Furfural Derivatives Market
Furfural Derivatives Market (Product - Furfuryl Alcohol, Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), 2, 5-Furandicarboxylic Acid (FDCA); End use Industry - Plastics, Agrochemicals, Food and Beverages, Pharmaceuticals, Industrial Chemicals, Refineries)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
Furfural Derivatives Market - Snapshot
Furfural derivatives have gained momentum as potential chemicals for the production of biochemical and biofuels. Furfural is the most commonly produced industrial chemical. It can be produced by using easily available raw materials in large quantities. Any material which contains pentosans can be used to produce furfural. Furfural is a solvent produced by the acid hydrolysis of pentosan, which are present in biomasses such as bagasse, corn cobs, rice hulls, and oats hulls. Furfural is a clear, odorless, colorless liquid with the ‘almond-benzaldehyde’ odor. The color of furfural darkens to a dark red/brown when exposed to sunlight in presence of oxygen.
The global furfural derivatives market is anticipated to expand at a significant pace. Expansion of the market is attributed to the increase the demand for furfural from plastics industries and refineries. The furfural derivatives market was valued at about US$ 1.8 Bn in 2017 and is projected to expand at a CAGR of 3.1% during the forecast period. Factors such as increase in demand for bio-based products, improvement in the production methods of furfural derivatives, and rise in demand for furfural derivatives from the pharmaceutical industry are boosting the requirement for these derivatives. Surge in demand for furfural derivatives from the plastic industry is a major driver of the market. Bio-based resins used in plastics require furfural to replace the non-degradable resins with degradable resins. Increase in demand for bio-based products owing to the rise in awareness among consumers and surge in environmental regulations is expected to propel the global furfural derivatives market. Demand for bio-based resins and paints is increasing in developed countries due to strict environmental regulations. Furfural derivatives play a major role in the production of resins and paints which are eco-friendly. Methyltetrahyrofuran is a furfural derivative compound, which is employed in the production of green fuel in P-series (alternative fuel). However, methyltetrahyrofuran is considered to be a platform chemical in the near future. This is likely to create opportunity in the furfural derivatives market during the forecast period.
Key players operating in the global furfural derivatives market need to focus on promoting benefits of furfural derivatives. Use of furfural derivatives in pharmaceutical and oil refining industries is projected to boost the furfural derivatives market during the forecast period.
Major players establish new facilities and engage in acquisitions and merges to develop and launch new products. These strategies are likely to propel the furfural derivatives market during the forecast period. In 2018, Avantium Holding BV entered into a partnership with R&F Chemicals, a South Korea-based company, to boost its catalysis business. This partnership is expected to help the former to generate customer base for its Florence unit, in Italy. In 2013, Pennakem, LLC partnered with Chem Point, a leading technology-enabled distributor of specialty and fine chemicals, to increase the presence of its chemical brand by supplying 2-Methyltetrahydrofuran (MeTHF) across North America. Expansion of facilities helped the company to cater to the rising global demand for furfural derivatives.
Based on end-use industry, the global furfural derivatives market has been divided into plastics, agrochemicals, food & beverages, pharmaceuticals, industrial chemicals, refineries, and others. Furfural derivatives are mostly used as building blocks for bio plastics. Many plastic products are made up of polymer called as polyethylene terephthalate (PET), which are also known as polyester. Furfural derivatives are used in agriculture/horticulture as weed killers. Polyester furfural derivatives are active ingredients in several nematicides. Furfural derivatives are extensively employed in the food industry for artificial flavors, colors, and are also used in the packaging of food items. Furfural derivatives are used as monomers or solvents in the pharmaceutical industry. Furfural alcohol is a platform chemical in the pharmaceutical industry. Furfural derivatives are utilized in the production of various chemicals in the chemical industry and employed in the refining process to extract solvents in refineries.
Based on region, the global furfural derivatives market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe are key regions of the global market. In terms of consumption, Asia Pacific holds a major share of the global furfural derivatives market. High demand for furfural derivatives from the pharmaceuticals, plastics, and agrochemicals industries boost the market in Asia Pacific. The furfural derivatives market in India and China is anticipated to expand at a rapid pace during the forecast period due to the rise in industrialization and growth in pharmaceuticals industries in these countries. China is a major consumer of furfural derivatives in Asia Pacific. Middle East & Africa is an emerging region for the furfural derivatives market. Expansion of the market in this region can be attributed to high demand for these derivatives from oil refineries.
Key players operating in the global furfural derivatives market include Ashland, Inc., Avantium Holding BV, BASF SE, DynaChem Inc., Hongye Chemical Co. Ltd., Corbion NV, Sinochem Qingdao Co. Ltd., Pennakem, LLC., Nova Molecular Technologies, and Mitsubishi Chemical Holdings Corporation.
Furfural Derivatives Market - Overview
This report analyzes and forecasts the market for furfural derivatives at the global and regional level. The market has been forecasted based on volume (Kilo Tons) and value (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global furfural derivatives market. It also covers the impact of these drivers and restraints on the demand for furfural derivatives during the forecast period. The report also highlights opportunities in the furfural derivatives market on a global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global furfural derivatives market. The Porter’s Five Forces model for the furfural derivatives market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global furfural derivatives market by segmenting it in terms of product and end-use industry. The segments have been analyzed based on present and future trends. Regional segmentation includes the current and projected demand for furfural derivatives in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual product, technology, coating material, and application segments in all regions. Key players operating in the furfural derivatives market include Ashland, Inc., Avantium Holding BV, BASF SE, DynaChem Inc., Hongye Chemical Co. Ltd., Corbion NV, Sinochem Qingdao Co. Ltd., Pennakem, LLC., Nova Molecular Technologies, and Mitsubishi Chemical Holdings Corporation. Market players have been profiled in terms of company overview, financial overview, business strategies, and recent developments.
The report provides the estimated market value & volume of furfural derivatives for 2017 and forecast for the next nine years. The size of the global furfural derivatives market has been provided in terms of value and volume. Market numbers have been estimated based product and end-use industry of furfural derivatives. Market size and forecast for each major product and end-use industry have been provided in terms of the global and regional market.
We conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players operating in various end-use industries, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. These have proven to be a reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
- An extensive analysis of the furfural derivatives market trends and shares from 2018 to 2026 to identify market opportunities and analyze industry developments
- A list of key developments in the furfural derivatives market made by key players
- A list of key factors responsible for building the upcoming opportunistic roadmap for the furfural derivatives market at a global, regional, and country level
- Comprehensive analysis with respect to investments and price trends that impact the outlook of the global furfural derivatives market between 2018 and 2026
- The report provides insights into market opportunities for various stakeholders in the value chain and a detailed competition landscape for key players dominating the industry to understand competition level
- Porters’ Five Forces highlight the potency of buyers and suppliers and enable stakeholders to make profit-oriented business decisions. They analyze the strengths and weaknesses to gain strategic position in the market.
The Furfural Derivatives Market has been segmented as follows: