Asia-Pacific is regarded as the manufacturing hub for various chemical companies, especially the Indian market owing to factors such as cheap labor and land availability. Manufacturers have been targeting Asia-Pacific fumaric acid market owing to its increasing attractiveness with regards to surging need for cosmetics, paints, resins, beverages and food products. Chemical and pharmaceutical industries have gained significant traction in developing regions of Asia-Pacific. Demand for controlling reactivity, regulation of pH with regards to ecological concern and quality maintenance of several chemicals and medicines is likely to push the growth of fumaric acid market in the forthcoming years. China is regarded as the largest exporter and producer of fumaric acid, thereby holding the supreme position in Asia-Pacific fumaric acid market. Rising automobile industry in the developing regions of Asia-Pacific such as Thailand and Indonesia are boosting fumaric acid market growth in this area.
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Usage of fumaric acid for the purpose of chemicals, particularly in the manufacturing of paints and resins has been driving the growth of fumaric acid market in Asia-Pacific. Food and beverage industry in China and India are expected to observe considerable growth during the forecast period on account of rapidly increasing population demanding for new innovations. Growing health awareness and the food nature of population in Asia-Pacific has been resulting in food innovations and development of several health products, thereby surging the need for fumaric acid in the region. Fact.MR projects that Asia-Pacific fumaric acid market is anticipated to grow at more than 7% CAGR during the forecast period. Rising middle-class disposable income and demand for convenience food has been fuelling the growth of fumaric acid in Asia-Pacific on a larger basis.
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Fact.MR anticipates that fumaric acid market will register approximately 6.8% CAGR during the forecast period, 2017-2026. Manufacturers and key players in fumaric acid market are planning to focus on innovating their manufacturing processes for the purpose of achieving higher production capabilities as well as quality fumaric acid. Unsaturated polyester resins and alkyd resins are likely to observe increasing demand in the forthcoming years owing to wide-ranging usage in automotive and construction production. This in turn has spurred the production and demand for fumaric acid on account of growing construction activities, expanding automotive industry and remodeling activities. Rapid increase in research and development activity has led to growing applications for usage of fumaric acid. According to the current scenario, fumaric acid has been increasingly utilized in cosmetic applications.
Globally, usage of fumaric acid has increased in the food and beverage industry for the purpose of ready-to-drink beverages and food processing. In addition, there has been considerable increase in the demand and supply of energy drinks as the number of athletes are showing greater inclination towards energy drinks. Launch of energy drinks and bars is likely to surge the demand for fumaric acid across food and beverage application. Apart from this, launch of wide-ranging flavors including exotic and ethnic flavor in food and beverage market is expected to strengthen demand for the fumaric acid.
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