GLOBAL FURANDICARBOXYLIC ACID MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Furandicarboxylic Acid Market Size and Trends

Global furandicarboxylic acid market size is expected to reach US$ 66.9 Bn by 2031 from US$ 8.61 Bn in 2024 exhibiting a compound annual growth rate (CAGR) of 34% during the forecast period.

Global Furandicarboxylic Acid Market Trends:

Growing adoption of renewable chemicals in various industries: Growing adoption of renewable chemicals across various industries is positively impacting the demand for furandicarboxylic acid. More companies are focusing on developing sustainable and eco-friendly products made from renewable feedstocks and using bio-based materials. Furandicarboxylic acid is a promising platform chemical that can be produced through the hydrogenation of furan, which is formed by dehydration of sugars and carbohydrates.

Due to its unique properties, furandicarboxylic acid is a drop-in replacement for terephthalic acid, which is petroleum-based and widely used in the production of polyesters like polyethylene terephthalate (PET). Increasing preference for bio-based polymers from consumers and brands is driving several companies to explore furandicarboxylic acid as an alternative to terephthalic acid for manufacturing bio-PET. For instance, according to Coca-Cola's 2020 sustainability report, they are working towards making their entire packaging materials from recycled or renewable content by the same year. The Coca-Cola Company is a global beverage company with products sold in more than 200 countries and territories. It is a total beverage company with a portfolio of over 200 brands, including sparkling soft drinks, water, sports drinks, coffee, and tea. The company is committed to offering a wide range of drinks while driving sustainable solutions. It employs more than 700,000 people and is dedicated to positively impacting people's lives, communities, and the planet through various initiatives such as water replenishment, packaging recycling, and carbon emissions reductions across its value chain.

Increase in strategic partnerships and collaborations: The furandicarboxylic acid market has witnessed growing interest from partnerships and collaborations. FDCA is a promising building block for producing bioplastics and renewable polyesters that can potentially replace petroleum-based plastics. As the push for sustainable chemicals and materials accelerates, major companies are increasingly looking to cooperate and share resources to develop FDCA-based technologies.