Global fumaric acid market size is anticipated to be valued at USD 764.8 million by 2020, as per a new research report by HexaResearch. Growing processed food demand coupled with RTD (ready-to-drink) beverages consumption is expected to drive market. Energy drink consumption by athletes coupled with innovation in flavors for food & beverages is likely to surge market growth. Fumaric acid used as an intermediate in unsaturated polyester resins (UPR) is set to grow owing to increasing infrastructure spending in countries such as China, India and Brazil. Stringent government regulations to curb carbon emissions are expected to challenge the industry.
Food & beverages dominated the application segment with a market share of 34.3% in 2013. This application is likely to witness significant growth rates with an estimated CAGR of 7.0% up to 2020. Fumaric acid properties such as flavor enhancer, pH controller and micro-organism growth controller favor its demand in food & beverages. UPR application is likely to grow at moderate rates of 5.8% up to 2020. Growth in UPR consumption for automobile production particularly in Asia economies of Indonesia, Thailand, India and China is anticipated to drive the market growth.
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Key report insights suggest:
- Global fumaric acid market size was estimated at 233.3 kilo tons in 2013 and is expected to register 346.2 kilo tons by 2020 growing with an estimated CAGR of 5.9% from 2014 to 2020.
- Asia Pacific dominated the regional market with a share of 61.5% in 2013 and is expected grow at higher growth rates up to 2020. Increasing per-capita disposable income and preference of convenience food owing to hectic lifestyle is expected to drive the regional demand.
- North America was the second largest regional market and is likely to witness growth rates estimated at 4.1% from 2014 to 2020. Growing popularity of sports drink particularly in U.S. is expected to drive regional demand. European market is likely to cross USD 80 million by 2020 owing to preference of convenience food consumption.
- Moderately consolidated fumaric acid market consists of MNCs and domestic companies. These companies include Polynt, Prinova, Fuso Chemicals and Bartek Ingredients. Other prominent companies include Dastech International Inc, Thirumalai Chemicals, U.S. Chemicals LLC and Nippon Shokbai.