Global Fumaric Acid Market is
expected to reach USD 764.8 million by 2020, according to a new study by Grand
View Research, Inc,. Increasing convenience food demand coupled with growing
middle class per capita disposable income in Asia Pacific and Latin America is
expected to drive the global fumaric acid market over the forecast period.
Introduction of ethnic and exotic flavors by food & beverages manufacturers
is also expected to prompt demand growth. Stringent environmental regulations
in order to reduce green house gases (GNG) emission is expected to remain a key
challenge for market participants.
Food & beverages was the
leading application segment and accounted for 34.3% of the total market volume
in 2013. Fumaric acid is used as an acidulant in food & beverages owing to
its properties such as micro-organisms growth controller, pH modifier and
flavor enhancer. Food & beverages is also expected to witness the highest
growth rate of 7.0% from 2014 to 2020. Unsaturated polyester resins (UPR) are
expected to witness moderate growth rate over the next six years. Increasing
construction spending coupled with increase in automobile production
particularly in China, India, Indonesia and Thailand is expected to augment
fumaric acid demand for UPR.
In depth research report on Fumaric Acid Market
Further key findings from the study suggest:
•
Global fumaric acid demand was
233.3 kilo tons in 2013 and is expected to reach 346.2 kilo tons by 2020,
growing at a CAGR of 5.9% from 2014 to 2020.
•
Asia Pacific was the leading
regional market and accounted for 61.5% of the total market volume in 2013.
Asia Pacific is also expected to witness the fastest growth to continue its
dominance in the global market over the forecast period. European market is
expected to exceed USD 80 million by 2020, growing at a CAGR of 4.6% from 2014
to 2020.
•
North America is expected to
grow at an estimated CAGR of 5.4% in terms of revenue from 2014 to 2020. U.S.
is the leading fumaric acid consumer in North America. Increasing convenience
food demand coupled with growing health consciousness among consumers is
expected to drive the regional demand.
•
Global fumaric acid market is
moderately concentrated fumaric acid with companies such as Prinova LLC, Bartek
Ingredients, Polynt S.P.A and Prinova LLC being market leaders. Other key
companies operating in the global market include Thirumalai Chemicals, Dastech
International Inc, The Chemical Company and U.S. Chemicals LLC.
For the purpose of this study,
Grand View Research has segmented the fumaric acid market on the basis of
application and region:
Global Fumaric Acid Application Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2007 – 2020)
•
Food & Beverages
•
Rosin Paper Sizes
•
Unsaturated Polyester Resins
(UPR)
•
Alkyd Resins
•
Others
Global Fumaric Acid Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2007 – 2020)
•
North America
•
U.S.
•
Canada
•
Europe
•
Asia Pacific
•
Central & South America
•
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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