FUMARIC ACID MARKET ANALYSIS

Fumaric Acid MarketSize and Trends

The Fumaric Acid Market was valued at US$ 266.4 Mn in 2022, and is expected to exhibit a CAGR of 4.6%, over the forecast period (2023-2030) to reach US$ 381.6 Mn by 2030. Fumaric acid (trans-butanediol acid) is a white crystalline compound found in nature. Fumaric acid helps produce energy from food in the form of (adenosine triphosphate)ATP.

Figure 1. Global Fumaric Acid Market Value Share (%), By Type, in 2022

Fumaric Acid Market: Market Segmentation

On the basis of type, global fumaric acid market is divided into technical grade and food grade. The technical grade segment has been dominating the segment by carrying the market share value of 65% in 2022. In technical grade the description fumaric acid includes, fumaric acid as a white crystalline powder. The addition of fumaric acid increases the adhesion of resultant paints and coatings. The food-grade segment contains fumaric acid in the food ingredients, such as pH modifier, flavor enhancer, and micro-organisms growth controller, which helps in increasing the shelf life, preserves the color, enhances the flavor, and maintains the texture and the overall quality of the food. Furthermore, the growing food and beverage market is also expected to boost the fumaric acid use in the food-grade segment.

Market Trends/Key Takeaways:

• Rise in construction and remodeling activities: Rise in construction and remodeling activities across developing countries is creating demand for Unsaturated Polyester Resin (UPR). It is used in the production of UPR and alkyd resins, thus demand for paints is expected to grow due to growing construction activities.

• Innovation and key development by key players: Increasing investments in R&D by key players to develop bio-based fumaric acid are expected to uplift the market growth in the near future. For instance, in March 2020, Bartek Ingredients (company based in North America and distributing to customers around the globe, Bartek is the world's largest producer of malic acid and food-grade fumaric acid) announced a 10,000 million ton (Mt) malic acid capacity expansion by the first quarter of 2021.The company specializes in malic acid, food-grade fumaric acid, and maleic anhydride for food and beverage applications.