The global furfural derivatives market has been prophesied by Transparency Market Research (TMR) to arrive at a situation where the degree of rivalry could stay high all through the course of the forecast period 2016–2024. The competition in the world market could intensify on account of a growing number of small and large players making their presence known in the furfural derivatives industry. Pricing has had its part played in the competitive scenario of the market. High price of furfural derivatives has compelled companies to engage in acquisitions and partnerships for the purpose of attracting consumers with lower prices and augmenting production capacity.
As per the research conducted by TMR analysts, a revenue of US$2.35 bn has been prognosticated to be attained by the global furfural derivatives market by 2024, rising from US$1.75 bn in 2016 at a 3.76% CAGR. Tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF), and polytetrahydrofuran (PolyTHF) could secure a larger combined share of US$1.18 bn by the end of the forecast period. Asia Pacific has been projected to showcase growth at a higher CAGR of 2.93% between 2016 and 2024.
Surging Demand for Bio-based Products and Fossil Fuel Alternatives Prods Growth
The international furfural derivatives market has been envisaged to gain a good boost from the growing applications of bio-based and renewable products in the reduction of greenhouse gas emission and pollution. This is supported by stringent government regulations encouraging the buildup of a healthy environment coupled with increasing awareness among consumers.
People are becoming more than aware about the detrimental effects of using fossil fuels both on the environment and the economy of a country. As a result, fossil fuels are being commonly substituted with their renewable options in different communities and sectors. On the other hand, volatile prices could play their part in upgrading the growth of the global furfural derivatives market.
Since Asia Pacific is a larger producer and leading region in the furfural derivatives market, the demand in this side of the world has been foretold to reach a new level. Countries such as India and China could steer the ship for the Asia Pacific market.
Uncommercialzed Nature of Market and Government Laws Pose Restriction
At present, the world market for furfural derivatives is not completely commercialized. There is a high product cost expected to be on the part of furfural derivatives such as THF and THFA due to high operational cost. Therefore, the penetration and commercialization of these chemicals has been foreseen to face difficulties. Safety issues and government regulations of developing nations regarding the transportation and export of furfural and its derivatives could pose some problems. For instance, the anti-dumping duty imposed by the Indian government on pharma and agro chemicals to protect domestic companies could act as a restrain.
However, a number of application sectors propelling the growth of key segments in Asia Pacific followed by Europe has been envisioned to raise the hopes of vendors in the global furfural derivatives market. While furoic acid could have a considerable share in the Asia Pacific market, Europe has been forecasted to drive demand with the progress of optic technology. More opportunities could be birthed as vendors look to control wastewater generation, decrease product process cost, and improve the current production process altogether.
The study presented here is based on a report by TMR, titled “Furfural Derivatives Market (Product - Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), 2,5 - Furandicarboxylic Acid (FDCA), Tetrahydrofuran (THF), Methyl Tetrahydrofuran (MeTHF), and Polytetrahydrofuran (PolyTHF) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
The global furfural derivatives market has been segmented as presented below:
Global Furfural Derivatives Market – Product Analysis
- Furoic Acid
- Tetrahydrofurfuryl Alcohol (THFA)
- 2,5 - Furandicarboxylic Acid (FDCA)
- Tetrahydrofuran (THF)
- Methyl Tetrahydrofuran (MeTHF)
- Polytetrahydrofuran (PolyTHF)
Global Furfural Derivatives Market – Regional Analysis
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- Saudi Arabia
- South and Central America
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