Fumaric acid is an organic compound which is white in color crystalline powder or flakes. It is insoluble in water but soluble in alcohol. It is majorly used as an acidulant in food industry to add a sour or tart flavor in foods and beverages. It is commonly used in bakery products, syrups, jelly, snacks etc. It also finds applications as corrosion inhibitor in oil wells and unsaturated polyester resins.

The fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.




Market Dynamics:
The growth of the market is attributed to increasing demand for fumaric acid from food industry. Fumaric acid is used as a flavoring agent and acidulant in various food products such as desserts, beverages, dairy and snacks. Growing health consciousness among individuals has increased demand for junk free food items. This is expected to propel the demand for fumaric acid over the forecast period. Secondly, rising demand from unsaturated polyester resin industry is also contributing to the growth of fumaric acid market. Fumaric acid act as crosslinking agents in production of unsaturated polyester resin which finds wide application in electronics, automotive and construction industries. Growing automobile and construction sectors globally is fueling the demand for unsaturated polyester resins which in turn is propelling the fumaric acid market growth.

SWOT Analysis

Strength: The Global Fumaric Acid Market Size has strong growth potential due to increasing demand from end use industries like food and beverages, cosmetics etc. Fumaric acid acts as an acidity regulator and has wide applications. Ease of availability of raw materials is a key strength.

Weakness: High production cost and volatile prices of raw materials can hamper the growth of fumaric acid market. stringent environment regulations regarding emission levels from manufacturing plants increases compliance cost.

Opportunity: Rapid industrialization in Asia Pacific region has opened new growth opportunities. Rising health awareness has increased demand for nutraceuticals and dietary supplements creating market opportunities.

Threats: Presence of substitute products poses threat to fumaric acid market. Fluctuations in foreign currency exchange rates can adversely impact the profit margins.

Key Takeaways:

The global fumaric acid market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing health consciousness among consumers. Fumaric acid is used in various dietary supplements and nutraceuticals as it helps in weight management.

Regional analysis: Asia Pacific dominates the global fumaric acid market and is expected to grow at fastest pace, owing to rising disposable income, rapid industrialization and growing demand from end use industries in India and China. India is projected to exhibit growth at CAGR of over 5% during forecast period.

Key players operating in the fumaric acid market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. These players are involved in expansion of production facilities and new product launch to strengthen market presence.

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