The Fumaric Acid Market is expected to surpass US$ 381.6 million by 2030, exhibiting a CAGR of 4.6% during the forecast period (2023-2030).
Fumaric acid is a common organic compound that is widely found in nature. It has a fruit-like flavor and is also known by its chemical name, E297. In addition to being a naturally occurring organic compound, fumaric acid has salts and esters and a C2 name. In addition to being a common food additive, fumaric acid has many industrial applications, including, it is used as an acid regulator, bactericidal, anti-microbial, and plasticizing properties. As a pharmaceutical, fumaric acid is used to treat diseases, such as multiple sclerosis and psoriasis. Fumaric acid was originally isolated from the plant fumaria and is a natural intermediate in the tricarboxylic acid cycle.
Market Statistics:
The global fumaric acid market accounted for US$ 266.4 Mn in 2022.
Global Fumaric Acid Market: Drivers
The growing production of automobiles is expected to foster the market growth over the forecast period. Fumaric acid is used in fabricating body panels for heavy and light duty vehicles. According to the European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Increasing demand from pharmaceutical industry where it is used to produce alexipharmic sodium dimercaptosuccinate and ferrous fumarate, as an optical bleaching agent, in formulations for alternative medicine, or as fumaric acid esters monoethyl fumarate and dimethyl fumarate to treat psoriasis.
Global Fumaric Acid Market: Opportunities
Increasing use of fumaric acid in certain dairy products to add textures and stabilize the products is projected to offer significant growth opportunities over the forecast period. Also, the increasing use in production of processed cheese and cheese substitutes will further favor the market growth. Growing popularity of nutritional bars and cereals is projected to bring lucrative growth opportunities in the near future.
Global Fumaric Acid Market: Restraints
The availability of substitutes at lower rate is projected to hinder the market growth in the near future. Also Health hazard associated with the fumaric acid is expected to limit the industry growth. Fumaric acid can be hazardous to human health, and it is certified as a hazardous material by the Department of Transportation (USA) and The Environmental Protection Agency.
Global Fumaric Acid Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has negatively impacted the production, development, and supply of fumaric acid required for production of various business of various industry. The COVID-19 pandemic has led to unprecedented lockdowns across the globe which has resulted in the shutdown of industrial establishments and disruptions in the supply chain of pharmaceutical products. This has negatively impacted the fumaric acid market.
To know the latest trends and insights prevalent in the global fumaric acid market, click on the link below:
https://www.coherentmarketinsights.com/market-insight/fumaric-acid-market-5171
Key Takeaways:
The global fumaric acid market was valued at US$ 266.4 Mn in 2022 and is forecast to reach a value of US$ 381.6 Mn by 2030 at a CAGR of 4.6% between 2023 and 2030.
The technical grade segment held the dominant position in the global fumaric acid market in 2022, accounting for 65% shares in terms of value. Increasing approvals and launch of new products are expected to propel the growth of the segment during the forecast period.
Global Fumaric Acid Market Trends:
- Growing number of health conscious consumers worldwide is driving the demand for nutrient-rich food treated with fumaric acid in order to preserve and improve the flavor and aroma. This is expected to emerge as a major trend in the market.
- Increasing consumption of alcoholic beverages, energy drinks, and processed foods is another major trend observed in the market
Global Fumaric Acid Market: Competitive Landscape
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
