The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Fumaric acid is an white crystalline unsaturated dicarboxylic acid. It has great chemical and physical properties such as low toxicity and corrosion resistance. Due to these properties it is majorly used as an acidulant and food additive in various food products and beverages.
Market key trends:
The major key trend driving the growth of global fumaric acid market is its increasing demand from food and beverage industry as an acidulant and flavoring agent. Fumaric acid helps improve the taste and shelf life of various food and beverages. Additionally, the skin care industry is increasingly adopting fumaric acid based exfoliants owing to its efficacy and minimal side effects. Fumaric acid exfoliants help remove dead skin cells gently without damaging the skin. Thus, rising focus on natural and organic personal care products is fueling the demand for fumaric acid in the exfoliants segment significantly.
The global fumaric acid market is segmented based on application and region. By application, the market is divided into food acidulant, unsaturated polyester resins, maleic acid, animals feed, and others. The unsaturated polyester resins segment accounted for the largest market share in 2022 and is expected to remain dominant over the forecast period. Fumaric acid is widely used in the production of unsaturated polyester resins as it improves the mechanical strength, corrosion resistance, and chemical resistance of the resins.
The Global Fumaric Acid Market Size was valued at US$ 278.65 million in 2023. It is expected to grow at a CAGR of 4.6% during the forecast period of 2023 to 2030. Increasing demand from the food and beverage industry is expected to drive the market over the next few years.
Asia Pacific accounted for the largest share of the global fumaric acid market in 2022. The region is estimated to continue its dominance during the forecast period as well, due to the extensive growth in the end-use industries such as food & beverages in emerging countries such as China and India. Rapid industrialization and urbanization in China and India are fueling the demand for fumaric acid in the region.
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. The major players are involved in expansion and new product launches to strengthen their foothold in the global market. In 2022, Polynt launched a new hydrolyzed polyester resin, R-1300FN, containing fumaric acid, to provide corrosion protection and resistance to ultraviolet light.