The growing demand of the fumaric acid in the construction sector, along with the increased application in pharmaceuticals will boost the Fumaric Acid market growth.
New York, May 05, 2020 (GLOBE NEWSWIRE) -- The global Fumaric Acid market is forecast to reach USD 974.4 Million by 2027, according to a new report by Reports and Data. The growing popularity in the energy drinks among athletes and fitness conscious population has spurred the growth of the fumaric acid. The increase in the application of the acid in various end-use industries has encouraged its growth, particularly the boost from the food and beverage industry. The market product plays a crucial role in the manufacture of energy drink, for stabilizing the beverage and maintaining its quality over time.
Fumaric acid also finds application in unsaturated polyester resins and alkyd resins to maintain the molecular chain. The demand for these products is expected to grow in the coming years owing to its application in the construction as well as automotive production. Thus, an increase in construction activities all across the globe, and expansion of automotive production will foster the market demand.
Strict government regulations regarding the impact of the acid on the environment and concerns to lower carbon footprint are expected to limit the market growth, although an increase in the research and development for bio-based fumaric acid is expected to provide growth opportunities to the market vendors.
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The COVID-19 impact:
COVID-19 has impacted the market negatively. The weaker consumer demand for lifestyle and well-being products due to the imposition of lockdown and social restrictions will have a negative impact on the demand for cosmetics and certain food additives. The COVID-19 pandemic has crippled various industries, along with public construction. The activity will more likely cease due to the imposition of lockdown and social distancing, and work will halt due to the supply chain disruption, the termination of contracts to control expenses, and the shortage of subcontractors and materials. However, the ease in restrictions and the government initiatives to start the economic activities in the consumer goods market creates hope for the imminent recovery of the market.
Further key findings from the report suggest
- Fumaric acid is used in oral pharmaceutical formulations and has been found useful in the treatment of psoriasis. Adults with moderate to severe psoriasis can be treated with fumaric acid esters. It is also used in treating patients with systemic lupus and severe disseminated granuloma annulare. The pharmaceutical sector is expected to grow with a CAGR of 5.0% during the forecast period.
- Currently, fumaric acid is produced chemically from maleic anhydride, which in turn is produced from butane. However, as petroleum prices rise rather quickly, maleic anhydride as a petroleum derivative increased its price as well. However, the current drastic fall in the price of petroleum during the COVID-19 crisis can propel the demand for the production of fumaric acid by maleic anhydride.
- Fumaric acid has proven to be an effective additive to piglet feed during the post-weaning period. The inclusion of the acid and the resultant adjustment of the pH value demonstrate improvement in weight gain, feed conversion ratio and food consumption. The animal feed segment is forecasted to grow with a CAGR of 4.4% during the forecast period.
- The widespread construction activity in the European region is driving the demand in the region. The reconstruction and remodeling activities in the continent is creating a huge demand for unsaturated polyester resin. Germany, Italy, the UK, and France were the major consumers of the market product.
- Key participants include Prinova LLC, Dastech International Inc., Bartek Ingredients, Polynt S.P.A, Thirumalai Chemicals, Fuso Chemicals, Xilong Chemical Company Ltd., Tianjin Bohai Chemicals, Nippon Shokubai Co. Ltd., and The Chemical Company, among others.
- In July 2019, the board of Thirumalai Chemicals approved the company's proposal to set up a subsidiary in the United States to establish and operate a food ingredients manufacturing facility, including malic and fumaric acid. The new plant will have a capacity of about 30,000 tonnes a year, which will address the growing demand in the global market, including North America.
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For the purpose of this report, Reports and Data have segmented into the global Fumaric Acid market on the basis of extraction type, application, end use industry, and region:
Extraction Type Outlook (Revenue, USD Million; 2017-2027)
- Fumaria Officinalis
- Maleic Anhydride
Application Outlook (Revenue, USD Million; 2017-2027)
- Food Additive
- Rosin Paper Sizes
- Unsaturated Polyester Resins (UPR)
- Alkyd Resins
- Animal Feed
End Use Industry Outlook (Revenue, USD Million; 2017-2027)
- Food and Beverage
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/fumaric-acid-market
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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