Industrial Grade Fumaric Acid

Industrial Grade Fumaric Acid Market Outlook

The global Industrial Grade Fumaric Acid market is projected to reach approximately USD 1.2 billion by 2035, growing at a CAGR of around 6.1% during the forecast period. This growth can be attributed to the increasing applications of fumaric acid across various industries such as food and beverages, pharmaceuticals, and animal feed. Additionally, the rising demand for bio-based and sustainable chemicals alongside the expansion of the food processing and pharmaceutical sectors is also propelling the market forward. The growing awareness regarding health benefits and the nutritional properties of fumaric acid, particularly in dietary supplements and functional foods, has further fueled its consumption globally. Emerging markets in Asia Pacific and Latin America are witnessing notable growth, driven primarily by urbanization and changing consumer preferences.

Growth Factor of the Market

The growth of the Industrial Grade Fumaric Acid market is significantly influenced by several factors, starting with the rising demand for food preservatives and acidulants in the food and beverage industry. Fumaric acid is extensively used in the production of food products to enhance flavor, and its low toxicity makes it a preferred choice among manufacturers. Additionally, the pharmaceutical sector’s increasing focus on developing formulations that incorporate fumaric acid is expected to escalate market growth, as it is known to exhibit anti-inflammatory properties. Furthermore, sustainability trends are encouraging manufacturers to utilize bio-based fumaric acid derived from renewable resources, which aligns with global efforts towards environmental conservation. The rapid growth of the animal feed industry in conjunction with advancements in food technology are also key growth drivers, as they facilitate the use of fumaric acid for improving feed quality and nutrient absorption.

Key Highlights of the Market

• The global Industrial Grade Fumaric Acid market is expected to witness a steady growth rate of 6.1% CAGR from 2025 to 2035.
• Asia Pacific is projected to dominate the market, contributing to over 40% of the total share by 2035.
• Food and Beverages application segment is anticipated to hold the largest share, owing to increasing consumption of processed foods.
• The industrial grade product type is likely to witness significant growth driven by its applications in the chemical manufacturing sector.
• Rising consumer awareness regarding the health benefits of fumaric acid is propelling its inclusion in dietary supplements.

By Product Type

Food Grade:

Food Grade Fumaric Acid is specifically designed for use in food products and is recognized for its safety and effectiveness as an additive. It primarily serves as an acidulant, helping to enhance flavor and preserve food products. In the food industry, fumaric acid is commonly used in the production of baked goods, beverages, and dairy products, making it an essential ingredient in achieving desired pH levels and taste profiles. Its ability to stabilize food products and maintain freshness contributes to its growing demand, particularly in processed and convenience foods. Furthermore, as consumer preferences shift towards healthier and cleaner-label foods, the use of food-grade additives like fumaric acid is expected to rise significantly.

Pharmaceutical Grade:

Pharmaceutical Grade Fumaric Acid is utilized for its therapeutic benefits and is often incorporated into various formulations aimed at treating conditions such as psoriasis and rheumatoid arthritis. The pharmaceutical sector emphasizes high purity and quality, ensuring that the fumaric acid used in medications meets stringent regulatory standards. The growing prevalence of chronic diseases and the increasing focus on innovative drug formulations are driving the demand for pharmaceutical-grade fumaric acid. Additionally, the trend towards developing biopharmaceuticals and personalized medicine may further expand the market for this product type, as it plays a vital role in enhancing drug efficacy and stability.

Industrial Grade:

Industrial Grade Fumaric Acid is primarily utilized in the production of unsaturated polyester resins, which are widely employed in the automotive and construction industries. This type of fumaric acid is characterized by its high purity and is suitable for various chemical processes. The demand for industrial-grade fumaric acid is growing due to the increasing production of composite materials and coatings. Its application in the manufacturing of adhesives, paints, and plastics is further stimulating market growth. As industries continue to seek sustainable and efficient materials, the role of industrial-grade fumaric acid is becoming increasingly important in fostering innovation and development across multiple sectors.

