Furfural Derivatives Industry Forecast 2024: Key Trends and Market Opportunities

"The Business Research Company recently released a comprehensive report on the Global Furfural Derivatives Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to rise in demand for furfural derivatives in agrochemicals, increased applications of furfural derivatives in food and beverages, increased utilization of furfural derivatives in pharmaceuticals, increased demand for furfural derivatives in industrial chemicals, increased applications of furfural derivatives in the textile and fashion industry.

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%. The growth in the forecast period can be attributed to growing consumption from the food industry, expansion of application areas for furfural alcohol and furfural derivative products, government support for bio-based products, growing demand for furfuryl alcohol, increasing use of furfural derivatives in plastics. Major trends in the forecast period include demand for products from renewable and biodegradable sources, integration of furfural derivatives in biorefineries, shift towards renewable chemicals, use of furfural derivatives as solvents, demand for furfural derivatives as chemical intermediates.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Furfural Derivatives Market 2024 Key Insights:

• 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%.
• Furfural Derivatives Market Growth Driven By Expansion In The Agriculture Sector
• Expansion Initiatives In The Furfural Derivatives Market A Focus On Downstream And Midstream Investments
• Asia-Pacific was the largest region in the furfural derivatives market in 2023

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