Furfural Derivatives Market: Snapshot
The furfural derivatives market is not yet fully commercialized and as result, players are likely to find several opportunities to capitalize on in the coming years. The increased demand for products made from renewable and biodegradable sources as well as the growing consumption of furfural derivatives in the food industry have led to a significant demand for the same. The global furfural derivatives markets stood at 985.82 kilo tons in 2017 and is expected to expand at a CAGR of 2.69% to reach 1,172.17 kilo tons by 2024. In terms of revenue, the analyst of this business intelligence report has estimated that the global market for furfural derivatives will be worth US$2,354.85 million.
Transparency Market Research finds that the declining cost of furfural derivatives is likely to facilitate their penetration in various application industries such as pharmaceuticals, chemical intermediaries, and plastics.
Growing Applications of FDCA makes it Highly Lucrative Product Segment
The furfural derivatives market has been segmented on the basis of product type into furoic acid, tetrahydrofurfuryl alcohol (THFA), 2, 5-furandicarboxylic acid (FDCA), and others. The others segment, which includes tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (Poly THF), is one of the highly attractive product types. These, when combined together, have a variety of applications and therefore hold a larger share in the total market revenue. The segment accounted for a share of over 51.3% in terms of revenue in 2017.
In terms of CAGR, revenue-wise, the FDCA segment of the furfural derivatives market is extremely lucrative and is expected to register a 3.65% CAGR from 2017 to 2024. The least revenue is generated by the furoic acid segment. Furoic acid is used as an intermediate chemical for the production of furyl chloride, which is used to make agriculture insecticide or pesticide formulations.
Asia Pacific Emerges as Leading Consumer and Producer of Furfuryl Alcohol
On the basis of geography, the global furfural derivatives market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South and Central America.
Asia Pacific is the chief producer and consumer of furfuryl alcohol and, as a result, held the leading share in the global furfural derivatives market in 2017. China and India are the dominant consumer markets for furfuryl alcohol. The growth of various end-use industries, including chemicals, agriculture, pharmaceuticals, paints and coatings, and resins, is driving the furfural derivatives market in Asia Pacific. Technological advancements have improved production processes, which has been instrumental in creating innovative products from renewable agricultural biomass. This has had a major impact on the growth of the furfural derivatives in Asia Pacific. The demand from this region is projected to expand at a CAGR of 3.72% from 2017 to 2024.
Europe also holds a remarkable share in the global furfural derivatives market and follows Asia Pacific in terms of consumption. The increased number of application areas of furfural alcohol and products of furfural derivatives primarily drives the Europe market. The market for furfuryl alcohol in North America is expected to decline during the forecast period owing to the presence of various substitutes.
Key players in the furfural derivatives market include Ashland, Inc., Avantium, BASF SE, DynaChem Inc., Hongye Chemical Co. Ltd., Corbion NV, Sinochem Qingdao Co. Ltd., Penn A Kem LLC, Nova Molecular Technologies, and Mitsubishi Chemical.
Global Furfural Derivatives Market: Overview
Furfural derivatives are produced through feedstock (agricultural waste, corn cobs, wood oil, and others), refining or processing operations in chemical industries, and logistics of primary derivatives (furfuryl alcohol, 2-furoic acid) and secondary derivatives (tetrahydrofuran, tetrahydrofurfuryl alcohol, poly tetrahydrofuran, 2-methyl tetrahydrofuran) globally. The furfural derivatives market is not fully commercialized. Increased demand for products from renewable and biodegradable sources, as well as growing consumption from the food industry have led to increased demand for furfural derivatives. Asia Pacific and Europe are expected to dominate the global furfural derivatives market.
Asia Pacific is the chief producer and consumer of furfuryl alcohol, because China and India contribute the highest consumption. Europe follows Asia Pacific in consumption due to increases in the number of application areas for furfural alcohol and the products of furfural derivatives. The use of furfural derivatives integration in biorefineries is expected to increase across Europe due to their various environmental benefits. Governments in Europe also support bio-based products, since they hold a high potential to provide the foundation for the future environment-friendly economy.
Global Furfural Derivatives Market: Key Research Aspects
This report by Transparency Market Research analyzes, estimates, and forecasts demand for furfural derivatives on the global and regional level for an eight-year period from 2017 to 2024 in terms of volume. The study also provides information on drivers, opportunities, and restraints along with their impact on the overall market during the forecast period. The report segments the market based on product type and by geography, and provides estimates and forecasts of the furfural derivatives market for each segment.
The study analyzes the product value chain, from the feedstock or raw material used to the end-users of primary and secondary derivatives. Additionally, it evaluates the market on the basis of the Porter’s Five Forces model, which analyzes the degree of competition in the market by considering factors such as the bargaining power of buyers and suppliers, the threat of substitute products, and new entrants. The report includes a detailed competitive landscape of the furfural derivative market including company market share analysis and profiles of key market participants.
Global Furfural Derivatives Market: Segmentations
The report provides a decisive view of the furfural derivative market by segmenting it on the basis of product type and geographical region. The types of products segments analyzed in the report include furoic acid, tetrahydrofurfuryl alcohol (THFA), 2, 5-furandicarboxylic acid (FDCA), and others (tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (Poly THF). This segment has been analyzed on the basis of present and future trends, and the market has been estimated from 2017 to 2024. Products such as tetrahydrofuran (THF), 2-methyltetrahydrofuran (MeTHF), poly tetrahydrofuran (poly THF) are the highly attractive segments. Asia Pacific and Europe are expected to dominate the global furfural derivatives market. The increasing application of furfural derivative products is attributed to the inbuilt advantage to increase market share in chemical industries. Government regulation regarding environmental emissions is a major concern around the globe.
The furfural derivatives market has been segmented based on geography into based on geographical regions includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LA). Demand for each segment of the furfural derivatives market in terms of volume for each of these regions has been forecast in the report for the period from 2017 to 2024.
Leading manufacturers profiled in the report include Ashland, Inc., Avantium, BASF SE, DynaChem Inc., Hongye Chemical Co. Ltd., Corbion NV, Sinochem Qingdao Co. Ltd., Penn A Kem LLC, Nova Molecular Technologies, and Mitsubishi Chemical. These companies have been profiled in detail, with features such as company overview, financial overview, business strategies, employee strength, and SWOT analysis included.