Published: Sep, 2018
The demand within the global market for furfural derivatives has been escalating on account of the extensive use of furfural in the food industry, finds Transparency Market Research (TMR). The market players operating in the global furfural derivatives market have a large playground for growth and development. This owes to the fact that the global furfural derivatives market hasn’t entirely matured, and there are commendable growth opportunities that circumscribe the market. The market vendors are projected to change their approach towards promotions and marketing in order to enhance their chances of success in the market. Furthermore, the new entrants in the global market for furfural derivatives are expected to focus on meeting their break-even points over the forthcoming years.
The market vendors who have established themselves in the global market for furfural derivatives are projected to acquire smaller players in order to expand their geographical reach. Furthermore, the medium-sized players are expected to trace the footsteps of the larges-scale players in order to fetch greater revenues over the years to come. Some of the key players in the global furfural derivatives market are BASF SE, Hongye Chemical Co. Ltd., DynaChem Inc., Sinochem Qingdao Co. Ltd., and Corbion NV.
Thr global market for furfural derivatives is projected to expand at a CAGR of 3.53% over the period between 2017 and 2024. Furthermore, the total market value stood at US$1,846.78 million in 2017 and is expected to reach new heights over the forthcoming years. Based on geography, the demand for furfural derivatives has been the highest in Asia Pacific amongst all other regional segments. On the basis of products, furoic acid is expected to attract commendable demand over the forthcoming years.
Properties of Furfural Propel Market Demand
The demand within the global market for furfural derivatives has been expanding on account of multiple uses of furfural across several industries. The use of furfural for enhancing the productivity of crops in the agricultural sector is a major driver of demand within the global furfural derivatives market. The revolutionary development in the pharmaceutical industry and the extensive usage of furfural in this industry is another key reason behind the growth of the global market. Furthermore, furfural is also used for the manufacture of perfumes, beautifying agents, and household products, and this gives a launch pad to the growth of the global market. It is expected that the continual use of furfural derivatives in the food and beverages industry would keep elevating demand within the global market over the next decade.
Nascent Rise in Price of Furfural to Propel Demand
Furfural derivatives come from agricultural products such as oat, sawdust, wheat barn, cobs, and corn. Due to an increase in the price of agricultural products, the price of furfural derivatives has also increased in recent times. This has restrained the growth of the global furfural derivates market and may even affect the performance of the market players. However, the growing awareness about the uses and utility of furfural derivatives across several industries is projected to keep bolstering market demand.
The review is based on report by TMR titled “Furfural Derivatives Market (Product - Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), 2, 5 - Furandicarboxylic Acid (FDCA), Tetrahydrofuran (THF), Methyl Tetrahydrofuran (MeTHF), and Poly Tetrahydrofuran (Poly THF)) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2017 – 2024”
The report segments the global furfural derivatives market as:
- Furoic acid
- Tetrahydrofurfuryl alcohol (THFA)
- 2,5- Furandicarboxylic acid (FDCA)
- Others [tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (poly THF)]
By Region and Country
- North America
- The U.S.
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- The UAE
- South and Central America
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