Global Furandicarboxylic Acid Market is Anticipated to Witness High Growth
Global Furandicarboxylic Acid Market is Anticipated to Witness High Growth
The Global furandicarboxylic acid market is estimated to be valued at US$ 8.61 BN in 2024 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031.

Furandicarboxylic acid (FDCA) is an organic compound comprising of a furan ring and two carboxylic acid functional groups. It is mainly used as a monomer for producing polyester polymers, most notably polyethylene furandicarboxylate (PEF). FDCA provides several advantages over terephthalic acid such as decrease in greenhouse gas emissions, enhance thermal properties and biodegradability of polymers. With growing environmental concerns and push for sustainable alternatives, there is increasing demand for bio-based FDCA for producing biodegradable and recyclable plastics.

Key Takeaways

Key players operating in the Global Furandicarboxylic Acid market are Tokyo Chemical Industry Co. Ltd., Chemsky (shanghai) International Co. Ltd, Avantium, Synbias Pharma, V & V Pharma Industries, Carbone Scientific.

The market is witnessing significant opportunities in end-use industries such as packaging, textiles, automotive owing to advantages of Furandicarboxylic Acid Market Growth based polymers over petroleum-based polymers. Major global companies are investing in commercialization of FDCA production technologies to cater to the growing demand.

Key players are also focusing on global expansion efforts through partnerships with regional players. For instance, in 2022, Avantium partnered with Royal DSM to expand production of FDCA and PEF in Asia and Americas over next 3 years to leverage growing polymer demand.

Market drivers

Growing environmental regulations: Strict regulations regarding use of single-use plastics and greenhouse gas emissions from petrochemical industry are driving demand for sustainable bio-based alternatives like FDCA.

Increasing R&D in FDCA production: Major investments by companies in optimization of production processes to make FDCA economically viable on large scale through biomass fermentation is expected to boost market growth.

Market Restraints

High production costs: Commercial level production of FDCA through economically viable routes is still a challenge. This makes FDCA polymers less competitive than traditional petroleum-based polymers.

Requirement of improved properties: FDCA based polymers still need improvement in properties like barrier effects and thermal stability to replace existing polymers completely in high volume applications. This limits their full scale adoption.

Segment Analysis

The global furandicarboxylic acid market is dominated by Dimethyl Furan Dicarboxylic Acid (DMFDCA) segment which holds around 60% of the total market share. DMFDCA is a direct fumaric acid substitute used mainly in the production of polyester polyols, polyamides, and polybutylene terephthalate (PBT). It exhibits properties similar to terephthalic acid such as high thermal stability, excellent UV resistance and high dimensional stability. These superior properties along with growing demand for biobased sustainable polymers is the key factor contributing to the dominance of this segment in the overall furandicarboxylic acid market. The methyltetrahydrofuran (MTHF) furandicarboxylic acid segment is expected to witness fastest growth during the forecast period owing to increasing R&D activities for its large scale production.

Global Analysis

North America holds the largest share in the global furandicarboxylic acid market owing to presence of major chemical companies in the region involved in R&D and production activities. Europe is the second largest market on account of stringent environmental regulations favoring adoption of biobased and sustainable polymers. Asia Pacific is projected to exhibit fastest growth during the forecast period due to rapid industrialization, growing polymer industry and increasing per capita plastic consumption in emerging economies of China and India.

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