Fumaric acid, also known as trans-butenedioic acid, is an organic compound that is usually found as a white crystalline powder or flakes. It has various industrial applications such as food additive, medical applications, building industry applications and others. As a food additive, it is used as an acidity regulator in various processed foods and beverages. In the medical field, it is used in pill and other oral medications. The building industry uses fumaric acid as a curing agent in concrete, adhesives, coating materials and others. It provides strength and durable properties to building materials.
The global fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Fumaric acid, due to its curing properties, is widely used in cement, concrete and various construction adhesives and coating materials. The ongoing infrastructure projects, especially in developing Asian and African countries are estimated to boost the consumption of fumaric acid in building industry applications. This growing demand from building industry is expected to drive the growth of global fumaric acid market during the forecast period.
Threat of new entrants:The threat of new entrants is moderate as fumaric acid production requires technical expertise and large capital investments. However, the market offers opportunities for low-cost producers.
Bargaining power of buyers:The bargaining power of buyers is moderate due to the availability of substitutes and standard products. However, buyers prefer branded and high-quality products.
Bargaining power of suppliers:The bargaining power of suppliers is high owing to the limited availability of raw materials and monopoly of existing suppliers over resources.
Threat of new substitutes:The threat of new substitutes is high due to availability of alternative compounds with similar properties. Research organizations are investing in new biomaterials.
Competitive rivalry: The competition among key players is intense due to their large global presence and expenditure on expansions and acquisitions.
Strength: Fumaric acid has wide applications in food, pharmaceutical and construction industries. It acts as a pH regulator and flavoring agent.
Weakness: Fluctuating raw material prices and stringent regulations associated with its production. Dependence on China for raw material supply.
Opportunity: Increasing demand for green and sustainable products offers growth prospects. Emerging applications in resins and unsaturated polyester resins industry.
Threats: Availability of low-cost substitutes and supply issues arising due to geopolitical tensions and natural calamities.
The Global Fumaric Acid Market Size is expected to witness high growth at a CAGR of 3.5% during 2023-2030. The global Fumaric Acid Market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Europe accounted for the largest share of over 35% in 2023 owing to the huge demand from end-use industries. The key factors favoring market prospects include growing paints, coatings, food & beverages industries. North America and Asia Pacific are also projected to grow at a considerable pace during the forecast period. Europe will continue dominating Global Fumaric Acid Market during 2023-2030. Germany accounted for the largest share owing to presence of leading manufacturers. However, the market in Asia Pacific is expected to register highest CAGR during the forecast period driven by increasing consumption in China and India.
Key players operating in the Fumaric Acid market are ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. The major players are focusing on new product launches, mergers & acquisitions and capacity expansions to meet the growing demand and strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it