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.
Global fumaric acid market
volume by application, 2012 - 2020 (Kilo Tons)
Browse full research report on
Fumaric
Acid Market
Further key findings from
the report 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
more information: http://www.grandviewresearch.com
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