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2- Furoic Acid Market to Reflect Robust Expansion During 2015 to 2021
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The market for 2-furoic acid was mainly driven by food manufacturing sector. 2-furoic acid is also used as a starting material in furoate esters production. The derivatives of 2-furoic acid are used in medicinal preparations and biological research. The major opportunity for 2-furoic acid market is optic technology. 2-Furoic acid crystals can be used in optical devices due to its favorable properties such as non linear optical material (NLO). However, health hazards related to 2-furoic acid such as mutagenic effects are likely to inhibit the market growth.
In terms of demand, North America was the leading region for 2-furoic acid market in 2012. The demand for 2-furoic acid is huge due to growing consumption from food industry. North America was followed by Europe, owing to huge demand of 2-furoic acid in medical applications. In addition, optic technology is likely to drive the market for 2-furoic acid in European region. Asia Pacific has substantial share in 2-furoic acid market and is expected to exhibit higher demand in the near future due to various manufacturing activities. Rest of the World is expected to witness stable growth for 2-furoic acid market.
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Some of the major industry participants include Lotus Enterprise, Meryer Chemical Technology Co. Ltd., Alfa Aesar and J & K Scientific Ltd. among others.
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