The global furandicarboxylic acid market size is expected to showcase a substantial growth owing to the increasing demand for the production of bioplastics that propels the adoption of furandicarboxylic acid across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Furandicarboxylic Acid Market Size, Share & Industry Analysis, By Application (Polyesters, Polyamides, Polycarbonates, Plasticizers, Others), By End-Use (Textiles, Packaging, Carpets, Electronics, Automotive, Others) and Regional Forecast, 2022-2029.”
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Furandicarboxylic acid is a type of organic compound consisting of two carboxylic acid groups that is attached to the central furan ring. This acid is manufactured through a process involving concentrated hydrobromic acid and mucic acid. Additionally, they are solid, moderately acidic and water soluble in nature.
What does the Report Include?
The global market for furandicarboxylic acid report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Demand for Bio Plastics to Favor Growth
The plastic waste problem is a global issue that is being addressed by every nation across the globe. One of the major pollutants today, plastic is the major reason for the increasing air and water pollution that affects the humans, as well as animals. According to the International Union for Conservation of Nature (IUCN), around 8 million tons of plastic end up into the oceans every year. The increasing concerns over plastic waste are propelling the demand for bioplastics that are safer and have a low carbon footprint.
Owing to their superior performance properties such as improved barrier and high mechanical strength, furandicarboxylic acid is widely adopted in the production of bio plastics. This is expected to bode well for the growth of the global furandicarboxylic acid market during the forecast period.
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REGIONAL INSIGHTS
Increasing Adoption of Sustainable Products in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global furandicarboxylic acid market in the forthcoming years. This dominance is attributable to the increasing adoption of furandicarboxylic acid in the production of sustainable products such as bioplastics in countries such as India and China in the region.
The market in North America is expected to showcase a considerable growth owing to the growing demand for carbonated drinks that boost the adoption of the product in the packaging industry across the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Major Companies Focus on Expansion of Facilities to Strengthen Their Market Positions
The global furandicarboxylic acid market is fragmented by the presence of dynamic companies that are actively focusing on expanding their facilities to develop and introduce advanced furandicarboxylic acid. Additionally, adoption of strategies such as partnership, merger and acquisition, and collaboration by key players is expected to favor the growth of the market during the forecast period.
Industry Development:
- January 2020 – Avantium announced the establishment of its new plant at Chemie Park Delfzijl, Netherlands. According to the company, the new plant is expected to aid in the increased production of furandicarboxylic acid and further strengthen their distribution channel.
List of the Companies Operating in the Global Market for Furandicarboxylic Acid:
- Avantium, V & V Pharma Industries
- Tokyo Chemical Industry
- AVA Biochem
- AVA Biochem
- Sigma-Aldrich
- Corbion
- SynbiaS
- Toronto Research Chemicals Inc
- Chemsky International Company Limited
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