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Furandicarboxylic acid is an organic chemical compound and a derivative of oxidized furan subsidiary. It is also known as 2,5-furandicarboxylic acid (FDCA) and consists of two carboxylic acid groups attached to the central ring. Majorly it is used as a substitute for terephthalic acid and adipic acid, hence, it is preferred as a significant renewable building block. Furandicarboxylic acid is used in the production of recycled plastics and also produces polyesters, polyamides, polycarbonates, and plasticizers. These plastics are used in a wide variety of end-use products such as carpets, food packaging, bottles, electronic materials, and automotive materials.
The rising use of furandicarboxylic acid (FDCA) for the production of bio-based plastics is anticipated to fuel the demand for furandicarboxylic acid market. It is considered as an intermediate for the production of polymers and PET plastic bottles and polyethylene furanoate (PEF). Furthermore, its ability to produce bio-based plastics is expected to propel its demand for packaging purposes. The stringent supportive regulations for the use of environmental-friendly plastics and research and development will help to fuel the growth of the furandicarboxylic acid market.
Key Market Driver -
Rising demand for furandicarboxylic acid for the production of bio-based plastics to drive the market growth.
Key Market Restraint -
High price of furandicarboxylic acid to hinder the market growth
However, the lack of availability of the raw material leads to high price of furandicarboxylic acid then conventional acid, which is anticipated to hinder the market growth.
Based on application, the furandicarboxylic acid market is segmented into polyesters, polyamides, polycarbonates, plasticizers, and others. Based on end-use, the market is segmented into textiles, packaging, carpets, electronics, automotive, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the furandicarboxylic acid market includes Avantium, V & V Pharma Industries, Tokyo Chemical Industry, AVA Biochem, AVA Biochem, Sigma-Aldrich, Corbion, SynbiaS, Toronto Research Chemicals Inc, and Chemsky International Company Limited.
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The furandicarboxylic acid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for highest revenue share during the forecast period. The growth in this region is attributed to the rising adoption of furandicarboxylic acid to produce bio-based plastics in China and India. In North America, the rising demand for carbonated drinks will further increase the demand of furandicarboxylic acid from packaging industry. Growing packaging industry in Europe, is inceasing the demand for plastics. In which the UK and Germany are the leading contributors. The Middle East & Africa is accounted for signification growth, due to rising the use of electronic materials.
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