According to a new report by Expert Market Research titled, “Global Fumaric Acid Market Size, Share, Report and Forecast 2024-2032″, the global fumaric acid market reached a value of almost USD 725.1 million in 2023. Aided by growing popularity of processed food and rising demand for ready-to drink beverages, the market is projected to further grow at a CAGR of 4.8% between 2024 and 2032 to reach a value of almost USD 960.69 million by 2032.
Fumaric acid, a colourless crystalline compound, belongs to the dicarboxylic acid family. Historically employed in the manufacturing of polyester resins, its significance has diversified over the years. Its pivotal role now extends to food preservation due to its acidity, and it also functions as a crucial intermediate in the citric acid cycle, essential for the cellular production of energy.
The main factor behind the growing fumaric acid market demand is rooted in the food industry’s reliance on it. With the burgeoning consumer trend towards packaged foods and beverages, the need for safe and effective preservatives has escalated, placing fumaric acid at the vanguard of this transition. Moreover, its tangy essence makes it a desirable souring agent, further accentuating its demand.
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Simultaneously, as the fumaric acid market analysis shows, there is an ascending inclination towards sustainable production processes. The fumaric acid industry is consequently gravitating towards bio-based production methods, minimising ecological footprints, and enhancing sustainability, which could revolutionise the market’s trajectory in the foreseeable future.
The realms of the cosmetics and pharmaceutical industries are not untouched by the fumaric acid market trends either. Leveraging its benefits, the cosmetic industry has incorporated fumaric acid for pH adjustments in various products. Furthermore, its utility in treating certain skin conditions, such as psoriasis, within the pharmaceutical world has garnered commendable attention.
A pivotal factor bolstering the fumaric acid market growth is its application within the realm of resin production. The global thrust towards lightweight vehicles for better fuel efficiency has magnified the demand for unsaturated polyester resins, where fumaric acid plays an indispensable role.
Global fumaric acid market stands at an exciting confluence of traditional industrial demand and innovative applications. With a foothold in diverse sectors, ranging from food to automotive, its trajectory is poised for growth, underpinned by innovation, sustainability, and evolving consumer preferences. As industries globally continue to recognise its multifaceted potential, the future for fumaric acid appears both robust and radiant.
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Market Segmentation
The market can be divided based on application, end use industry, and region.
Market Breakup by Application
• Food Additives
• Rosin-Sized Sheathing Paper
• Unsaturated Polyester Resins
• Alkyd Resins
• Others
Market Breakup by End Use Industry
• Food and Beverages
• Cosmetics
• Pharmaceuticals
• Chemicals
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global fumaric acid market. Some of the major players explored in the report by Expert Market Research are as follows:
• Bartek Ingredients Inc.
• Prinova Group LLC.
• Fuso Chemical Co., Ltd.
• Polynt SpA
• Others
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