Feed Grade:

Feed Grade Fumaric Acid is gaining traction for its use as a feed additive in the livestock industry. It serves as an essential ingredient that aids in promoting animal growth and improving feed efficiency. By enhancing nutrient absorption and reducing feed wastage, feed-grade fumaric acid is instrumental in optimizing livestock production. The increasing focus on animal health and welfare, coupled with rising meat consumption globally, is propelling the demand for high-quality feed additives. Additionally, the shift towards natural and organic feed ingredients aligns with the benefits offered by feed-grade fumaric acid, thereby encouraging its adoption among livestock producers.

Others:

The “Others” category encapsulates various other product types of fumaric acid, including those utilized for niche applications across different industries. This segment includes fumaric acid used in bioplastics, cosmetics, and specialty chemicals. As sustainability becomes a focal point in product development, the utilization of fumaric acid in eco-friendly materials is expected to witness growth. The diversification of applications and the exploration of new markets indicate a promising outlook for this segment, presenting opportunities for manufacturers to innovate and cater to emerging consumer demands.

By Application

Food and Beverages:

In the Food and Beverages application segment, fumaric acid plays a critical role as an acidulant and preservative. Its sour taste enhances the flavor profiles of various food products, including beverages, candies, and baked goods. The increasing consumer demand for processed and ready-to-eat foods, along with the growing interest in functional foods, is driving the adoption of fumaric acid across this segment. Furthermore, its stability and effectiveness make it a preferred choice among food manufacturers seeking to extend shelf life and maintain product quality, thereby increasing its market penetration in the food and beverages industry.

Pharmaceuticals:

Fumaric acid is gaining prominence in the pharmaceuticals industry due to its therapeutic properties. It is commonly used in formulations for treating skin disorders and inflammatory diseases. As the prevalence of such conditions rises globally, the demand for pharmaceutical-grade fumaric acid has surged. The focus on developing effective treatments along with personalized medicine solutions is encouraging pharmaceutical companies to incorporate fumaric acid into their products. The continuous research and development efforts aimed at discovering new applications for fumaric acid in the pharmaceutical sector further bolster its market growth.

Chemicals:

Within the Chemicals application segment, fumaric acid is primarily used in the production of unsaturated polyester resins, which are critical for manufacturing composite materials. These resins find extensive applications in various industries, including automotive, construction, and electronics. The growth of the chemical manufacturing sector and the increasing demand for lightweight and durable materials are key drivers for the consumption of fumaric acid in this application. Innovations and advancements in resin technologies are likely to further enhance the market potential for fumaric acid in the chemicals industry, facilitating its integration into new and existing products.

Animal Feed:

The Animal Feed application segment highlights the growing significance of fumaric acid as a feed additive that supports livestock growth and health. Its inclusion in animal feed formulations contributes to improved nutrient absorption and overall feed efficiency. With the increasing global demand for meat and dairy products, the livestock industry is seeking effective additives that can enhance production and animal welfare. As a result, fumaric acid is being embraced by feed manufacturers aiming to provide high-quality nutrition for livestock, creating a substantial market opportunity in the animal feed sector.

Others:

The “Others” application segment encompasses various unique usages of fumaric acid across different industries, such as cosmetics, agriculture, and bioplastics. In cosmetics, fumaric acid is utilized for its exfoliating and skin-conditioning properties, making it a valuable ingredient in skincare formulations. In agriculture, fumaric acid is explored for its potential as a soil conditioner and a means to enhance crop yield. The versatility of fumaric acid in catering to diverse applications underscores its significant role in various sectors, indicating a bright growth trajectory for this segment.

