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Furfural Derivatives Market Report 2024: Growth, Trends, Analysis, Forecast 2033
Furfural Derivatives Market Report
As per the report, the furfural derivatives market size has grown strongly in recent years. It will grow from $11.6 billion in 2023 to $12.54 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The furfural derivatives market size is expected to see strong growth in the next few years. It will grow to $17.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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Furfural Derivatives Market Growth Driven By Expansion In The Agriculture Sector
The growth in the agriculture sector is expected to propel the growth of the furfural derivatives market going forward. The agriculture sector refers to the part of the economy that involves producing, processing, and distributing crops, livestock, and other agricultural products. There is a shift in dietary patterns, growing awareness of environmental issues, and increased investment in agricultural research, development, and infrastructure. Furfural derivatives offer agricultural benefits such as improved pest management, soil fertility, seed quality, and crop productivity while supporting sustainable farming practices through their biodegradability and environmental compatibility. For instance, in February 2024, according to the Department for Environment Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all UK farms increased significantly from USD 50461 (£46,500) in 2020/21 to USD 78133 ( £72,000) in 2021/22. Furthermore, the UK total income from Farming (TIFF) in 2022 was $6.61 billion(£7.9 billion), an increase of 17% from 2021 with USD 1.43 billion(£1.1 billion ). Therefore, growth in the agriculture sector drives the furfural derivatives market.
Expansion Initiatives In The Furfural Derivatives Market A Focus On Downstream And Midstream Investments
Major companies operating in the furfural derivatives market invest in downstream projects to expand their product portfolios. Downstream projects involve refining and processing raw materials into finished products, while midstream projects focus on the transportation, storage, and wholesale distribution of raw materials and intermediate products between production sites and downstream facilities. For instance, in September 2022, Numaligarh Refinery (NRL), an India-based oil company, invested INR 35,000 crore (approximately $4.4 billion) in various downstream and midstream projects over the next five years. The new facility converts 3,00,000 tonnes of bamboo annually into 50,000 tonnes of fuel-grade bioethanol and 30,000 tonnes of biochemicals such as acetic acid, furfural, and furfuryl alcohol.
The furfural derivatives market covered in this report is segmented -
1) By Product Type: Furfuryl Alcohol, Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), Methyl Tetrahydrofuran, 2-5-Furandicarboxylic Acid, 1, 2 Pentanediol, Other Products
2) By Raw Material Type: Sugarcane Bagasse, Corncob, Rice Husk, Other Raw Material Types
3) By Application: Derivatives, Solvents, Other Applications
4) By End-User Industry: Agriculture, Paints And Coatings, Pharmaceuticals, Food And Beverage, Refineries, Chemical, Other End User Industries
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Major companies operating in the furfural derivatives market are BASF SE, Mitsubishi Chemical Corporation, Merck KGaA , Central Romana Corporation, Lenzing AG, Ashland Inc., Yuanli Chemical Group, Alfa Aesar GmbH Co. KG, Furnova Polymers Ltd., GFS Chemicals Inc., Cayman Chemical Co., Tokyo Chemical Industry Co. Ltd., Vertellus Holdings LLC, Pennakem LLC , Silvateam S.p.a., Acros Organics, DynaChem Incorporated, TransFurans Chemicals, Hongye Chemical Co. Ltd. , Tanin Group, Beijing Chemical Industry Group Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., AB Enterprises, Haihang Industries, Chemsavers Inc.
Contents of the report:
1. Executive Summary
2. Furfural Derivatives Market Report Structure
3. Furfural Derivatives Market Trends And Strategies
4. Furfural Derivatives Market - Macro Economic Scenario
5. Furfural Derivatives Market Size And Growth
…..
27. Furfural Derivatives Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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