A steady CAGR (Compound Annual Growth Rate) is set to mark the terrain over the forecast period of 2016-2024, owing to fumaric acid’s extensive and varied use in a number of industries. However, over the forecast period, two industries that will stand out in their contribution the growth charted are food and beverages and building and construction.

It is also worth noting here that fumaric acid is used in food as additive, flavor enhancer, acidulant and pH adjustor. It is widely used in processed food. And, in construction and building, it is used in unsaturated polyester resin and alkyd resins.

Some of the trends, drivers, and factors that are shaping the global fumaric acid market are outlined below:

  • Construction volumes are set to rise at a dizzying pace, increasing in volumes by 85% by the year 2025. That means that over the forecast period, a market worth of USD 15.5 trillion will be accrued. In a study, it was noted that a large chunk of 57% will be accounted for by the three countries of China, India, and the United States of America. It does not really come as a surprise since population is rising and over the next 30 years, the number of additional people inhabiting the earth is 2 billion. That is an increase to 9.7 from a 7.7 billion currently.
  • Longer workdays and rise of nuclear and dual income families has led to demand for easy to eat and ready to cook meals options. And, it goes without saying that leads more and more people towards shelves carrying processed foods. This is for two reasons. One is that they have longer shelf life and two, they are foods that check the boxes for convenient foods. Thus, a demand for these will help the global fumaric acid market grow.

Fumaric acid is also known as trans-butenedioic acid. Traditionally, fumaric acid is manufactured by the oxidation of furfural with the help of chlorate in the presence of vanadium catalyst. Industrially, fumaric acid is manufactured from the catalytic isomerisation of maleic acid (hydrolysis product of maleic anhydride) in aqueous solution. Biologically, fumaric acid is found in lichen, iceland moss, and bolete mushrooms among others. Fumaric acid finds application in various end-user industries such as food and beverages, paper processing, printing inks, and polymer resins. Food & beverages sector is one of the largest consumers of fumaric acid and is likely to follow a similar trend during the forecast period. Fumaric acid is used in desserts, jellies & jam, beverages, confectionaries, and bakery products among others.

The market for fumaric acid was driven by substantial demand from food & beverages, and buildings & construction industry. In food & beverages industry, food safety and preservation coupled with increasing popularity of processed foods was the major factor for driving the demand for fumaric acid. Fumaric acid is used in food & beverages as an acidulant, flavor enhancer, and pH adjustor among others. In plastics industry, fumaric acid is used in unsaturated polyester resin and alkyd resins. These resins are used in the buildings & construction industry. Rosin paper sizes, printing inks, and medical & healthcare are the other major end-users of fumaric acid. Increasing demand from sports and health drinks is likely to provide a major opportunity for fumaric acid during the forecast period. In addition, nutritional bars (cereal and energy bars) provide another major opportunity for fumaric acid with the demand slated to grow in the next few years. However, environmental regulations associated with alkyd and unsaturated polyester resins in Europe and North America can have a major impact on the market and are likely to hinder growth of the fumaric acid market during the forecast period.

In terms of demand, Asia Pacific was the leading consumer of fumaric acid. China witnessed the largest demand for fumaric acid market due to the huge demand from food & beverages industry coupled with the growth of plastics industry. However, other countries such as India, Japan, South Korea, Indonesia, and Taiwan are likely to exhibit further demand for fumaric acid in the near future due to huge demand from the food & beverages industry. Asia Pacific was followed by Europe. Growing demand from food & beverages, as well as buildings & construction is driving the fumaric acid market in Europe. There are widespread reconstruction and remodeling activities going on in Europe, thereby leading to huge demand for unsaturated polyester resin. Countries in Europe such as Germany, Italy, France, and the U.K. were the major consumers of fumaric acid in this region. However, stringent environmental regulations associated with the resin industry in the European Union can act as a major restraint for the market in the next few years. North America witnessed the third highest demand for fumaric acid. The U.S. led the demand for fumaric acid in North America. Other countries such as Mexico and Canada are likely to exhibit a higher demand for fumaric acid due to increasing demand for tortillas and breads. In Latin America, demand for fumaric acid is estimated to rise due to the growth of polymer resins industry by 2024. However, increasing demand from the food & beverages industry in the Middle East region is anticipated to offer a greater opportunity for the fumaric acid market in the near future.

The market for fuamric acid is concentrated, and is dominated by manufacturers with a global presence. Some key manufacturers in the fumaric acid market are Arkema SA, BASF SE, Bartek Ingredients Inc., Huntsman Corporation, and Thirumalai Chemicals Ltd. among others. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Fumaric Acid Market

Pre Book