By Distribution Channel

Direct Sales:

Direct sales of fumaric acid involve manufacturers selling their products directly to end-users, which can include large-scale food and beverage companies, pharmaceutical firms, and industrial manufacturers. This distribution channel allows companies to maintain control over their supply chains and foster strong customer relationships. The trend toward customization of products and solutions has prompted manufacturers to adopt direct sales strategies, enabling them to better understand and meet the specific needs of their clients. As more companies recognize the advantages of direct engagement with customers, the direct sales channel is expected to experience steady growth in the fumaric acid market.

Distributor Sales:

Distributor sales constitute a significant component of the fumaric acid distribution landscape. Distributors play a vital role in connecting manufacturers with a broader range of clients, including smaller companies and regional players. Through established networks and logistical capabilities, distributors facilitate the smooth movement of fumaric acid across various markets and applications. The increasing complexity of supply chains and the demand for timely deliveries are driving the reliance on distributors as intermediaries. As the market expands, the distributor sales channel is likely to remain essential for fostering accessibility and availability of fumaric acid products to end-users worldwide.

By End-Use Industry

Food and Beverage:

The Food and Beverage industry stands as one of the primary end-users of fumaric acid, leveraging its properties as an acidulant, preservative, and flavor enhancer. Fumaric acid contributes to the stability and quality of processed foods while enhancing their taste profile. With the rise in consumer demand for packaged and convenience foods, manufacturers are increasingly incorporating fumaric acid into their formulations. The continuous innovation in food products, along with the trend towards healthier eating habits, supports the growing utilization of fumaric acid in this industry, making it a critical component for food product development.

Pharmaceutical:

In the Pharmaceutical industry, fumaric acid is utilized for its therapeutic applications, particularly in dermatological products and treatments for autoimmune diseases. With the global rise in chronic diseases, the pharmaceutical sector is increasingly focused on developing effective treatments that utilize fumaric acid for its anti-inflammatory properties. The stringent regulations governing pharmaceutical products necessitate high purity levels of fumaric acid, driving manufacturers to ensure compliance with quality standards. As research and innovation in drug formulation progress, the demand for fumaric acid in pharmaceuticals is anticipated to grow significantly.

Chemical:

The Chemical industry utilizes fumaric acid predominantly in the production of unsaturated polyester resins, which find applications in a multitude of sectors including automotive and construction. As industries continue to pursue lightweight and durable alternatives, the demand for these resins is anticipated to rise, driving the consumption of fumaric acid. Furthermore, the increasing focus on sustainability and environmentally friendly materials further elevates the importance of fumaric acid in chemical applications, indicating a positive outlook for its use in this industry.

Agriculture:

In the Agriculture sector, fumaric acid is being explored for its potential applications as a soil conditioner and growth promoter. The increasing need for sustainable agricultural practices and organic farming has prompted interest in using bio-based chemicals such as fumaric acid. Its ability to improve soil health and enhance crop yield is driving research and development efforts in this area. As the agricultural industry pivots towards sustainability and resource efficiency, the role of fumaric acid is likely to gain prominence, creating new avenues for market growth.

Others:

The “Others” end-use industry segment includes various applications of fumaric acid across niche markets, such as cosmetics and bioplastics. In the cosmetics industry, fumaric acid is valued for its exfoliating properties and is used in skin care products to enhance texture and appearance. The bioplastics sector is also exploring the use of fumaric acid in producing sustainable plastic alternatives. As consumer preferences shift towards eco-friendly products, the adaptability of fumaric acid to cater to these emerging markets signifies a dynamic growth potential for this segment.

By Region

The regional analysis of the Industrial Grade Fumaric Acid market reveals distinct growth patterns across various areas, with North America, Europe, and Asia Pacific being key contributors. In North America, the market is expected to grow at a CAGR of 5.5% from 2025 to 2035, fueled by the presence of established pharmaceutical and food processing industries. The increasing emphasis on sustainable practices and regulatory support for bio-based chemicals are also contributing to market expansion in this region. Meanwhile, Europe, historically a stronghold for the chemicals sector, is projected to maintain a substantial share of the market, driven by the ongoing innovation and research in pharmaceutical applications.

Asia Pacific is poised to dominate the Industrial Grade Fumaric Acid market, anticipated to account for over 40% of the global share by 2035. The rapid industrialization and urbanization in countries like China and India are significant factors behind this growth. The increasing disposable income and changing dietary habits are leading to heightened demand for processed foods, thereby boosting the need for food additives like fumaric acid. Additionally, the growing awareness of animal health and the expansion of livestock production are further enhancing opportunities in the animal feed sector within this region. Latin America and the Middle East & Africa are expected to grow at a steady pace, driven by rising agricultural activities and food processing initiatives.

Opportunities

The Industrial Grade Fumaric Acid market presents numerous opportunities driven by the increasing demand for sustainable and bio-based products. As industries worldwide strive for environmentally friendly alternatives, the shift towards renewable resources for chemical production is becoming a pivotal trend. Fumaric acid, being derived from natural sources such as sugar, aligns well with this movement, offering manufacturers the chance to cater to environmentally conscious consumers. Additionally, the expansion of research and development initiatives focusing on the unique properties and applications of fumaric acid in pharmaceuticals and bioplastics opens new avenues for market growth. Moreover, the rising trend of personalized nutrition and health supplements is likely to propel the demand for fumaric acid in dietary formulations, signifying a lucrative opportunity for industry players.

Another significant opportunity lies within emerging markets, particularly in Asia Pacific and Latin America. The rapid urbanization, coupled with growing populations in these regions, is driving the demand for processed and packaged foods, pharmaceuticals, and animal feed products. As local manufacturers increasingly seek to enhance product quality and shelf life, the adoption of fumaric acid as a key ingredient is expected to rise. Furthermore, policy support from governments encouraging sustainable agricultural practices and food safety regulations will further stimulate the market for fumaric acid in these regions. Strategic partnerships and collaborations between manufacturers and distributors can also enhance market reach and establish a strong foothold in these developing markets.

Threats

Despite the promising growth trajectory of the Industrial Grade Fumaric Acid market, several threats could pose challenges to its expansion. One primary concern is the volatility in the raw material prices associated with the production of fumaric acid, which can adversely impact profit margins for manufacturers. Fluctuations in supply chains due to geopolitical tensions or economic instability can also hinder production and distribution efficiency. Furthermore, the market faces competition from alternative acids and additives that can serve similar functions, which may challenge the market share of fumaric acid. Additionally, stringent regulatory frameworks regarding chemical safety and environmental impact may impose additional compliance costs on manufacturers, potentially affecting their operational capabilities.

Another significant threat to the market is the ongoing impact of global economic conditions, which can influence consumer spending patterns and demand for industrial products. Economic downturns or uncertainties can lead to reduced expenditure on food and pharmaceuticals, thereby affecting the consumption of fumaric acid across various applications. Moreover, the increasing consumer preference for natural and organic ingredients may require manufacturers to continually innovate and adapt their product offerings to meet these evolving demands. Failure to keep pace with market trends and consumer expectations could potentially limit the growth opportunities for fumaric acid producers in the competitive landscape.

Competitor Outlook

• Fuso Chemical Co., Ltd.
• Thirumalai Chemicals Ltd.
• Bartek Ingredients Inc.
• Polynt S.p.A.
• Huafon Chemical Group Co., Ltd.
• Merck KGaA
• Gadot Biochemical Industries Ltd.
• Alpha Chemicals
• VietChem
• Shandong Yipin Chemical Co., Ltd.
• Gujarat Acryll Industries Ltd.
• Eastman Chemical Company
• Huanggang Huachang Chemical Co., Ltd.
• Rizhao Jinxin Chemical Co., Ltd.
• Hubei Shunhui Chemical Co., Ltd.

