Fumaric Acid Market - Increased Organic Food Additives Consumption to Promote Growth| Technavio
The global fumaric acid market is expected to grow at a CAGR of close to 7% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global fumaric acid market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
Global fumaric acid market segmentation by application and geography
Technavio’s report on the global fumaric acid market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including food and beverages, unsaturated polyester resins, rosin paper sizes, and alkyd resins. As projected in 2016, around 35% of the market share originated from food and beverages. This was primarily due to the rising consumer preference for convenience and functional food and beverages products.
Based on geography, the global fumaric acid market has been segmented into APAC, North America, Europe, and ROW. As of 2016, close to 64% of the market share came from APAC.
“The fumaric acid market in APAC is expected to grow at a considerable pace during the forecast period. China, India, Indonesia, Bangladesh, Thailand, Vietnam, and Singapore will witness high growth in the construction sector during the forecast period. This will increase the demand for unsaturated polyester resins as well as alkyd resins, thereby contributing to the growth of the market,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research.
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Global fumaric acid market: competitive vendor landscape
The global fumaric acid market has a significant number of key global vendors, along with a few regional and local players. The market is vastly competitive and dominated by large vendors such as Bartek Ingredients, Dastech International, FUSO CHEMICAL, Polynt, and Prinova Group. These players have a vast geographical presence with huge facilities. Some of the other prominent vendors are Changzhou Yabang Chemical, Nippon Shokubai, the Chemical Company, U.S. Chemicals, Thirumalai Chemicals, and WEGO CHEMICAL GROUP.
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Other topics covered in the report:
Market drivers:
- Introduction of ethnic and innovative flavors
- Rising consumption of unsaturated polyester resins in construction industry
Market challenges:
- Increased threat of substitutes from citric acid and malic acid
- Consumers' inclination toward low-calorie beverages
Market trends:
- Increased consumption of organic food additives
- Increase in disposable income among middle class
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