid plays a significant role in the industrial sector, where it is used to manufacture unsaturated polyester resins (UPRs), paints, and coatings. These resins are essential in producing various construction materials, including fiberglass-reinforced products and thermoplastics. The rising number of residential and commercial spaces around the world is bolstering the market growth. Furthermore, the increasing focus on sustainable infrastructure is strengthening the market growth. Key manufacturers are seeking more eco-friendly materials like bio-based fumaric acid. This shift aligns with global trends toward reducing carbon footprints in construction and industrial manufacturing, enhancing the market prospects for fumaric acid in these sectors. Besides this, the automotive and electronics industries also use fumaric acid-based resins, which is contributing to the market growth.
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Fumaric Acid Market Report Segmentation:
Breakup By Application:
- Food Additives
- Rosin-Sized Sheathing Paper
- Unsaturated Polyester Resins
- Alkyd Resins
- Others
Food additives account for the majority of shares as they enhance flavor, improve texture, and extend the shelf life of food products.
Breakup By End-Use Industry:
- Food and Beverages Industry
- Cosmetics Industry
- Pharmaceutical Industry
- Chemical Industry
- Others
Food and beverages industry dominates the market on account of the rising demand for convenience and packaged food items.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position owing to a large market for fumaric acid driven by the thriving pharmaceutical sector.
Top Fumaric Acid Market Leaders:
The fumaric acid market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Bartek Ingredients Inc.
- Dastech International
- Fuso Chemical Co., Ltd.
- Polynt
- Prinova Group
- Changzhou Yabang Chemical Co. Ltd.
- Nippon Shokubai
- The Chemical Company
- Thirumalai Chemicals
- U.S. Chemicals
- Wego Chemical Group
- Huntsman Corporation
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