The competitive landscape of the Industrial Grade Fumaric Acid market is characterized by a mix of established players and emerging companies, all striving for innovation and market leadership. Major companies in the sector are focusing on enhancing their production capabilities and expanding their product portfolios to meet the growing demand across various end-use industries. Strategic partnerships, mergers, and acquisitions are prevalent as firms seek to leverage synergies and consolidate their positions within the market. Additionally, the emphasis on sustainability and bio-based production methods has prompted many manufacturers to invest in research and development, ensuring they remain competitive in an evolving market landscape.

Fuso Chemical Co., Ltd. stands out as a prominent player in the global fumaric acid market, known for its extensive product offerings and commitment to quality. The company focuses on research and development to innovate its product range and enhance applications in food, pharmaceuticals, and industrial sectors. Thirumalai Chemicals Ltd. is another key competitor, recognized for its robust production capabilities and strong market presence, particularly in the food grade and industrial grade fumaric acid segments. Bartek Ingredients Inc. is also noteworthy, emphasizing its expertise in food additives and preservatives, positioning itself as a reliable supplier of fumaric acid to the food and beverage industry.

Moreover, Polynt S.p.A. is a significant player in the market, specializing in unsaturated polyester resins and chemical intermediates. The company’s commitment to sustainable practices and innovative solutions has made it a preferred choice among manufacturers in various sectors. Huafon Chemical Group Co., Ltd. is also a rising player, focusing on expanding its presence in the fumaric acid market through strategic collaborations and investments in production technology. The competitive dynamics in the Industrial Grade Fumaric Acid market underscore the importance of innovation, quality, and sustainability as key factors driving the success of these companies.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 VietChem
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Merck KGaA
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Polynt S.p.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Alpha Chemicals
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Bartek Ingredients Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Fuso Chemical Co., Ltd.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Eastman Chemical Company
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Thirumalai Chemicals Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Gujarat Acryll Industries Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Huafon Chemical Group Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Hubei Shunhui Chemical Co., Ltd.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Rizhao Jinxin Chemical Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Gadot Biochemical Industries Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Shandong Yipin Chemical Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Huanggang Huachang Chemical Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Industrial Grade Fumaric Acid Market, By Application
    • 6.1.1 Food and Beverages
    • 6.1.2 Pharmaceuticals
    • 6.1.3 Chemicals
    • 6.1.4 Animal Feed
    • 6.1.5 Others
  • 6.2 Industrial Grade Fumaric Acid Market, By Product Type
    • 6.2.1 Food Grade
    • 6.2.2 Pharmaceutical Grade
    • 6.2.3 Industrial Grade
    • 6.2.4 Feed Grade
    • 6.2.5 Others
  • 6.3 Industrial Grade Fumaric Acid Market, By Use Industry
    • 6.3.1 Food and Beverage
    • 6.3.2 Pharmaceutical
    • 6.3.3 Chemical
    • 6.3.4 Agriculture
    • 6.3.5 Others
  • 6.4 Industrial Grade Fumaric Acid Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributor Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Industrial Grade Fumaric Acid Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Industrial Grade Fumaric Acid market is categorized based on

By Product Type

• Food Grade
• Pharmaceutical Grade
• Industrial Grade
• Feed Grade
• Others

By Application

• Food and Beverages
• Pharmaceuticals
• Chemicals
• Animal Feed
• Others

By Distribution Channel

• Direct Sales
• Distributor Sales

By Use Industry

• Food and Beverage
• Pharmaceutical
• Chemical
• Agriculture
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Fuso Chemical Co., Ltd.
• Thirumalai Chemicals Ltd.
• Bartek Ingredients Inc.
• Polynt S.p.A.
• Huafon Chemical Group Co., Ltd.
• Merck KGaA
• Gadot Biochemical Industries Ltd.
• Alpha Chemicals
• VietChem
• Shandong Yipin Chemical Co., Ltd.
• Gujarat Acryll Industries Ltd.
• Eastman Chemical Company
• Huanggang Huachang Chemical Co., Ltd.
• Rizhao Jinxin Chemical Co., Ltd.
• Hubei Shunhui Chemical Co., Ltd.