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Global Fumaric acid Market InsightDecember 31, 2021 Comments
The Fumaric acid is forecast to crazy increase over the next four years. According to the World Knowledge Information (WKI) “Global Fumaric acid Professional Survey Report 2021, Forecast to 2026”, The increasing popularity of processed foods and the demand for ready-to-drink beverages are expected to remain key growth factors. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 6.46% base on WKI regression analysis model.
“The fumaric acid industry is dominated by multiple players in the market, the market share is small but important, and it focuses on research and innovation. It is recommended that industry participants participate in extensive R&D and innovation to expand the scope of applications and penetrate the regional market.”said Jennie, Senior analyst, Chemical industry Market Research Center in WKI.
Fumaric acid is used as an acidulant, pH control agent and flavor enhancer in the food and beverage industry. The increasing popularity of processed foods and the increasing use of flavoring agents are increasing the global demand for fumaric acid. In addition, the presence of carbon-carbon double bonds and two carboxyl groups makes fumaric acid chemically suitable for polymerization and esterification reactions. Therefore, it is widely used to produce durable, hard-structured, and chemically resistant alkyd resins and polyester resins. In addition, it is also used to manufacture body panels for light and heavy vehicles.
However, due to increased health hazards, strict government regulations and increased health awareness may hinder the growth of the fumaric acid market. Contact with fumaric acid can cause skin burning, throat irritation, nose irritation and kidney damage. Due to environmental issues that are increasingly concerned about reducing the carbon footprint in the atmosphere, strict government regulation is also expected to hinder the growth of the global fumaric acid market.
In July 2019, Thirumalai Chemicals approved a proposal to establish a subsidiary to establish and operate food ingredient manufacturing facilities (including malic acid and fumaric acid) in the United States. The facility has an annual production capacity of approximately 30,000 metric tons to meet the growing demands of the global market, including North America. Some of the major players in the fumaric acid market include Bartek Raw Material Company, Dastech International, Fuso Chemical Co., Ltd., Polynt, Prinova Group, Changzhou Yabang Chemical Co., Ltd., Nippon Shokubai, The Chemical Company, Thirumalai Chemicals, US Chemicals, Wego Chemical Group And Huntsman Corporation.
Segmentation of Fumaric acid Market:
Fumaric acid is divided by type, mainly divided into: food grade, technical grade.Due to the rapid development of the global food industry, food-grade fumaric acid has a larger share in the market.The fumaric acid market is divided by application, mainly divided into food and beverage processing, rosin paper sizing, unsaturated polyester resin, alkyd resin, personal care and cosmetics, and other applications.Food processing is one of the main applications of fumaric acid. It has the largest share in the market, as the growing food processing industry, especially in developing countries, is driving the demand for fumaric acid. Due to consumers’ awareness of the nutritional value of fish and seafood, coupled with the convenience and long shelf life they provide, the demand for canned fish and seafood is steadily increasing.
Fumaric acid Market: Regional Analysis
In terms of geography, the global Fumaric acid market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.In terms of current demand, the Asia-Pacific region is the leading regional market. In the Asia-Pacific region, China is the economy with the largest GDP. Even after the trade war with the United States triggered trade turmoil, China’s GDP is still showing an upward trend. During the forecast period, China will continue to dominate. The high demand for convenience food, coupled with the increase in the per capita disposable income of the middle class and the population explosion, is expected to drive regional product demand. The growing construction and renovation activities in the Asia-Pacific region are also expected to further drive growth. It is expected that the rise of the auto industry in Asia-Pacific emerging economies such as Thailand and Indonesia will promote the development of the regional market. North America is the second largest regional market. As the government has strict regulations on the use of alkyd resins, demand is expected to decline during the forecast period. As the end industry market is saturated, demand for European products is also expected to decline.
Largest share area：Asia Pacific
Largest share country：China