LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global furandicarboxylic acid (FDCA) market predicts a CAGR of around 28% during the period 2018-2022.
The report segments the global furandicarboxylic acid market by application (PET, polyamides, polycarbonates, plasticizers, and polyester polyols) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global furandicarboxylic acid market, according to Technavio chemicals and materials researchers:
- Rising demand from carbonated soft drink market: a major market driver
- Reduction in rigid packaging waste: emerging market trend
- In 2017, the Americas accounted for approximately 45% of the global furandicarboxylic acid market
- In 2017, the PET sector held the largest share of the market
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Rising demand from carbonated soft drink market: a major market driver
The rising demand from carbonated soft drink market is one of the major factors driving the global furandicarboxylic acid market. The CSD segment is the largest consumer of bio-based PET and is anticipated to retain its dominant position during the forecast period. Bio-based PET is likely to be the key sustainable packaging material in BRICS during the forecast period. Strong advertising campaigns and promotional activities in the cola sub-segments have promoted the growth of the bio-based PET segment. In 2016, around 40% of the amount of bioplastic that was produced across the world was used by the packaging segment.
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Reduction in rigid packaging waste: emerging market trend
The post-consumer packaging market in Europe and the Americas mainly depends upon the national legislation and the availability of infrastructure for collection and recovery of waste. It is estimated that at present, around 43% of post-consumer plastics are disposed of by incineration or burial without energy recovery or landfills. FDCA can be used in several forms after the defined time of recycling. Plastic bottles are sorted and crushed, washed, dried, and processed as granulates for bottles, chairs, and rain dress. Those plastics that cannot be sustainably recycled can be used in efficient waste-to-energy facilities to produce electricity and heat.
According to a senior analyst at Technavio for research on specialty chemicals, “Emissions are subject to strict regulations and control standards, and the plastics are used as fuel for industrial processes. They can be used as replacements for fossil fuels to produce electricity for heating and cooling millions of homes. Bio-based rigid packaging is a major recycling method. At present, the recycling and recollection of bio-based rigid packaging are limited. However, there is tremendous scope for innovative solutions in the future in this field.”
Global market opportunities
In 2017, the Americas accounted for approximately 45% of the global market, followed by EMEA and APAC. EMEA contributed to the second-highest market share due to the green initiatives that were undertaken by the governments in the region. Also, the FDCA market in the Americas is expected to witness substantial growth because of the presence of Mexico and the US, which are the two key FDCA markets. Also, factors such as industrialization and increasing spending on construction activities in China and India are expected to drive the FDCA market in APAC.
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